Freeport Capital Inc.(FAS:CNSX) Enters Into LOI To Acquire 51% Of TekTango LLC, A Mobile Payment Technology Company
MONTREAL, Aug. 16, 2012 /CNW Telbec/ - President Mr. Michele Tasillo stated "We are pleased to enter into this Letter of Intent to acquire 51% of TekTango LLc and the future addition of its CEO Russell Palermo to our team. Our goal with this acquisition is to build a successful product suite and brand to expand into global markets strengthening the position of Hybrid PayTech. Our commitment to being a leader in the Mobile Payment Industry and strategic acquisitions further enhance our ability to meet our customers needs and demands. This complimentary value add to the existing Hybrid mobile app's Hybrid-CC 2.5, Hybrid -Pin 2.5 multi -deck OS's creates a product suite currently unavailable by any other payment company in the market.
Under the terms of the deal Freeport Capital Inc.(FAS:CNSX) would acquire 51% of TekTango LLC for $600k USD paid in capital stock of 600,000 common class A newly issued shares at a reserved price of $1.00 per share. In addition Freeport Capital Inc. would also have the right to acquire the additional 49% of the outstanding shares for $1,000,000 value for 1,000,000 shares at a price reserve of $1.00 per share within the next 12 months."
Russell Palermo, CEO of TekTango comments "With thousands of free downloads every month, both merchants and their service providers have discovered the power and simplicity of iPayPOS. Our products have held a unique distinction as a highly adaptable mobile payment solution currently in use by thousands of merchants globally and preferred product for hundreds of their service providers. Freeport Capital has always recognized the value of our open approach and strategic advantage among service providers and shares our vision to focus on and serve this channel with leading-edge mobile payment technology. The experience and resources Freeport is preparing to offer TekTango can quickly move iPayPOS from the market's best kept secret to a well-known and competitive alternative to Square, VeriFone, and Intuit."
About TekTango LLcTekTango's flagship product iPayPOS is a pioneer in iOS payment technology and has quietly established a solid reputation among ISO`s(Independent Sales Organizations) and their merchants as a complete and highly adaptable mobile payment app. iPayPOS currently supports 7 card reader / printer options and over 30 payment gateways including Authorize.net and PayPal. Any merchant with a payment gateway supported by iPayPOS can download the app and literally be processing mobile payments in minutes. As ISO's struggle to find an effective mobile payment solution to meet increasing merchant demand, TekTango has been an ideal partner and iPayPOS an ideal product without requiring volume commitments, long-term contracts and transition to restrictive proprietary systems.
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