NEW YORK, NEW YORK--(Marketwired - Feb. 5, 2014) - Yappn Corp (OTCQB:YPPN) ("Yappn or "Company") (www.yappn.com) is pleased to announce that the Company sold 395 units ("Units") to a group of investors led by AlphaNorth Asset Management's industry leading hedge fund, the AlphaNorth Partners Fund. Each Unit consists of (i) one unsecured convertible promissory note, $1,000 par value (the "Note"), which Note is convertible into shares of the Company's common stock, $0.0001 par value per share (the "Common Stock") at a conversion price equal to $0.10; (ii) a warrant ("Series A Warrant") entitling the holder thereof to purchase 10,000 shares of Common Stock at $0.15 per share; and (iii) a warrant ("Series B Warrant") entitling the holder thereof to purchase 10,000 shares of Common Stock at $0.20 per share. The aggregate purchase price for the 395 Units sold was $395,000. The Company granted to the investors of the Units, registration rights on all shares of common stock into which the Note, the Series A Warrant and the Series B Warrant are convertible or exercisable.
The securities described above were sold by the Company in private placements and were not registered under the Securities Act of 1933, as amended (the "Securities Act"). The securities were sold in reliance upon exemptions from the registration requirements of the Securities Act pursuant to Regulation S promulgated under the Securities Act. Therefore, the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws.
This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.
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About Yappn Corp. - http://corporate.yappn.com/
Yappn provides people and brands the power to be social, conduct commerce and communicate freely without a language barrier. Creating successful digital programs in today's changing global environment requires the ability to communicate in your customer's language. Today, over 66 Million people in the US don't speak at home and over 67% of worldwide online users surf in a language other than English.
Yappn Chat (chat.yappn.com) allows people to meet, chat, engage and consumer content based on their interests and not just where they live, their friends or the language that they speak.
Yappn has developed cost effective unique and proprietary technology tools (tools.yappn.com) and services that create dynamic solution that enhance a client's social and media platforms. Yappn also provides complementary programming for Twitter, Facebook, YouTube, Instagram, Flickr, Pinterest and Tumblr.
While this sounds simple, creating a unique and dynamic social environment that transcends devices, platforms and languages takes a lot of experience and finesse. Yappn creates amplification for media messaging while increasing a brand's global footprint all in real-time without the interference of cross language issues.
Our clients constantly think up unique ways to use Yappn that extends their growing social audience, while increasing brand engagement with today's multi-lingual audience. We look forward to the growing need to support global amplification and provide our clients with the best services in the industry.
Intertainment Media Inc. (TSX VENTURE:INT)(OTCQX:ITMTF)(FRANKFURT:I4T) has a controlling interest in Yappn Corp.
Yappn Corp. is publicly in the US on the OTCQB - symbol "YPPN".
About AlphaNorth
AlphaNorth Asset Management (AlphaNorth) is a Toronto based investment manager that believes superior long-term equity returns are achievable by exploiting inefficiencies in the market through careful security selection on both a long and short basis. The firm combines technical analysis with both a bottom-up and top-down strategy in the selection of investments offering the best reward versus risk opportunities. The AlphaNorth Partners Fund has a five year annualized performance record of 43.1%. For more information go to: www.alphanorthasset.com.
Forward Looking Information
Legal Notice and Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements." Although Yappn Corp.'s management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the SEC including the Current Report on Form 8-K filed on April 3, 2013 and each subsequently filed Quarterly Report on Form 10-Q and Current Report on Form 8-K. The Company assumes no obligation to update any of the information contained or referenced in this press release.