JERSEY CITY, N.J., Dec. 9, 2015 (GLOBE NEWSWIRE) -- SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement platform, today announced an amendment to its patent licensing agreement with Zoove Corporation. Under the amended agreement, which was signed December 4, 2015, SITO Mobile received a payment of $550,000 which consisted of $100,000 in exchange for an amendment to the original licensing agreement and the acceleration of the remaining payments due to SITO Mobile under the original agreement which totaled $450,000.
"Receipt of this prepayment strengthens our balance sheet cash position as we close calendar year 2015," said Jerry Hug, CEO of SITO Mobile. "This cash influx, combined with our strong current quarter revenue bookings, full-year growth projections, and positive EBITDA outlook, provides us with greater financial flexibility as we enter 2016." Mr. Hug added, "This deal, along with a licensing agreement with a prominent national television broadcaster via our VideoStar entity, demonstrates SITO Mobile's success in the early stages of monetizing our intellectual property. In 2016, monetization will become a priority across our diverse IP portfolio which now totals 22 patents."
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, sales growth, 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 866-976-4784 Media Relations: Matthew Bretzius FischTank Marketing and PR firstname.lastname@example.orgSource:SITO Mobile, Ltd.