Nov 11, 2014
Acquisition Extends the IFAN Financial Product Line and Bolsters Management Team With Addition of Experienced Senior Executive
SAN DIEGO, CA–(Marketwired – Nov 11, 2014) – IFAN Financial, Inc. (OTC: IFAN) today announces that it has completed the share exchange with the shareholders of Mobicash America, Inc., and has thereby acquired the company as a wholly owned subsidiary. The terms of the transaction were disclosed in IFAN Financial’s 8-K/A filing of October 15, 2014.
Mobicash America is an early-stage technology company that develops mobile payment solutions. The company’s platform product, Quidme, utilizes the text messaging function of a mobile phone, allowing the technology to operate on almost any phone or network, with or without data service. The functionality of the Quidme platform allows users to pay bills, purchase goods and services, and to send money to friends and relatives located locally or internationally via simple text message.
“The Quidme platform will facilitate the development of a mobile commerce or m-commerce ecosystem,” states IFAN Financial president and CEO J. Christopher Mizer. “Products in development will include a social networking app for smart phones that will combine the functionality of social media, e-commerce and banking in a dedicated, mobile environment. By utilizing the cross-functionality of iPIN Technologies with the Quidme m-commerce platform, we believe IFAN should be able to drive customer adoption of our brands and products within this exciting industry.”
As part of the transaction, Christopher Menya will join IFAN Financial as a director and its chief technology officer in addition to his current role as president of the Mobicash America. Menya was the founder and former CEO of TeleBM Communications, a cloud-based telephony services business serving niche markets in the United States, Central America, South America and Africa.
About IFAN Financial, Inc.
IFAN Financial, Inc. and its wholly owned subsidiaries design, develop, and distribute software to enable mobile payments. These include the ability to use a debit card and corresponding PIN number while purchasing online on a mobile phone, tablet, or computer and peer-to-peer cash transfers. For more information, visit www.ifanfinancial.com.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of IFAN Financial, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond IFAN Financial, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in IFAN Financial, Inc.’s filings with the Securities and Exchange Commission.
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Chief Financial Officer
IFAN Financial, Inc.
5694 Mission Center Road
San Diego, CA 92108-4312