WASHINGTON, DISTRICT OF COLUMBIA--(Marketwired - Aug. 21, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
Snipp Interactive Inc. ("Snipp"), an international provider of mobile marketing solutions listed on the TSX Venture Exchange (TSX VENTURE:SPN), is pleased to announce that it has closed a non-brokered private placement financing (the "Private Placement") of 2 million shares at a price of Cdn.$0.10 per share for gross proceeds of Cdn.$200,000. The securities issued pursuant to the Private Placement are subject to a four- month hold period that expires on December 20, 2013.
The investment was made by FTC Cards Inc., a strategic partner from Brazil, and the proceeds of the Private Placement will be used to launch Snipp's mobile solutions into the Brazilian market in conjunction with its new strategic partner. Snipp's mobile solutions include SnippCheck (mobile receipt processing), SnippAR (augmented reality), SnippWin (mobile promotions) and more.
"We are very pleased to announce this new partnership and financing," said Atul Sabharwal, CEO of Snipp. "Not only is it a validation that our mobile solutions continue to be innovative and have applicability on a global basis, but it also gives us entrance into Brazil, which is the largest market for mobile in all of South America."
"We invested several months evaluating Snipp's technology offerings and are pleased to integrate these with our own deployments in Brazil, as well as jointly developing new applications for use in Brazil and beyond," said Celso Luis Posca, Director of FTC Cards Brazil. "We believe the combined offering has significant potential in one of the world's fastest growing mobile and media markets, which is why in addition to finalizing an agreement with Snipp for use of their technologies in Brazil, we are also making a strategic investment," he continued.
About FTC Cards Inc.
FTC Cards Inc. controls and manages FTC Cards Processamento e Serviços de Fidelização Ltda. ("FTC Cards Brazil") which is in the business of providing data processing to support a program of promotions, awards, loyalty and credit card processing servicing the gas stations of Petrobras Distribuidora S.A., Brazil's largest oil company.
About Snipp Interactive Inc.
Snipp Interactive Inc. (www.snipp.com) builds mobile solutions for brands to engage and interact with their customers. Snipp provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with three main solution sets:
- Response: Mobile activations that make offline campaigns more interactive.
- Infrastructure: Tools to create scalable mobile destinations and experiences.
- Validation: Mobile workflows to validate purchases and other customer actions.
Snipp generates revenue by designing, constructing, implementing and managing these mobile solutions for its customers. Snipp is headquartered in Washington, D.C. with international operations in Canada, Mexico and India.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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 for the adequacy or accuracy of this release.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.
This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of Snipp. The securities of Snipp have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.