JERSEY CITY, N.J., March 11, 2015 (GLOBE NEWSWIRE) -- SITO Mobile Ltd. (OTCQB:SITO), a leading mobile engagement platform provider, announced that on March 10, 2015, the Bankruptcy Court for the District of Delaware (the "Court") approved the Amended Bid for the Right to Sponsor a Plan of Reorganization (the "ESW Bid") submitted by ESW Capital, LLC ("ESW"), as modified on the record at the hearing held on March 9, 2015, as a higher and otherwise better bid than the bid submitted by SITO Mobile, Ltd.
Under the terms of the Asset Purchase Agreement SITO signed with the Debtor, and the Bid Procedures Order previously entered by the Court, SITO, as the Stalking Horse Bidder, is entitled to receive a break-up fee in the amount of $225,000 and expense reimbursement of up to $100,000.
Jerry Hug, Chief Executive Officer of SITO Mobile said, "We were disappointed in the ruling by the Bankruptcy Court. We believe the fact that Hipcricket breached our stalking horse Asset Purchase Agreement by accepting the "Plan of Reorganization" bid by ESW. We believe that SITO should have been designated the successful bidder in the auction process."
About SITO Mobile Ltd.
SITO Mobile provides a mobile engagement platform that enables brands to increase awareness, loyalty, and ultimately sales. For more information visit www.sitomobile.com.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, our reliance on brand owners and wireless carriers, the possible need for additional capital as well other risks identified in our filings with the SEC. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
CONTACT: Investor Relations: Robert Haag IRTH Communications email@example.com 866-976-4784Source:SITO Mobile, Ltd.