ALPHARETTA, GA, September 12, 2013 - (ACCESSWIRE) - F3 Technologies, Inc., (OTC Pink: FTCH), a Software as a Service (SAAS) company announces today that it has signed and submitted a letter of intent to acquire all of the assets and interests of COVI Point, LLC. ("COVI"). The Company will acquire the assets of COVI pursuant to a share issuance of restricted shares. Additional terms include the assumption of certain contracts and equipment, as well as certain liabilities of COVI.
Jeff Cosman, CEO of F3 Technologies, stated, "COVI believes time is everyone's most valuable asset. COVI is in the final stages of development that has taken years to outline, develop and optimize what time means to businesses, customers, and workflow processes. cConnects is an application that can be the front door to efficient call center utilization, the human asset management tool for strategic field sales and support operations, as well as drive key peer-to-peer discussions not available with current communication systems. The addition of COVI into F3 Technologies will reduce COVI's costs to finalize its development of cConnects while at the same time increase the value of the IDS platform through cross platform initiatives."
Cosman added, "The short-term success of F3 will rely on bringing its core products to markets. Increased shareholder value based on this success will allow F3 to perform an aggressive acquisition strategy in markets known to F3 and its leadership. F3 will define itself in the public equity markets by its dedication to maximizing shareholder value managing the strategic outlook of F3's capital structure and balance sheet, defining the markets we will penetrate for P&L expansion, as well as and partnering with strategic industry leaders to have a robust public awareness of our portfolio of products. This continued focus on the capital structure, arranging direct personal investment to complete the development and cleaning up reporting issues associated with the legacy F3 will allow shareholders to see significant value by the end of 2013 and expansion well into the future. I am committed to F3 and its shareholders. I am looking for shareholders to stay focused on the growth story and remain committed to F3 as well."
The acquisition of COVI assets includes the following businesses, including inventory, equipment, client lists, software, websites, domain names, trademarks, licenses, intellectual property and the like of cConnects & cDetails - cross platform, cloud based service applications that uses real-time technology to improve the efficiency of any organization, (the "COVI Platforms"). The COVI Platforms are expected to launch in late 2013, with strategic partners. In addition to the expected launch of IDS in late 2013, F3 Technologies will look to drive revenue significant growth early in 2014.
ABOUT COVI Points, LLC.
Covi Point is a cross platform software app design and development company. We focus on leveraging our real time data exchange technology between our mobile and web apps. Our technology gives us the ability to share the status of numerous web and/or mobile device attributes, data structures, calendar and scheduling data, event/activity requests, along with other appropriate information across a broad platform of related web and mobile app users logically linked via any of a number of relationship criteria. Our cConnects platform delivers an extensible set of logistical and telephony based tools that enable our customers to use more efficient modes of communication, management, and customer interaction. From internal calls and fleet management to customer service and support call-centers, cConnects brings business intelligence to the cloud.
ABOUT F3 TECHNOLOGIES, INC.
F3 Technologies is Software as a Service (SaaS) platform provider that creates mobile and cloud based platforms for industries ranging from entertainment to law enforcement and municipalities. Its products includes; Interactive Defense System[TM], for law enforcement and other municipal departments; and FargoTube[TM] (http://www.fargotube.com), a scalable and mobile platform for online distribution and social networking of entertainment professionals and their content.
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Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update forward-looking statements as the result of new information or future events. We urge investors to review the risks and uncertainties within its filings with the OTC Markets and/or Securities and Exchange Commission.
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Jeff Cosman, CEO
SOURCE: F3 Technologies, Inc.
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