MobiCard Announces Completion of Next Cash Payment to Think Latitude for new Technology Platform MobiCard Mobile Apps 1.0 and Gives Guidelines to Expedite the Time Schedule for Completion
CAMBRIDGE, Mass., Nov. 20, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- MobiCard Inc., aka Peer To Peer Network (OTC: PTOP) has made half of the final cash payment on Monday the 18th of November to Think Latitude Inc. ahead of schedule of the agreed upon payment timeline, and in accordance with a new amended payment schedule. This cash payment being ahead of schedule is a strategic benefit to both MobiCard and Think Latitude.
In accordance with new app requirements imposed by Google Play, MobiCard’s technology partners have had to rework development. Due to the equity partnership originally negotiated, Think Latitude has been a great technology partner and as such has been developing the Google Play Store app for 64-bit architecture, without any additional costs to Mobicard. Both company CEO’s see the value in a long-term strategic partnership and have a great working relationship. This redevelopment for 64-bit requirement has been no easy feat for the MobiCard applications that contain over 384 features and are designed to be multi-platform compatible among the Android devices, iPhone devices, and the web application. CEO Joshua Sodaitis of Mobicard recently reached out to Think Latitude to expedite the completion of this process and form a mutually advantageous amended agreement for both MobiCard and Think Latitude’s benefit. This process will not disrupt the quality of work that Think Latitude has put into the design of the MobiCard platform, but will incentivize an expedited time frame.
In the new agreement, instead of MobiCard paying the final cash payment upon Think Latitude’s deployment of MobiCard’s new apps to Apple & Google Play Store, MobiCard will pay half of that payment ahead of schedule in return for extending the completion of the final cash payment until the audits with the app stores are cleared, completed, and a beta version is in the stores.
This new arrangement provides MobiCard with the guarantee that the aforementioned tasks will be completed, and gives Think Latitude monetary relief for their 64-bit conversion and additional QA efforts to resolve stability issues with the app so that there will be a more seamless audit process.
“In my opinion it gives our equity partners in Think Latitude the incentive to accelerate the timeline, while giving MobiCard the security that we will only make the last payment once we see the apps in beta version on our smartphones in the app stores. This payment, while sooner than anticipated, will ensure that we are not completing the final cash payment until we know with definitive certainty that the apps have cleared the audit process, are listed in the stores, and the Beta Test Program has started,” exclaimed Joshua Sodaitis, CEO of MobiCard.
Think Latitude has already received the cash payment in accordance with this new amended agreement and believes that this will help the shareholders of MobiCard have faith in the partnership and an excitement for a further working relationship even after the new apps are launched to lay the foundation for a MobiCard 1.5 or 2.0 version to add additional enhancements and begin development of features that the Beta Test users recommend based on the feedback received during the Beta test period after it has commenced.
Think Latitude is working on correcting most stability issues that arose during the conversion of the Android version of the app from 32 to 64-bit architectures. Per the direction of the management team, they have prioritized and floated additional QA and Development time to correct cross-functional issues between the Android, iOS, and Web applications combined.
“With reciprocal QA development cycles in our agile approach to software development, there have been fewer issues per test cycle. Josh Sodaitis has been apprised of our detailed approach to software development and has been extremely satisfied with the results of this process to date. While we are anxious to get a release into the market and expedite our process with additional time/resources necessary to approach deployment of the apps, we are also conscientiously working towards a positive user experience,” explains Andy Sajnani, CEO of Think Latitude.
Safe Harbor Statement:
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our prior filings at www.sec.gov. The company is no longer a fully reporting SEC filing company. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Joshua Sodaitis, Chairman & CEO
45 Prospect Street Cambridge, MA 02139
Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/2378b467-4c7b-4a32-b867-f9e38a83f525