TORONTO, Sept. 24, 2019 (GLOBE NEWSWIRE) -- iSIGN Media Solutions Inc. (“iSIGN” or “Company”) (TSX-V: ISD) (OTC: ISDSF), a leading provider of interactive mobile advertising solutions that serves brands, commercial locations, retailers and service providers throughout North America, today announced it has entered into a shares for debt arrangement with its Directors and others (“Parties”), in which the Company has agreed to issue 11,674,465 common shares at a deemed price of $0.06 per share in settlement of debts totaling $700,468.
Included in this transaction is $600,000 owed to QDAC Inc., a company in which Korona Group Ltd., a company wholly owned by Joe Kozar, iSIGN’s Chief Executive Office, is a minority owner.
Satisfying this outstanding indebtedness with shares is being undertaken in order to preserve the Company’s cash for operational purposes.
This arrangement is subject to the approval of the TSX Venture Exchange (“Exchange”). The Company will issue these shares, which are subject to a four month hold period, once approval has been received from the Exchange.
About iSIGN Media
iSIGN, a Canadian company based in Toronto, Ontario is a data-focused, software-as-a-service (SaaS) company that is a pioneering leader in the areas of location-based security alert messaging and proximity marketing utilizing Bluetooth® and Wi-Fi connectivity in complete privacy. Creators of the Smart suite of products, a patented interactive proximity marketing technology, iSIGN enables the delivery of messages to mobile devices in proximity, with real-time reporting and analytics on a variety of metrics. Partners include: IBM, Keyser Retail Solutions, Baylor University, Verizon Wireless, TELUS and AOpen America Inc. www.isignmedia.com
© 2019 iSIGN Media Solutions Inc. All Rights Reserved. All other trademarks and trade names are the property of their respective owners.
Investor contacts:
Bruce Reilly
iSIGN Media Solutions Inc.
bruce@isignmedia.com
Neither the TSX Venture Exchange nor Its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or accuracy of this release.