February 12, 2016 - VANCOUVER, BRITISH COLUMBIA – Mobio Technologies Inc. (TSXV: MBO; OTCQX: MBIOF), (“Mobio” or the “Company”) is pleased to announce that it has completed a series of transactions with respect to the recapitalization of Twenty Year Media Inc. (“Twenty Year Media” or “TYM”). Twenty Year Media is a media and technology company developing advanced technologies for the entertainment and motion picture sector, as well as operating Emerging Pictures, a US-based all-digital film and content distribution network.
In connection with the transactions, TYM has assumed $252,500 in debt from Mobio, which was originally incurred by way of a secured convertible debenture, in the principal amount of $375,000, issued to NU2U Resources Corp. Additionally, Mobio and TYM have also entered into an agreement whereby TYM will pay to Mobio a monthly payment of $5,000 for a period of 24 months, commencing February, 2016, and thereafter pay Mobio a monthly payment of $10,000 for an additional 12 months. Mobio is also entitled to receive a royalty of up to 3% on TYM revenues, on a quarterly basis, for a period of four years.
Concurrently, the management team of Twenty Year Media and third party investors have acquired an equity interest in TYM, with Mobio retaining approximately 29% of the issued and outstanding share capital of TYM.
Further, Mobio has been released from all obligations with respect to contingent consideration which could have been payable to former shareholders of TYM pursuant to the terms of the share purchase agreements under which Mobio acquired TYM in September, 2015. All redemption agreements, which had been entered into between Mobio and TYM’s remaining shareholders in September, 2015, have also been terminated.
Mobio is a publicly traded company on the TSX-V and the OTCQX, headquartered in Vancouver, BC. Mobio is the parent company to Strutta and Twenty Year Media. Strutta is a social promotions platform that helps marketers bring potential customers from stranger to fan to customer, and Strutta’s Promotions API provides a technology platform that facilitates social media competitions & campaigns for global brands. Twenty Year Media is a media and technology company developing advanced technologies for the entertainment and motion picture sector. Twenty Year Media owns and operates Emerging Pictures, a US-based all-digital film and alternative content distribution network. Using data and social media analysis together with seamless digital delivery to theaters, Emerging Pictures enables content owners and exhibitors to be more effective and innovative in their distribution strategies and programming decisions. Emerging Pictures works with content and data partners such as Sony Pictures Classics, The Weinstein Company, Magnolia Pictures, IFC Films, and Vimeo to maximize the value of their content. For more information visit http://www.mobio.net.
For additional information contact: Etienne Moshevich Transcend Resource Group, Investor Relations Tel: 604-681-0084 firstname.lastname@example.org
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS. Other than statements of historical fact, all statements included in this news release, including, without limitation, statements regarding future plans and objectives of Mobio are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Mobio are those risks described herein and from time to time, in the filings made by Mobio with Canadian securities regulators. Those filings can be found on the Internet at: http://www.sedar.com.
Neither the TSX Venture Exchange nor its Regulatory 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.