ATLANTA, GA, Jan. 02, 2018 (GLOBE NEWSWIRE) — Gopher Protocol, Inc. (OTCQB: GOPH) (“Gopher” and the “Company”), a company specializing in the creation of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, announced a closing of the sale of common stock and a common stock purchase warrants, which generated $1 million in proceeds. The details on the funding can be found in the Company’s Form 8-K from today.
The financing is part of the Company’s strategy to reduce its dependence on convertible note financing and create a balance sheet that gives investors clarity regarding the number of shares outstanding and potential dilution caused by convertible note financing.
The investor that participated in this financing previously loaned the Company capital in consideration of convertible notes. This financing included an equity raise generating gross proceeds of $1million and the conversion of previously issues convertible notes into common stock as well as commitment, under certain terms, for of an additional financing of $500,000 potentially bringing the total raise to 1.5 million. The additional capital was in exchange of restricted common shares and a leak-out agreement. This transaction represents $0.75 for restricted share.
“The Company is pleased to be on a great track financially, it should be a very positive signal to the market that a private accreditor investor has made the transition from being a lender to a long term equity investor” stated Greg Bauer, CEO.
Gopher Protocol has made a concerted effort to de-lever its balance and add shareholder equity to the balance sheet. The Company enters 2018 with less debt, and $1 million available to fund its technology platform.
About Gopher Protocol, Inc.
Gopher Protocol, Inc. (OTCQB: GOPH) (“Gopher” and the “Company”) (http://gopherprotocol.com/) is a development-stage company which consider itself Native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence enabled mobile technology. The Company has a portfolio of Intellectual Property that, when commercialized, will include smart microchips, mobile application software, and supporting cloud software. The system contemplates the creation of a global network. The core of the system will be its advanced microchip technology that can be installed in any mobile device worldwide. Gopher envisions this system as an internal, private network between all enabled mobile devices providing shared processing, advanced mobile database management/sharing and enhanced mobile features.
Corporate Site: http://gopherprotocol.com
Press page/ press kit: http://gopherprotocol.com/?page_id=228
Consumer and product website for Guardian Patch: http://www.guardianpatch.com/.
About Guardian Pet Tracker: http://www.guardianpettracker.com/
The Guardian Pet Tracker (Sphere Internal name – the “Sphere”) system is a derivative technology of Gopher’s Guardian Patch technology. The Sphere is designed to provide its users with local tracking capability using a re-chargeable/replaceable battery source. Gopher intends to release pre-production units in limited test in the near future.
GOPH disclosure: More info SEC link /technology abstract:
Certain statements contained in this press release may constitute “forward-looking statements”. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release.