LAS VEGAS, July 25, 2014 (GLOBE NEWSWIRE) -- Clone Algo Inc. (the "Company") announces that it has entered into a non-brokered private placement with a number of new and existing investors for the issuance of 5,000,000 common shares (this number represents 0.71% of the shares of our common stock that are currently issued and outstanding) at a price of US$8 per share. The private placement of shares closed on May 16, 2014 after execution of definitive documentation and satisfaction of customary closing conditions and deliveries.
As of July 24, 2014, the Company has 700,000,000 shares of common stock issued and outstanding. In addition, as of July 24, 2014, the Company has 150,000,000 shares of preferred stock issued and outstanding.
About Clone Algo Inc.
Clone Algo is a technology and innovation driven company which researches timing sciences, develops algorithms and risk management systems based on artificial intelligence, as well as industry specific eco-systems for the second generation of Social Media. The Company operates solely on a Transaction Based Revenue Model, compared to the traditional Advertising Based Revenue Model, by fulfilling human and/or industry needs in five specific areas:
1. Attaining financial independence with easy-to-use, low-risk family of Clone Algo Apps
2. Ensuring sustainable, progressive and positive growth for financial service industry by creating lifelong clients via insurance on algorithms in trading accounts
3. Seamless ease of consistently booking best value travel arrangements via Travel App
4. Convenience and ease of do-it-yourself banking on your mobile phone via AlgoTrust App
5. Educating consumers on these ecosystems via the company media channels such as Algo TV, Algo Magazines and Algo Newsletter.
For more information, please visit the company's website: www.clonealgo.us
This press release contains "forward-looking statements" within the meaning of applicable U.S.A securities legislation. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of Clone Algo's operating environment.
These forward-looking statements may include statements with respect to the future financial or operating performance of the Company and its subsidiaries, the perceived merit of its Intellectual Properties, capital expenditures, operating costs, cash flow estimates, and similar statements relating to the economic viability of the Company. Forward-looking statements are based upon certain assumptions and other important factors regarding present and future business strategies and the environment in which the Company will operate in the future, which could prove to be significantly incorrect.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.
Forward-looking information contained herein is made as of the date of this press release. There can be no assurance that forward-looking information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. Accordingly, for the reasons set forth above, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
About this company
The Company's SEC filings can be accessed at: http://www.sec.gov/cgi-bin/browse-edgar?company=clone+algo&owner=exclude&action=getcompany
Source: Clone Algo