TORONTO, ON--(Marketwired - June 24, 2014) - ISIS Lab Corporation (TSX VENTURE: LAB) (FRANKFURT: ISX) (Frankfurt: WKN: A1XB97), (the "Company" or "ISIS"), announces that it has entered into a binding term sheet for a non-brokered unsecured debenture financing (the "Financing") of up to C$2,000,000. Pursuant to the term sheet, the Company will immediately draw down C$1,000,000 and may draw down an additional C$1,000,000 at any time up until July 24, 2015. The terms of the Financing allow repayment by the Company at any time without penalty. Interest of twelve percent per annum will be payable on any funds received by ISIS from the Financing, with a minimum of four months interest payable by the Company. Bonus shares equal to eight percent of any funds drawn down by ISIS pursuant to the Financing will also be issued. All issued shares will be subject to a hold period of four months and one day.
The funds received from the Financing will be used to pursue strategic acquisitions and for general working capital purposes. The Financing and the issuance of bonus shares are subject to TSX Venture Exchange approval.
About ISIS Lab Corporation
ISIS was the winner of The 2013 Most Innovative Start-up Company of the year at the 2013 GIGSE Conference in San Francisco, California, and is the developer and provider of an award winning social gaming software platform. With experienced social gaming leadership and development teams, ISIS looks to leverage the anticipated growth in regulated, real-money, online gaming through the application of the social graph and the gamblification of social games. The ISIS platform was developed for both social gaming and monetized gaming for clients operating within regulated markets. For ISIS clients operating within fully regulated markets the Company offers a turnkey solution including a full commerce application and back office suite. The Company's flagship product ISISFriends® will be the first true social network built and regulated for the online gaming market providing audiences within regulated markets with a product differentiator from a social interaction perspective and is on track to have the largest portfolio of games available for social online gaming. ISISFriends® cutting-edge technology is designed to be future ready, scalable, modular, with the capability to expand integrations without limitation, and is capable to support third-party game integrations, cashier support, customer support, social networking, and backend operator support.
President & CEO
Isis Lab Corporation
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute "forward looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. These statements include, but are not limited to, the use of proceeds of the Financing; the expectation that ISIS Friends® will be the first true social network built and regulated for the online gaming market, that ISIS Friends® is on track to have the largest portfolio of games available for social online gaming, and that the regulated, real-money online gaming market is anticipated to grow. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, delays with the launch of ISIS Friends® and the acceptance of the product in the target market, competition in the industry and markets in which the Company operates, the Company's stage of development, long term capital requirements and future ability to fund operations, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of ISIS operates. The foregoing list of factors is not exhaustive. Please see the Company's prospectus dated October 23, 2013 and other documents available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.