Corporate Update: Snipp Signs New MSA and Wins C$860,000+ Competitive Bid to Provide Promotion Solutions for Leading North Am...
18 Abril 2018 - 8:00AM
TORONTO, April 18, 2018 (GLOBE NEWSWIRE) --
Snipp Interactive Inc. ("Snipp" or the “Company”) (OTCQB:SNIPF)
(TSX-V:SPN), a global provider of digital marketing promotions,
rebates and loyalty solutions, today announced that it has signed a
new MSA with a global household and personal care products consumer
goods company and the first Statements of Service worth C$860,000+
pursuant to the MSA. The MSA and C$860,000+ contract were the
result of the Company winning a competitive bid to continue to
provide services in 2018 for this client in the US and Canada.
Snipp has been working with this client since 2016 and is delighted
that it was selected to continue the relationship for a third year
in a row. The new contract covers a single Q4’2018 promotion and
the MSA will cover a period of one year.
The Company is also pleased to announce the
closing of its final tranche (“Final Tranche”) of the non-brokered
private placement (the “Financing”), previously announced on April
5, 2018. The Final Tranche was comprised of 10,000,000 common
shares at a price of CAD $0.10 per share, for gross proceeds of CAD
$1 million of which 59% was from insiders. The Company also closed
an over-allotment (the “Over-Allotment”) to the Financing comprised
of 2,916,667 common shares at a price of CAD $0.12 per share, for
gross proceeds of CAD $350,000. The four-month hold period for all
shares issued under the Final Tranche and Over-Allotment will
expire on August 19, 2018 in accordance with Canadian securities
laws. Finder's fees were paid to an agent in connection with the
Final Tranche and Over-Allotment and consisted of commission of
CAD$36,000 and 337,000 warrants (“Finder’s Warrants”), with 222,000
Finder’s Warrants having an exercise price of CAD$0.10 and 115,000
Finder’s Warrants having an exercise price of CAD$0.12. Each
Finder’s Warrant entitles the holder to purchase one common share
at the applicable exercise price for a period of 2 years from the
date of distribution.
“Winning a competitive bid is always a great
testament to the relevance of our technology and the uniqueness of
the services we provide to our clients. We are grateful for the
opportunity to continue our relationship with this client,”
commented Atul Sabharwal, CEO and founder of Snipp. “In addition,
with the closing of our over-subscribed financing we are now in a
great position to continue to innovate and disrupt in our existing
markets, while also dedicating resources to the new markets we have
recently entered, such as Hospitality and Cannabis. In the Cannabis
market in particular, we have seen a tremendous response from an
exceptionally wide range of companies. This became obvious after
just a few weeks of signups for our Cannabis Marketing Resource
Center (CMRC). Participating companies have ranged from large
established traditional retailers such as Loblaws and media giants
like the Globe & Mail, to a diverse assortment of private and
public players of all sizes in the US & Canada. Interest in our
CMRC has been across the entire Cannabis ecosystem, signaling that
there is clearly a need for our expertise. Based on this response,
we are excited to invest in and leverage our capabilities to help
companies in this emerging space.”
Visit the Snipp website at http://www.snipp.com/
for Snipp’s full suite of solutions and examples of Snipp
programs.
About Snipp:
Snipp is a global loyalty and promotions company
with a singular focus: to develop disruptive engagement platforms
that generate insights and drive sales. Our solutions include
shopper marketing promotions, loyalty, rewards, rebates and data
analytics, all of which are seamlessly integrated to provide a
one-stop marketing technology platform. We also provide the
services and expertise to design, execute and promote client
programs. SnippCheck, our receipt processing engine, is the market
leader for receipt-based purchase validation; SnippLoyalty is the
only unified loyalty solution in the market for CPG brands. Snipp
has powered hundreds of programs for Fortune 1000 brands and
world-class agencies and partners.
Snipp is headquartered in Toronto, Canada with
offices across the United States, Canada, Ireland, Europe, and
India. The company is publicly listed on the OTCQB, of the OTC
market in the United States of America, and on the Toronto Stock
Venture Exchange (TSX) in Canada. Snipp was selected to the TSX
Venture 50®, an annual ranking of the strongest performing
companies on the TSX Venture Exchange, in 2015 and 2016. SNIPP IS
RANKED AMONGST THE TOP 500 FASTEST GROWING COMPANIES IN NORTH
AMERICA On Deloitte’s 2017 Technology Fast 500™ List, for the
second year in a row.
FOR FURTHER INFORMATION, PLEASE CONTACT:
MKR Group, Inc.
Todd Kehrli / Mark Forney
snipp@mkr-group.com
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
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.
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