VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Snipp Interactive Inc. ("Snipp"), an international provider of mobile marketing solutions listed on the TSX Venture Exchange (TSX VENTURE:SPN), today announced that it has terminated its $1.1 million non-brokered financing that was announced August 7, 2012.
Snipp has been approached by financial and strategic investors with other financing options and is currently evaluating these options.
Snipp's Board of Directors and management believe that this decision is in the best interest of shareholders.
"When we announced the terms of the financing a number of shareholders expressed concern that the terms were too onerous considering the current financial position of Snipp," said Anthony Durkacz, Chief Financial Officer of Snipp. "We will explore all options to address shareholders concerns and to allow us to execute on our business and acquisition strategies."
About Snipp Interactive Inc.
Snipp Interactive Inc. (www.snipp.com) provides print publishers, advertising agencies and corporate/consumer brands, including Fortune 500 companies, with a full suite of mobile marketing services in North America, and generates revenue by designing, constructing, implementing and managing these mobile marketing services for its customers. Snipp Interactive Inc. is headquartered in Washington, D.C. with international operations in Canada, Mexico and India.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect Snipp Interactive Inc.'s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the closing of the Qualifying Transaction. Such statements and information reflect the current view of Snipp Interactive Inc. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Snipp Interactive Inc. undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Snipp Interactive Inc. cautions that the foregoing list of material factors is not exhaustive. When relying on Snipp Interactive Inc.'s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Snipp Interactive Inc. has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of their respective owners.
This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S. Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act") of any equity or other securities of Snipp. The securities of Snipp have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.