Business
Vita Mobile Systems Chairman and CFO Wade Makes Private Investment in Company
Vita Mobile Systems Chairman and CFO Wade Makes Private Investment in Company.
About this update from Vita Mobile Systems, Inc.
[{"type":"text","content":"\nCompany in Final Steps to Complete Audit and Registration Statement on Form S-1 for OTCQB Uplisting \n IRVINE, CA, March 27, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- 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 ...