Monster Arts Inc (OTCBB:APPZ) has had a number of projects lined up, but require financing. The company recently announced that it had acquired $5 million, on preferred equity line of credit, to finance these projects. Part of this amount would also be used for current working capital needs. The financial commitment has been reached with Premier Venture Capitals LLC, based in Los Angeles.
The CEO of APPZ, Wayne Irving II, expressed his thoughts saying that the financial commitment has been timed perfectly. This amount would help the company continue its momentum of development, which it has built with the help of its smart location driven technology. The tracking system is in use for UAVs and company plans to build on it. Currently, the company is involved, with its partners and affiliates, in developing smart GPS systems and intelligent tracking systems. The company has recently been targeting the drone industry for its new products since it sees the industry as the next big thing.
This is not the only major financing that the company has acquired in recent days. The company also needed platinum sponsors for its Las Vegas breakout session and cocktail reception. It was soon able to gain the services of Anubis Capital Partners, for this purpose. The event was held successfully on March 12, at the Caesar’s Palace. The sponsorship amounted to a sum of $20,000. Usually, such events are held by APPZ to develop partnerships, working relations or reaching financial partnerships.
The management partner at Anubis, Casey Jensen, was delighted to be working with APPZ. She also commented that her company was more than happy to help APPZ achieve its objectives and goals through this conference. Anubis was of the view that Monster Arts has shown great success in the past with these events and the company wants to help them to do it again. APPZ has not been doing too well in the market and it was certainly a surprise when it was easily able to reach two financial agreements in about a month’s time. Maybe there is more to the company’s business than meets the eye.
Monster Arts Inc (OTCBB:APPZ) closed at $0.00130, decreasing by 38.10%.