Vita Mobile Systems Chairman and CFO Wade Makes Private Investment in Company
March 27 2019 - 7:25AM
InvestorsHub NewsWire
Vita Mobile Systems Chairman and CFO Wade Makes Private Investment
in Company
Company in Final Steps to Complete Audit and
Registration Statement on Form S-1 for OTCQB
Uplisting
IRVINE, CA -- March 27, 2019 -- InvestorsHub NewsWire -- Vita
Mobile Systems, Inc. (OTC PINK: VMSI), a technology company
specializing in big data via digital imaging on mobile devices,
today announced it has finalized a private placement investment
agreement between the Company and its Chairman and CFO Martin R.
Wade, III. Under the private placement agreement, Mr. Wade has
agreed to purchase 1,000,000 restricted shares at $0.02 per share,
a price nearly double the current share price.
Mr. Wade joined the Company in 2017 with more than 40 years of
experience advising senior management and Boards of Directors on
more than 200 acquisition, divestiture, and restructuring
processes. Mr. Wade also serves as Interim Chief Executive Officer
and Chairman of the Board of Payless ShoeSource, a $2 billion
retailer with some 3,500 outlets. In addition to his work
with Vita Mobile Systems and Payless, Mr. Wade is a Partner in
Residence at Catalyst Acquisition Group and serves on the boards of
Media News Group d/b/a Digital First Media, the second largest
media company in the U.S. serving over 60 million monthly readers,
and Alliance One International, a NYSE listed company where he is a
member of the Audit Committee and the Governance and Nominating
Committee.
"After joining the Company over a year and a half ago and seeing
its potential first hand, I am extremely excited about and
confident in its future,” stated Mr. Wade. “Vita Mobile Systems
built out a solid technology foundation last year, and we expect
2019 to be a landmark year.”
Sean Guerrero, CEO of Vita Mobile Systems, added, “We are
excited for the completion of our audit and the registration
statement on Form S-1, both of which are wrapping up shortly and
will allow us to apply for an uplisting to the OTCQB. The
accounting, audit and legal teams we retained have done an
excellent job but the process took longer than we anticipated. We
will have an update next week on expected completion of the audit
and Registration Statement on Form S-1. The process is near
completion now, and we have used this time wisely in expanding and
refining some exciting Artificial Intelligence (AI) tools which
will diversify our future revenue streams and strengthen our
position as a company. We look forward to sharing details and
announcements of these products in subsequent press releases.”
To learn more about VITA please visit the Vita Mobile
Systems website at www.vitamobilesystems.com.
About Martin R. Wade, III
Mr. Wade has over 40 years of business experience. He is
currently the Chairman and Interim CEO of Payless Shoe Sources,
Inc., a $2 billion retailer with some 3,500 outlets. In addition,
Mr. Wade serves on the boards of Alliance One International, Inc.,
the second largest tobacco merchant in the world; on the board of
Digital First Media (the business name of Media News Group -- the
second largest media company in the U.S. serving over 60 million
monthly readers); NexMed, Inc.; and Energy Transfer Group
LLC. Other past senior positions include Board Director at RDA
Holdings Co. (Readers Digest Association), Chairman and CEO of
Broadcaster, Inc. (formally a top 100 website similar to YouTube
and a predecessor technology to Twitter's Periscope), President and
CEO of Digital Creative Development Corporation, and
Partner-in-Residence at Catalyst Acquisition Group, LLC. Mr. Wade
has held senior level positions with Lehman Brothers, Salomon Smith
Barney and Price Waterhouse. Mr. Wade is a proud U.S. Veteran and
holds a B.S. in Business Administration from West Virginia
University and an M.B.A. in Finance from the University of
Wyoming.
About Vita Mobile Systems, Inc.
(www.vitamobilesystems.com)
Vita Mobile Systems, Inc. (OTC PINK: VMSI) is a technology
company focusing on digital imaging in mobile devices, collection
of big data and development of artificial intelligence. Vita Mobile
Systems is currently finalizing their first geolocation-based,
social media app "VITA" for release on both iOS and Android.
Comprised of a strong foundation of successful entrepreneurs, Vita
Mobile Systems has developed proprietary algorithms and tools which
gather, categorize, analyze and augment digital content. Over the
years, Vita Mobile Systems has used these proprietary marketing,
social media, and data collection tools to generate significant
amounts of internet traffic for advertising networks. Vita Mobile
Systems aims to create a monumental library of crowdsourced
content, a massive catalogue of predictive big data, and platform
for ultra-targeted advertising. The company expects to establish a
strong foundation within the multibillion-dollar industry of
driving big data and targeted advertising through its process of
cataloging, meta-tagging, analyzing, and predicting trends of
everyday people in everyday life.
Cautionary Language Concerning Forward-Looking Statements:
This press release contains forward-looking statements. The
words or phrases "would be," "will allow," "intends to," "will
likely result," "are expected to," "will continue," "is
anticipated," "estimate," "project," or similar expressions are
intended to identify "forward-looking statements." Actual results
could differ materially from those projected by VITA. The public
filings, if any, of Vita Mobile Systems, Inc. (OTC Pink: VMSI) may
be accessed at www.otcmarkets.com. Statements made herein are
as of the date of this press release and should not be relied upon
as of any subsequent date. VITA cautions readers not to place
reliance on such statements. Unless otherwise required by
applicable law, VITA does not undertake, and VITA specifically
disclaims any obligation, to update any forward-looking statements
to reflect occurrences, developments, unanticipated events or
circumstances after the date of such statement.
Contact:
Vita Mobile Systems, Inc.
2640 Main St.Irvine, CA 92614
949-864-6902
info@vitamobilesystems.com
Investor Relations:
949-864-6902
ir@vitamobilesystems.com
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