KinerjaPay Corp. Confirms Completion of a Substantial Amount of the Equity Funding From The Wahana Group's Subscription Agreements Press Release | 05/02/2019 KinerjaPay Corp. Confirms Completion of a Substantial Amount of the Equity Funding From The Wahana Group's Subscription Agreements
PR Newswire
NEW YORK and JAKARTA, Indonesia, May 2, 2019
NEW YORK and JAKARTA, Indonesia, May 2, 2019 /PRNewswire/ -- KinerjaPay Corp. a Delaware corporation, (OTCQB: KPAY) (the "Company" or "KPAY"), a Digital Payment and e-Commerce Platform, today announced that the Company has received a SWIFT transfer in the value of US$100 million from the Investor's Bank as part of PT. Investa Wahana Propertindo/PT. Investa Wijaya Pembangunan (the "Wahana" Group) investment plan as previously reported in the Company's Form 8K filed on January 8, 2019. This particular Bank Instrument will be part of the issuance and sale of $200 million of the Company's newly authorized shares of Series F and Series G Convertible Preferred Stock (the "Preferred Stock") for $200 million, which Preferred Stock is convertible at $1.80 per share and subject to a 9.99% beneficial ownership limitation provision.
With the acceptance of the SWIFT message transfer by PT. Kinerja Pay Indonesia's (a fully owned subsidiary of KinerjaPay Corp) Bank Account in Jakarta, the Company acknowledges that the Wahana Group has made a substantial investment toward completing its Series F and Series G subscription agreements. The recipient bank's officer has confirmed and verified the SWIFT. The Bank will now begin the monetization of the $100 million bank guarantee into KinerjaPay's bank account to be concluded in the near future. In addition, the Company anticipates receiving further such banking instruments from the Wahana Group to complete the $200 million convertible preferred, private placement subscriptions also in the near future.
Mr. Edwin Ng, CEO of KinerjaPay Corp (KPAY - OTCQB) stated "We are excited and honored to close on a substantial portion of the private placement from Wahana announced in January. It was through the diligent efforts of Wahana and KPAY that this investment has occurred. Once the funding process is complete, we will conduct our stock buyback and complete the strategic acquisitions that have been announced. KPAY's growth plan will be greatly accelerated."
Mr. Yosep Eko Purnomo, President and Director of Wahana Group stated: "We are excited to begin closing on our $200 million commitment to fund KinerjaPay's future growth. We believe that a long-term commitment to KPAY will reward our group's desire to participate in Indonesia's online e-commerce growth."
About KinerjaPay
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.
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