Monster Arts Inc (OTCBB:APPZ) announced that it received a preferred equity line of credit amounting to $5 million to support its growth measures relating to future and current, planned projects, and otherwise for objectives of funding prevailing working capital needs. It is being offered by Premier Venture Partners, LLC.
The management speaks
Wayne Irving II, the CEO of Monster Arts said that the commitment comes at a crucial time of the company’s development. It provides the company with the runway that it needs to sustain the momentum built recently with the development of latest smart location-driven tracking system. The latest technology connects to unmanned aerial vehicles. As the company continues to develop on the created platform, it will take all the measures required to complete the development activities.
Since 2010, the company, along with its corporate affiliates, predecessors, and venture associates, have been developing, and will continue to work on, intelligent-location driven tracking and smart device GPS software, with a specific focus on the Unmanned Aerial Vehicle and drone as the next big objective and opportunity for focusing its initiatives. Moreover, Monster Arts Inc (OTCBB:APPZ) continues to increase its partner base and paying subscriber base, via TravelAmericaVisitorGuide.com and FanPic.com, among other projects.
The other news
The mentioned equity line of credit is not the only financing that Monster Arts has received in recent days. It also was looking for platinum sponsors for Las Vegas breakout session and linked cocktail reception. For the purpose it gained the services of Anubis Capital Partners. The event was scheduled on March 12 and it was a great success. It was held at the Caesar’s Palace. The total sponsorship amounted to $20,000. The company becomes a part of such events to develop partnerships, financial partnerships or working relations. IN last trading session, the stock price of APPZ declined 7.69% to close at $0.00120.