Vogogo Files Second Quarter 2015 and Announces New Customers
Vogogo Inc. ("Vogogo") (TSX VENTURE:VGO), today announces that it has filed its second quarter financial statements for the period ended June 30th, 2015.
These Financial Statements may be obtained on Vogogo's SEDAR profile at www.sedar.com.
Q2 2015 Highlights
- Vogogo completes bought deal financing with gross proceeds to Vogogo totalling $12,523,500;
- Vogogo executes integrations with leading bitcoin exchanges Kraken and Bitstamp; and
- Vogogo appoints former US banking regulator executive John Robinson as a Board Director.
Vogogo would also like to announce the following new and transacting clients:
Atlanta-based BitPay enables any merchant to easily accept bitcoins for payment just like with Visa, Mastercard, PayPal or cash. BitPay services over 50,000 global merchants and processed over US$155 million in Bitcoin transactions during 2014.
Founded in 2013, ChangeTip enables users of Bitcoin to send micropayments across various social media websites such as Twitter, YouTube, Reddit, and Facebook, as well as e-mail and text messaging.
Genesis Global Trading
Genesis Global Trading is an institutional trading firm offering two-sided liquidity for digital currency, including Bitcoin. Genesis has executed trades for more than 800,000 bitcoins since 2013.
Zinger services the Canadian-Filipino remittance corridor and uses Bitcoin to facilitate near-real time funds transfers.
These clients are all operating in the cryptocurrency industry and are using Vogogo's risk management and payment processing services. Vogogo generates revenue from these customers by charging them for the processing of transactions, on a cost per transaction basis. Fees earned are in line with Vogogo's expressed business model.
Payscout is a comprehensive provider of merchant banking services, including credit card processing for both traditional retail and cutting-edge eCommerce storefronts. Partners include major financial institutions as well as other internationally renowned businesses, making Payscout one of the top 10 merchant processing services in the U.S. The company is headquartered in California with offices in New Jersey, Brazil and China.
This client is operating as a payment processor and they are also using Vogogo's risk management services. Vogogo's risk management services are sold based on a variable monthly licensing or SaaS (Software as a Service) fee, plus variable set-up fees, plus variable transaction fees charged for particular usage of the services.
Capital Markets Consulting
As well, Vogogo would like to announce that it has engaged Northwest Passage Ventures Inc., and more specifically, its principal Alex Tapscott to provide capital markets and investor relations services to the Company.
Mr. Tapscott has significant experience in the capital markets, having held a variety of roles at Canaccord Genuity, a leading independent investment bank, most recently as a Director of Institutional Equity Sales. Mr. Tapscott is based in Toronto, Canada, and will assist Vogogo by increasing market awareness for Vogogo utilizing a number of financial market communications initiatives. The core of this activity will be facilitating direct introductions with institutional and retail brokers and institutional investors in a number of cities across Canada and the US. Mr. Tapscott will also oversee certain other marketing and PR campaigns for Vogogo, augmenting Vogogo's current activities.
Northwest Passage Ventures Inc. will be paid a fee of $5,000 per month for an initial term of 6 months, and subject to Board approval, will be granted options to purchase an aggregate of 20,000 common shares of Vogogo, at fair market value upon the completion of three (3) months of services.
Vogogo CEO Geoff Gordon said of the announcement, "Firstly, we are very pleased to have Alex join our team. It is important that we communicate effectively with existing shareholders in addition to reaching new and broader investment audiences. We are excited to have Alex engaged as it helps management to better focus on building the business while also achieving our goals with respect to the capital markets. In addition, we are seeing significant interest in our risk management services and payment services from alternative markets. Capturing those opportunities will help us drive revenue while we continue to move forward with our plan to be the dominant provider of risk management and payment processing services to the cryptocurrency industry. We are huge believers in block-chain technologies and we aim to play a significant role in anchoring that industry for a long time to come."
The company will be holding an investor conference call on Thursday, August 27th, 2015 at 12pm ET. The live conference call will be available by calling 1 (855) 392-2520 and using participant code 4816820
About Vogogo Inc.
Vogogo is a TSX Venture Exchange ("TSXV") publicly traded payment services company with integrated risk management and compliance. Founded in 2008, Vogogo designed, built and launched its web-based payment processing technology while growing its expertise in software development, payments, risk management, compliance and related financial services. Vogogo is now executing on its plan to serve global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its positioning and technology.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release. None of the information contained on, or connected to, Vogogo's website is incorporated by reference herein.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release contain forward-looking information. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. Vogogo continues to enter into various arrangements with cryptocurrency exchanges and other payment processors, including BitPay, ChangeTip, Genesis Global Trading, Zinger and Payscout in order to integrate Vogogo's technology with such entities. There is no certainty that such integrations will result in the generation of revenues as a result of any such arrangements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Readers should carefully review the risk factors described in Vogogo's annual information form dated April 30, 2015 for a description of certain risks in respect of the business of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.