MoneyOnMobile, Inc. (OTCQB: MOMT) announced today the conversion of approximately $3.03 million of outstanding principal owed under secured subordinated promissory notes and approximately $745,000 of related unpaid interest into 3,778 shares of the Company’s Series G Preferred Stock.
“We are pleased to have our stakeholders see the value of owning equity and we are grateful they chose to provide us with this financial flexibility. It indicates validation of our ongoing effort to reduce debt, improve our balance sheet, and increase our working capital position so that we can improve upon the strong growth we experienced in 2017,” said Harold Montgomery, Chairman and CEO of MoneyOnMobile, Inc.
About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is an Indian focused mobile payments technology and processing company offering mobile payment services. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on July 6, 2017. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise