Today
before the opening bell, IFAN Financial reported its acquisition of mobile
payment solutions provider Mobicash America as a wholly owned subsidiary. The
terms of the share exchange transaction with IFAN Financial shareholders were
disclosed in IFAN Financial’s 8-k/a filing on Wednesday, October 15, 2014.
Mobicash
America’s President and CEO, J. Christopher Mizer will join IFAN Financial as a
director and CTO. He will also retain his position as President of Mobicash
America. Menya’s prior experience includes being the 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.
Mobicash
America is an early-stage development company engaged in development of mobile
payment solutions. Its flagship product, Quidme makes use of a mobile phone’s
texting capability, and as a result, Quidme can operate on almost any phone or
network, with or without data service. The Quidme platform allows users, via
text message, to pay bills, purchase goods and services, and send money to
parties located nationally or internationally.
“The
Quidme platform will facilitate the development of a mobile commerce or
m-commerce ecosystem,” stated 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.”
IFAN
Financial 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
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