Spindle Signs Strategic Agreement With iPayMobil
Partnership Will Deliver Low-Cost Micro-Lending Services to Merchants
SCOTTSDALE, AZ -- (Marketwired) -- 12/16/13 -- Spindle, Inc., (OTCQB: SPDL), a leading provider of mobile commerce solutions, announced that it has entered into a strategic agreement with iPayMobil, Inc., a developer of mobile payment ecommerce solutions. The agreement enables Spindle and iPayMobil to provide a convenient, efficient and secure way to offer micro-lending services to merchants as part of Spindle's existing payments product suite. Merchants will be able to offer Spindle's free, downloadable mobile wallet app to their customers to facilitate credit approvals for time payments at competitive rates.
In addition, iPayMobil will license seven of its ecommerce patents to Spindle to augment its product and service offering to merchants. These patents include solutions in virtual currency and gaming, the processing of transactions by bridging customers and merchants within a network, micropayments, pre-paid stored value accounts, and cloud services for digital content.
"The addition of the iPayMobil micro-lending service complements our broad mcommerce solution is consistent with Spindle's focus to empower merchants in a comprehensive mobile payments economy," said Bill Clark, Spindle's chief executive officer. "Through this relationship, we can now offer an option for merchants to provide micro-lending services to customers while reducing their transaction and loan costs. We are excited to offer these new products and services that will enable our merchants to grow and retain their customer base."
The iPayMobil micro-lending service deployed through Spindle's commerce platform is targeted for release in the first quarter of 2014, and will be offered to MeNetwork's 400,000 mobile application consumers. This will be followed by the integration with the Yowza!! platform, which Spindle recently announced plans to acquire. This will further extend the micro-loan offer to an additional 1.4 million consumers who have already downloaded the Yowza!! application.
"Our ability to offer an alternative micro-lending service with significantly reduced transaction and loan costs is consistent with Spindle's mission to empower small to medium-size merchants to compete in the fast-growing mobile ecommerce market," explained Andrew Ling, president and chief executive officer of iPayMobil, Inc. "Our patent portfolio augments Spindle's own patents by providing a strong foundation for Spindle and its merchants to offer enhanced products and services at lower transaction costs, and remove the reliance on large service providers that not only charge higher fees, but also look to acquire the customer. We look forward to working with Spindle in developing software solutions that will help its merchants grow and retain the customer base."
About Spindle, Inc.
Spindle is an innovator of mobile commerce solutions for financial services providers and consumer-facing merchants of all sizes. Spindle is focused on pioneering new ways for businesses to rapidly integrate mobile payments acceptance and mobile marketing services while empowering location-based merchant discovery, fulfillment and frictionless mobile payments for consumers. Spindle is dedicated to expanding beyond traditional electronic payment boundaries by offering cutting-edge solutions that allow clients, partners, merchants and consumers to take full advantage of the rapidly emerging mobile economy. Spindle has an extensive proprietary intellectual property portfolio -- which include patents pending -- that encompass networks, mobile payments, and security. For more information, visit www.spindle.com.
About iPayMobil, Inc.
Based in Scottsdale, AZ, iPayMobil, Inc. is a supplier of SaaS mobile payment ecommerce solutions. iPayMobil's mission is to empower small to medium-size merchants to provide competitive products and services in the mobile payments ecommerce industry. The SaaS solutions provide a range of services from consumer authentication and account validation, mobile wallet data interchange with third-party providers, and facilitation of merchant funding ACH through a variety of applications such as merchant-branded downloadable apps for consumers and online ecommerce transaction processing. As part of this focus, iPayMobil also helps merchants grow and retain their customers by licensing its ecommerce patent portfolio as a hedge of protection within this fast moving industry. As a practicing entity, iPayMobil is a member of RPX Corporation's license program.
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. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, 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, as described in our reports filed with the Securities and Exchange Commission which are available for review at www.sec.gov, to differ materially from anticipated results, performance, or achievements. 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.
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Source: Spindle, Inc.
Released December 16, 2013