MINNEAPOLIS, June 8, 2015 (GLOBE NEWSWIRE) -- Cachet Financial Solutions, Inc. (OTCQB:CAFN), a leading provider of cloud-based SaaS mobile money technologies to banks, credit unions and alternative financial services providers, has completed a $4.4 million private placement financing with institutional investors and company management.
Cachet Financial Solutions sold an aggregate of 44,030 shares of the company's Series C Convertible Preferred Stock at $100.00 per share and issued five-year warrants to purchase an aggregate 10.1 million shares of its common stock. The company intends to use the net proceeds for general corporate purposes and working capital.
"The financing recognizes the strong progress we've made over the last year as well as the abundant prospects for growth," said the company's president and CEO, Jeffrey Mack. "We are now in a better position to capitalize on the growing industry demand for mobile banking technologies. We believe our bolstered balance sheet and operational momentum will enable us to further expand our market share and drive strong revenue growth in the quarters ahead."
Scarsdale Equities LLC served as the primary placement agent with ROTH Capital Partners assisting in the transaction.
About Cachet Financial Solutions, Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money and remote deposit capture solutions for PC, Mac and mobile. Founded in early 2010, Cachet has quickly grown into a technology leader and trusted partner of some of the world's largest and most respected financial organizations. With remarkable growth, an impressive client base and award-winning technologies, Cachet continues to drive innovation and deliver world-class solutions to financial institutions of all sizes.
The company's industry-leading solutions help clients to increase customer engagement, grow revenues and gain competitive advantage. Cachet's cloud-based technology platform simplifies development, deployment and servicing of consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. Enabled by Cachet's complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers. For more information, visit www.cachetfinancial.com.
This press release contains certain statements that would be deemed "forward-looking statements" under Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1933 and includes, among other things, discussions of our business strategies, future operations and capital resources. Words such as "may," "likely," "anticipate," "expect," "plan" and "believes" indicate forward-looking statements.
These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements include statements about the anticipated closing of our initial public offering and the number of shares to be sold in the offering.
Forward-looking statements reflect our current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. We discuss many of these risks in greater detail in our Current Report on Form 10K filed with the Securities and Exchange Commission on April 14, 2015 under the heading "Risk Factors" and in the other reports we file with the Commission. Given these uncertainties, you should not attribute undue certainty to these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
CONTACT: Darin McAreavey EVP & CFO Cachet Financial Solutions 952-698-5214 email@example.com Investor Relations: Matt Glover or Michael Koehler Liolios Group, Inc. 949-574-3860 CAFN@liolios.com
Source:Cachet Financial Solutions