NEWS: Monday, November 28 2011 8:48 AM, EST cMoney, Inc. Updates Shareholders on S-1 Filing GlobeNewswire "Press Releases"
HOUSTON , Nov. 28, 2011 (GLOBE NEWSWIRE) -- cMoney, Inc. (Pink Sheets:CMEY), a leading technology company at the forefront of the international mobile phone-based payment and money transfer service, announced today the necessary process that will lead to the completion of all prerequisite information for their public filing. "We are taking incredible strides at cMoney in preparing for our upcoming S-1 filing, which will have the Company trading on a more prestigious and transparent platform," stated Paul Matthews , CEO of cMoney, Inc. "After receiving many questions from our interested shareholders regarding our upcoming registration, we decided to take the initiative and provide a status report in-line with our totally transparency."
cMoney continues with late-stage negotiations with funding partners and various investors to continue financing Company operations and the associated costs with the S-1 filing. Following a successful filing and SEC approval, cMoney will access the previously announced equity financing agreements totaling $115 Million based on previously disclosed provisions being met.
"Our next steps include taking the last 8 quarters of unaudited financials as lodged with the OTC Markets and adding financial notes, which is estimated to take a month," continued Matthews. "These 'noted' financials are then sent to our auditors to complete their financial audit. They will then deliver the documentation to our Company's counsel, who will then prepare the legal submission of the S-1 and submit to the SEC . Next comes specific rounds of questions from the SEC , which are answered by our counsel and returned back to the SEC for final approval," concluded Matthews.
"Although it has been reported that the SEC and financial regulators are backed up with an excess of reviews, we have experienced a rather quick turnaround on filings, approximately 10-12 weeks from submission till approval," stated Jeffrey Staller , President of Heritage Corporate Services, Inc . "We're very confident that as soon as the first round of funding is received by cMoney, the Company will be on track to complete the approval process in this timeframe. We urge shareholders to continue following upcoming Company announcements and prepare for a successful 2012 for cMoney."
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