Business
Vita Mobile Systems Issues Update on OTCQB Uplisting and Artificial Intelligence Content System
Vita Mobile Systems Issues Update on OTCQB Uplisting and Artificial Intelligence Content System.
About this update from Vita Mobile Systems, Inc.
[{"type":"text","content":"\nIRVINE, CA, May 30, 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 provided an update on both its progress toward uplisting to the OTCQB and its Artificial Intelligence (AI) Content System.\n As an update to shareholders, Vita Mobile Systems has been working with its accounting, audit and legal partners to complete its financial statements, a company audit and finalize its registration statement on Form S-1, which is part of the process to become a fully reporting company with the U.S. Securities and Exchange Commission (SEC) and to uplist to the OTCQB.   The OTCQB is recognized by the SEC as an established public market and is a venture market designed for early-stage and developing US and international companies. Sean Guerrero, CEO of Vita Mobile Systems, stated, “We started the process of uplisting to the OTCQB at the end of last year and while it's all going to plan, it's taken longer than anticipated. With that said, we are happy to report our financial statements are now completed, and the audit is underway.  I expect part of the slowdown this spring was due to the strain on public accounting resources to manage all the annual filings for their clients.  Regardless, we are glad to finally have the financial statements completed and the audit in progress.” “We have also received the final draft of the registration statement on Form S-1 from our legal team, so it will be ready to be filed as soon as the audit is completed.  Everything is coming together.  In order to bring these initiatives to completion, we negotiated a small promissory note from our partner Tangiers Global for $42,000, convertible at $0.01 with a 10% fixed interest and a 7 month term. We appreciate Tangiers' confidence and showing their faith in our direction through this small promissory note while still holding all prior notes. Even though this process has taken longer than expected, rest assured we have also been using this time wisely to develop some new tools and expand our product offerings to capture more market opportunities, especially with our Artificial Intelligence (AI) content system.  Additions to our staff and marketing promotions that we have previous...