Source Financial Files Registration Statement
24 Junio 2014 - 7:00AM
Source Financial, Inc. (OTCQB:SRCF) ("Source" or the "Company"), an
innovative financial services and payment solutions provider, has
filed a Registration Statement on Form S-1 in the US with respect
to the proposed public offering of 4 million shares of its common
stock.
The price at which the shares of common stock will be sold will
be determined by the Company based upon negotiations with the
underwriter in light of the Company's operating history, the
prospects for the Company, financial and operating information, and
market valuations of publicly traded companies engaged in
activities similar to those of the Company and other relevant
factors. Assuming a public offering price of $5.50 per
share, the midpoint of the range set forth on the cover page of the
prospectus forming a part of the Registration Statement, the net
proceeds to the Company will be approximately $19,740,000, after
deducting estimated underwriting discounts and commissions and
estimated offering expenses
Source intends to use the proceeds from the raise to increase
its loan facility in Australia; to develop its money transfer,
foreign exchange and bill pay services in Australia; and if it
decides to enter the United States market, to establish an office
in the United States and expand operations into the United States;
for reserves to establish a loan facility in the United States; to
design, develop and implement a 360 Foreign Exchange platform and a
Moneytech Exchange platform in the United States;
to design, develop and implement compliance
programs; and for working capital and general corporate
purposes, including complementary acquisitions in Australia, and if
we enter the United States market, in the United States.
Moneytech Limited, a wholly owned subsidiary of Source, operates
in the financial services market in Australia. Targeting
small and medium businesses (revenues between $1 million and $100
million) for its asset based lending solutions (including trade and
accounts receivable finance), Moneytech generally offers
facilities of up to $5 million. Any business involved in the
provision of products or services to other businesses which
requires funds to grow or for ongoing working capital is a
candidate for a Moneytech financial solution.
Wellington Shields & Co., LLC is underwriting the
offering.
About Source Financial:
Source Financial, Inc., through its subsidiaries offers Asset
Based Lending and Payment Services with a focus on utilizing
cutting edge proprietary technology in the delivery of these
services. Source Financial's website is located at:
http://www.sourcefinancial.com
Source Financial's main products offered to the Australian
business community are : 1) Credit Express - trade finance
facilities; 2) Confirmed Capital - 100% Accounts Receivables
funding; 3) Card Solutions- Wholesale gift and prepaid debit card
solutions; and 4) Payment Services - Loyalty, Rewards, Payment
Aggregation, Payment Disbursement, Bill Payment, Point of Sale and
terminals. Source also offers foreign exchange solutions, including
Spot Transactions, Forward Cover and Options.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective.
FORWARD LOOKING STATEMENTS This news release may include
"forward-looking statements" regarding Source Financial, and its
subsidiaries, business and project plans 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. Such statements 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.
CONTACT: For further information contact: Market Street Investor Relations Inc. at (877) 218-9173
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