Source: Asia Payment Systems
Asia Payment Systems, Inc. (OTC Bulletin Board: APYM) today announced that it has closed $1,000,000 in financing via a private placement to accredited investors.
The placement is being managed by Strasbourger Pearson Tulcin Wolff, Inc. (SPTW), a NYSE-member firm, under the terms of the Investment Banking agreement which SPTW announced in March 2005. The placement is a unit offering consisting of a share and a warrant in each unit. The units are priced at $0.95 and the warrants are priced at $1.50 in year 1 and $2.00 in years 2, 3 and 4.
"We believe that this placement validates our business plan and approach to Asian markets. The funding will be very beneficial in achieving Asia Pay's short and long-term goals. We are better positioned to focus on developing partnership relationships, rolling out processing services and completing client implementations," said Matt Mecke, President & CEO of Asia Pay.