Gopher Protocol (OTCQB:
$GOPH) Proudly Announces Closing of Growth Financing
ATLANTA,
GA - March 8, 2018 (Investorideas.com Newswire) Gopher Protocol Inc.
(OTCQB: GOPH) ("Gopher" and the
"Company"), a company specializing in the creation of Internet of
Things (IoT) and Artificial Intelligence enabled mobile technologies, announced
a closing of the sale of a convertible debenture containing a fixed conversion price,
which generated $750,000 in gross proceeds. The details on the funding can be
found in the Company's Form 8-K -https://www.sec.gov/Archives/edgar/data/1471781/000161577418001621/s109251_8k.htm.
The
financing is part of the Company's strategy to reduce its dependence on
derivative convertible financing and create a balance sheet that gives
investors clarity regarding the number of shares outstanding and potential
dilution caused by convertible debenture financing. The investor that
participated in this financing may, in its sole discretion, provide additional
funding to the Company at similar terms of the current funding.
Read this news in
full at http://www.investorideas.com/CO/GOPH/news/2018/03081GrowthFinancing.asp
As
previously announced on January 2, 2018 (https://finance.yahoo.com/news/gopher-protocol-closes-growth-financing-140000380.html), an investor,
that had previously acquired convertible debt from the Company, invested $1
million in a common equity financing and agreed to potentially purchase an
additional $500,000 in its discretion, potentially bringing the total
investment to $1.5 million.
"The
Company is pleased to be on a great track financially, it should be a very
positive signal to the market that in January 2018, a private accreditor
investor made the transition from being a lender to an equity investor,"
stated Greg Bauer, CEO. "We believe the closing of the current convertible
debenture with a fixed conversion price supports the notion that the investment
community agrees that Gopher is on the right track, going forward," added
Greg Bauer, CEO.
Gopher
Protocol has made a concerted effort to de-lever its balance and add
shareholder equity to the balance sheet. As reported on its most recent Form
8-K, the Company continues to improve its financial outlook by eliminating all
derivative liabilities by paying off its reaming derivative liability on March
5, 2018.
Along
with the recently announced growth capital financing, the Company is positioned
to pursue growth and fund the rollout of its new technologies. The de-levering
is part of the Company's strategy to reduce its dependence on variable
convertible debt financing and create a balance sheet that gives investors
clarity regarding the number of shares outstanding and potential dilution
caused by historical variable convertible debt financing.
"We
are pleased to make this string of announcements, which we believe is evidence
of the fact that we are on track to complete many of the tasks that I have laid
out including our absorbing of our recent acquisition, as well as potentially
new acquisitions, as we seek to combine our distribution channels with our new
technologies," stated Greg Bauer, CEO. "In simple words, the
Company's debt schedule following the current funding and the payment of the
last derivative liability result in only one outstanding liability of $750,000
that may potentially be converted into common stock at a fixed price,"
added Greg Bauer, CEO.
About Gopher Protocol Inc.
Gopher Protocol Inc. (OTCQB: GOPH) (“Gopher”) (http://gopherprotocol.com/) is a
development-stage company which consider itself Native IoT creator,
developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology.
Gopher has a portfolio of Intellectual Property that when commercialized
will include smart microchips, mobile application software and supporting cloud
software. The system contemplates the
creation of a global network. The core
of the system will be its advanced microchip technology that can be installed
in any mobile device worldwide. Gopher envisions this system as an internal,
private network between all enabled mobile devices providing shared processing,
advanced mobile database management/sharing and enhanced mobile features.
The Guardian Pet Tracker
(Sphere Internal name - the "Sphere") system is a derivative
technology of Gopher's Guardian Patch technology. The Sphere is designed to
provide its users with local tracking capability using a
re-chargeable/replaceable battery source. Gopher intends to release
pre-production units in limited test in the near future.
Forward-Looking
Statements
Certain statements contained in this press release may
constitute "forward-looking statements". Forward-looking
statements provide current expectations of future events based on certain
assumptions and include any statement that does not directly relate to any
historical or current fact. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various important
factors as disclosed in our filings with the Securities and Exchange Commission
located at their website (http://www.sec.gov). In addition to these factors, actual future performance,
outcomes, and results may differ materially because of more general factors
including (without limitation) general industry and market conditions and
growth rates, economic conditions, and governmental and public policy
changes. The forward-looking statements included in this press release represent
the Company's views as of the date of this press release and these views could
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing the Company's views as of
any date subsequent to the date of the press release.
Contact:
Greg Bauer CEO
Gopher Protocol Inc.
VM Only 888-685-7336
Gopher Protocol Inc.
VM Only 888-685-7336
Gopher Protocol,
Inc. (OTCQB:GOPH) is a featured tech stock on
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