LONDON, Jan. 21, 2019 /CNW/ - Fineqia International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) announces the value of its equity holding in Phunware Inc. ("Phunware"), a fully integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide. With Phunware's share price at US$149 (C$198) at the time of the close of the NASDAQ stock market on Friday Jan. 18, Fineqia's shares in Phunware are valued at US$2,424,975 (C$3,216,185). The Company's also holds warrant to buy an equivalent number of shares, giving Fineqia a combined shares and warrants value of US$4,849,950 (C$6,432,390).
"Fineqia's investment in Phunware has paid off," said Fineqia's Chairman Martin Graham. "With our current shareholding, warrant and token rights, it has proved to be a great move for Fineqia."
Headquartered in Austin, Texas, Phunware Inc. is the pioneer of Multiscreen-as-a-Service (MaaS), a fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware helps the world's most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month.
Phunware was established in February 2009 and has raised about $100 million from investors such as Wavemaker Partners (Draper Network Fund), Fraser McCombs Ventures, Maxima Ventures, Samsung, Cisco Investments, World Wrestling Entertainment, PLDT Capital, Central Texas Angel Network (CTAN), Baylor Angel Network (BAN) and others.
Phunware's platform powers more than 6 billion daily transactions and generates more than 5 terabytes of data per day. It counts 13 patents and six others pending in its intellectual property portfolio.
"Phunware's business model and millions of active users lends itself well toward blockchain applications and a cryptographic virtual currency," said Fineqia's CEO Bundeep Singh Rangar. "Unlike most other companies with plans for crypto tokens, Phunware generates millions of dollars in annual revenue, putting it in an entirely different league. That's what attracted us to invest last year and might explain the incredible investment interest that's currently there in Phunware's stock."
Fineqia's shareholding in Phunware is held via its subsidiary, Fineqia Investments Ltd. It is in line with the Fineqia's strategy to invest in blockchain related companies that support its business model. While its shares are subject to an obligatory lock up period, shares obtained by exercising its warrants are free trading.
Fineqia purchased preferred shares last year that are convertible to common shares and received an equivalent number of warrants as well as rights to receive tokens in any future crypto currency offering.
The currency exchange rate applied for US$ to C$ is 1:1.32628.
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