Source Financial Pivots to Unlock Value in Fast-Paced Start-Ups
SANTA MONICA, CA / ACCESSWIRE / July 8, 2016 / Source Financial, Inc. (OTCQX: SRCF) ("Source" or "the Company") is pleased to announce the execution and closing of a share exchange agreement between Source and Venture Track, Inc. ("Venture Track").
Venture Track is headquartered in Santa Monica, CA, and is focused on the financing, development, and deployment of technology platforms and applications ("Apps"). Venture Track intends to provide early-stage technology companies with capital, business development support, and assistance to accelerate market impact for their technologies.
Venture Track believes there is an abundance of highly attractive private technology companies created with the hope of becoming the next Silicon Valley Unicorn which are now in need of capital and support. The Company plans to seek out these opportunities, expedite their launch, and assist with growth and exit strategies for founders and shareholders.
The Plan
1) Build: Venture Track has in-house Apps in development, and plans to launch two in the coming months. The first two Apps to be deployed are a content monetization engine and a business-networking App.
2) Finance: Thousands of Apps have been bootstrapped, built and deployed. It is the Company's intention to identify, finance and market select Apps with the greatest market potential.
3) Partner: Venture Track aims to fund the launch of revenue ready Apps, and set them on track for a public offering primarily facilitated through equity crowd funding.
Venture Track plans to Build, Finance and Partner with technology platforms and Apps, and will retain seed-stage equity in each.
The Bounty
The Company plans on distributing the seed-stage equity as dividends to its shareholders on a pro-rata basis. The Board of Directors will meet to determine the timing of the dividends, which will be announced when the decision is finalized.
The Conclusion
The management of Source believes that Venture Track is well suited to succeed in the US equities market, and is poised to create significant shareholder value moving forward. Management will keep shareholders updated as the business progresses.
Background of the former business
On June 30, 2013, Source acquired Moneytech Limited, an Australian corporation ("Moneytech"). Since that time, the Company ran up significant debt in an attempt to overcome obstacles related to a foreign company trading in the US OTC Market. Ultimately, the obstacles, proved too difficult for the Company to overcome.
On June 30, 2016, the Board of Directors of Source Financial voted to effectively spin out the business, assets and liabilities related to the Moneytech Entities. Shortly thereafter, the management executed the share exchange with Venture Track, Inc.
ABOUT SOURCE FINANCIAL, INC.
Source Financial, Inc., through its merger with Venture Track, Inc., is focused on technology acquisition, development and deployment, and intends to offer an innovation accelerator program designed to provide early-stage technology companies with support in business development, and access to crowd funding as designated under the JOBS Act.
FORWARD LOOKING STATEMENTS
This news release may include "forward-looking statements" regarding Source Financial, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Source Financial expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Source Financial does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investors may contact: Market Street Investor Relations Inc. at (877) 218-9173
SOURCE: Source Financial, Inc.