LONDON, Jan. 21, 2019 /CNW/ - Fineqia International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) announces the value of its equity holding in Phunware Inc. ("Phunware"), a fully integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide.
With Phunware's share price at US$149 (C$198) at the time of the close of the NASDAQ stock market on Friday Jan. 18, Fineqia's shares in Phunware are valued at US$2,424,975 (C$3,216,185). The Company's also holds warrant to buy an equivalent number of shares, giving Fineqia a combined shares and warrants value of US$4,849,950 (C$6,432,390).
"Fineqia's investment in Phunware has paid off," said Fineqia's Chairman Martin Graham. "With our current shareholding, warrant and token rights, it has proved to be a great move for Fineqia."
Headquartered in Austin, Texas, Phunware Inc. is the pioneer of Multiscreen-as-a-Service (MaaS), a fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware helps the world's most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month.
Phunware was established in February 2009 and has raised about $100 million from investors such as Wavemaker Partners (Draper Network Fund), Fraser McCombs Ventures, Maxima Ventures, Samsung, Cisco Investments, World Wrestling Entertainment, PLDT Capital, Central Texas Angel Network (CTAN), Baylor Angel Network (BAN) and others.
Phunware's platform powers more than 6 billion daily transactions and generates more than 5 terabytes of data per day. It counts 13 patents and six others pending in its intellectual property portfolio.
"Phunware's business model and millions of active users lends itself well toward blockchain applications and a cryptographic virtual currency," said Fineqia's CEO Bundeep Singh Rangar. "Unlike most other companies with plans for crypto tokens, Phunware generates millions of dollars in annual revenue, putting it in an entirely different league. That's what attracted us to invest last year and might explain the incredible investment interest that's currently there in Phunware's stock."
Fineqia's shareholding in Phunware is held via its subsidiary, Fineqia Investments Ltd. It is in line with the Fineqia's strategy to invest in blockchain related companies that support its business model. While its shares are subject to an obligatory lock up period, shares obtained by exercising its warrants are free trading.
Fineqia purchased preferred shares last year that are convertible to common shares and received an equivalent number of warrants as well as rights to receive tokens in any future crypto currency offering.
The currency exchange rate applied for US$ to C$ is 1:1.32628.
About Fineqia International Inc.
Fineqia International Inc. is a listed entity in Canada (CSE: FNQ), US (OTC: FNQQF) and Europe (Frankfurt: FNQA). Fineqia International outlines the Company's corporate governance, culture, processes and relations by which the Company and its subsidiaries and investments are controlled, directed and governed. Fineqia International oversees and ensures the overall success, planning and growth of the Company and all of its subsidiaries. For more information visit https://investors.fineqia.com/news
About Fineqia Investments Ltd
Fineqia Investments Ltd is a wholly-owned subsidiary of Fineqia International set up to hold the Company's growing portfolio of blockchain, fintech and cryptocurrency technology companies worldwide.
About Phunware, Inc.
Phunware Inc. is the pioneer of Multiscreen-as-a-Service (MaaS), a fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware's Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty and rewards (PhunCoin), and analytics as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application solutions and vertical solutions. Phunware helps the world's most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit www.phunware.com, www.phuncoin.com and follow @phunware on all social media platforms.
Some statements in this release may contain forward-looking information (as defined under applicable Canadian securities laws) ("forward-looking statements"). All statements, other than of historical fact, that address activities, events or developments that Fineqia (the "Company") believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement except to the extent required by applicable securities laws.
SOURCE Fineqia International Inc.