JAKARTA, Indonesia, March 18, 2019 — KinerjaPay Corp, a Delaware corporation, (OTCQB: KPAY) (the “Company” or “KPAY”), a Digital Payment and e-Commerce Platform, today announced further progress to securing the subscription proceeds of $200 million in equity funding from Indonesian-based PT. Investa Wahana Development / PT. Investa Wijaya Pembangunan (the “Wahana Group”). As previously reported in the Company’s Form 8-K filed on January 8, 2019, the Company entered into a binding commitment with Wahana Group for the issuance and sale of $200 million of the Company’s newly authorized shares of Series F and Series G Convertible Preferred Stock (the “Preferred Stock”) for $200 million, which Preferred Stock is convertible at $1.80 per share and subject to a 9.99% beneficial ownership limitation provision.
The Company has received Wahana Group’s firm and continuing commitment to closing their funding to KPAY in a timely manner. The initial delay since the Company reported the Wahana Group’s subscription for the Preferred Stock was due to the complexity of the United States federal banking regulations in establishing a new U.S. banking relationship to accept a SWIFT for the $200 million in funding from an Indonesian-based investor.
With the close assistance of the Wahana Group, Mr. Edwin Ng, our CEO and Chairman, stated, “the Company has agreed to engage the services of a professional banking consultant who has recommended together with the Wahana Group, that the Company utilize KPAY’s existing banking relationships in Indonesia. To that end, KPAY has submitted all documents necessary to the Investor’s bank to establish a credit line to facilitate receipt of the $200 million investment.”
The Company has confirmed that the entire process to close the funding should be completed within the next 30 days or sooner, based upon communications between the institution issuing the Bank Instrument and the Beneficiary Bank’s officers. Edwin Ng, the Company’s Chairman & CEO, commented: “We are now pleased with the progress taking place, after unanticipated delays in receiving the Wahana Group’s investment of $200 million, and we continue to work very closely with the Wahana Group to conclude this equity funding. While it has taken longer than our original estimated time to close the transaction and receive the subscription proceeds, we are now moving closer to finalize receipt of the investment from Wahana Group.”
Mr. Ng further stated, “I believe that 2019 will be a transformative year for KPAY as we launch our P2P platform in Indonesia and continue to invest in high growth areas in one of the world’s fastest growing economies.”
Mr. Rio Chandranegara, Director of Business Development of Wahana Group’s PT. Investa Wahana Propertindo entity, stated: “Wahana Group is committed to closing its subscription for the Preferred Stock by accessing several asset bases and resources owned by Wahana Group and is further committed to a long term and mutually beneficial relationship as a strategic partner and shareholder of KPAY.”
KinerjaPay enables consumers to “Pay, Play and Buy” through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company’s services are available through its mobile applications and on its website at www.kinerjapay.com.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY’s expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY’s authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY ‘s actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY ‘s filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the SEC on April 20, 2018 and most recently in our Registration Statement on Form S-1/A filed with the SEC on December 21, 2018, pursuant to which we are offering 300,000 Shares of 11% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 Per Share.
For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this letter.
SOURCE KinerjaPay Corp.