Des Moines, IA (PRWEB) March 27, 2014
The SpendSmart Payments Company (OTCQB: SSPC) (“SpendSmart”), a provider of payment solutions that support smart spending habits, announced that it closed its oversubscribed financing after having raised aggregate gross proceeds of $12.2 million. A portion of the proceeds from the financing were used to purchase substantially all of the assets of Intellectual Capital Management, Inc., d/b/a SMS Masterminds (SMS).
Maxim Group LLC acted as the sole placement agent to SpendSmart and acted as the sole advisor to SpendSmart in connection with its acquisition of SMS.
SpendSmart sold an aggregate of 4,072,426 shares of Series C Preferred Stock and warrants to purchase 16,289,704 shares of SpendSmart’s common stock, while raising aggregate gross proceeds of $12,217,186.
“The SMS Masterminds acquisition instantly moves us into the rapidly growing mobile marketing, loyalty and rewards space. This gives SpendSmart immediate access and insight into the other side of the payment process with merchants and their customers,” said Bill Hernandez, President of SpendSmart. “SMS Masterminds was ranked #731 overall and was #66 for software companies on the 2013 Inc. 5000 fastest growing companies in the country. SpendSmart has cardholders and SMS has a rapidly growing local mobile marketing licensee base featuring hyper-local loyalty offers. This dynamic combination will allow us to roll out a robust, relevant suite of services to consumers. The SMS technology is scalable and proprietary, and the distribution and licensing network has been in place for several years. Closing our oversubscribed financing provides us with the capital to effectively execute our plans for the combined entity and move our business to the next level.”
For more information, please visit: http://www.spendsmartcard.com
About The SpendSmart Payments Company
The SpendSmart Payments Company, Inc. (OTCQB: SSPC) is making money smarter. The Company is expanding its prepaid debit card services from issuing its own cards to select user demographic segments, to the providing SpendSmart Program Manager services to third-party card issuers. The Company's primary product, the SpendSmart Prepaid MasterCard for teens, offers resources to families with teens who want to learn responsible spending habits. The SpendSmart card provides its users with modern methods of developing financial literacy, centered around a card solution for parents who aim to guide their teens in making sensible, economic choices. The card helps open the lines of communication between parent and teen by tracking spending in real time and, ultimately, creates teachable moments around smart spending habits. For more information, please explore http://www.spendsmartcard.com.
About SMS Masterminds
SMS Masterminds, a division of The SpendSmart Payments Company, Inc. (OTCQB: SSPC) is a technology company founded in 2009 by serial entrepreneur Alex Minicucci that is changing the way mobile marketing services are used by small and medium sized businesses. This new integrated, data-driven approach combines the core functions of SMS/text messaging, mobile web and email helping businesses create stronger relationships with their customers through the use of proprietary social and mobile marketing tools.
Safe Harbor Statement
Certain statements contained in this press release are "forward-looking statements" within the meaning of federal securities laws, including, without limitation, anything relating or referring to future financial results and planned business activities. Such statements are inherently subject to risks and uncertainties, which include, without limitation, those in Company reports filed with the SEC. The Company can give no assurance that such expectations will prove correct. Future events and actual results could differ materially from those statements.