SAN LUIS OBISPO, CA / ACCESSWIRE / October 11, 2017 / SpendSmart Networks, Inc. (OTC PINK: SSPC), a provider of mobile and loyalty marketing software and services, announced today that it has entered into a purchase agreement to sell its operational assets to Eclipse Marketing, LLC. The sale will allow SpendSmart Networks to reduce its ongoing monthly expenses, as well as improve its debt structure. Post-transaction, the company intends on finding an existing private company to merge into its public entity.
SpendSmart Networks CEO, Luke Wallace, said, "This transaction provides the company with its best opportunity to clean its balance sheet and merge with a new company that has a strong potential for growth."
The closing of the purchase agreement is contingent upon customary closing conditions, including, but not limited to, shareholder approval.
About SpendSmart
SpendSmart Networks provides proprietary loyalty systems and a suite of digital engagement and marketing services that help local merchants build relationships with consumers and drive revenue. These services are implemented and supported by a vast network of certified digital marketing specialists, aka "Certified Masterminds," who drive revenue and consumer relationships for merchants via loyalty programs, mobile marketing, and website development. Consumers' dollars go further when they spend it with merchants in the SpendSmart network of merchants, as they receive exclusive deals, earn rewards, and ultimately build a connection with their favorite merchants.
Forward-Looking Statements
Certain statements in this release are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about SpendSmart's products, the number of subscribers and merchants utilizing its services, its future financial results and performance, costs and revenue, and other statements that are not historical in nature, particularly those that utilize terminology such as "plans," "anticipates," "will," "proposed," "may," "expects," "future," "continue," "show promise," and other words of similar meaning, derivations of such words and the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Risks and uncertainties may cause SpendSmart's actual results to be materially different than those expressed in or implied by such forward-looking statements. Particular risks and uncertainties include, among others, uncertainties regarding licensee and subscriber acquisition, and achieving market acceptance, SpendSmart's ability to develop other licenses; and other risks and uncertainties described in SpendSmart's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K for the fiscal year ended December 31, 2015 filed on April 15, 2016 with the SEC and the quarterly reports on Form 10-Q filed on May 24, 2016 and August 12, 2016. All forward-looking statements in this release speak only as of the date of this release and are based on SpendSmart's current beliefs and expectations. SpendSmart undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact:
Luke Wallace, CEO
alex@smsmasterminds.com
+1 877-541-8398
SOURCE: SpendSmart Networks, Inc.
