Metro One Announces Closing of $3.5 Million Financing and Completion of Acquisition of Royal App
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Metro One Telecommunications Inc.
Apr 26, 2021, 13:19 ET
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BEAVERTON, Ore., April 26, 2021 /PRNewswire/ -- Metro One Telecommunications, Inc. (OTCMKTS: WOWI) announced the closing of a $3.5 million financing and completion of its acquisition of Royal App Ltd. through its wholly owned Israeli subsidiary, Stratford Ltd. The financing was structured in the form of puttable Simple Agreements for Future Equity ("SAFE") from institutional investors and family offices.
As previously announced Stratford received notification of approval from the Lod District Court in Israel for its winning bid to acquire certain assets, including intellectual property, of Royal App Ltd. out of insolvency proceedings for the equivalent of approximately $2.4 million in cash as well as certain equity in Metro One.
Metro One Chairman, Nani Maoz said, "We are very pleased that we have completed the financing for and acquisition of Royal App. This financing allows us not only to complete the transaction but also infuse working capital into Royal App. Royal App possesses a novel artificial intelligence technology that has received praise from its international customer base." Mr. Maoz continued, "The funds raised will also assist us in bringing our public filings current with the SEC and becoming a fully reporting company, a process which we have begun. We believe that the Royal App transaction provides Metro One with an exciting advanced technology business that will increase shareholder value."
Royal App, based in Israel, is the developer of Shelfy, a white label, headless mobile commerce software platform, that helps retailers and fast-moving consumer goods companies become growth companies. The platform incorporates sophisticated artificial intelligence and machine learning in its algorithms to markedly improve online shopping metrics through mobile phones for large consumer retailers.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws, such as statements regarding the financing and the expected use of proceeds therefrom. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this press release and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this press release, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, which could cause actual results to differ materially from the forward-looking statements contained in this press release, including among others: COVID-19 and its impact on the business of the Company and the bankruptcy process in Israel. Although the Company believes that these statements are based upon reasonable assumptions, it cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this press release. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of these factors' likely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect new information or events or circumstances that occur after the date of this press release or to reflect the occurrence of unanticipated events or otherwise.
Metro-One Telecommunications, Inc.
SOURCE Metro One Telecommunications Inc.