BUFFALO, N.Y., March 15, 2013 (GLOBE NEWSWIRE) -- CrowdBouncer, LLC announced today that EquityNet, a leading equity crowdfunding platform, has subscribed to implement CrowdBouncer's Title 3 Database service in anticipation of the legalization of equity crowdfunding later this year. The Title 3 Database is an API-driven solution for portal compliance with Section 302(a) of the Jumpstart Our Businesses Act ("JOBS Act"), the legislation that authorized equity crowdfunding. The solution allows equity crowdfunding portals to push transactional data to a centralized database hosted and managed by CrowdBouncer and to make requests from the database as to whether investors are within certain regulatory investment limits.
Bob Carbone, CrowdBouncer's founder and CEO, commented: "We are thrilled to have EquityNet, a technology leader and pioneer in this space, as one of our first customers for the Title 3 Database solution. EquityNet is a portal that has facilitated over $200 million in private placements and its focus on all aspects of execution, including compliance, makes it well positioned to capture significant market share in this space."
Judd Hollas, EquityNet's founder and CEO, commented: "After much due diligence with the CrowdBouncer team, it became clear to us that they have focused intently on providing solutions to key logistical issues for equity crowdfunding portals. We envision this straightforward implementation setting the standard for compliance with this particular regulatory pain point."
EquityNet will implement the CrowdBouncer Title 3 Database solution over the course of the next several months in preparation for the release of the official rules for equity crowdfunding by the Securities and Exchange Commission.
CrowdBouncer (www.crowdbouncer.com) is a Platform-as-a-Service (PaaS) solution for JOBS Act compliance and back-end transactional processing for equity crowdfunding portals. CrowdBouncer's API-driven solution provides equity crowdfunding portals with tools to institute compliance controls and integrate back-end closing processes.
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EquityNet (www.equitynet.com) was launched in 2005 and is the original and only patented equity crowdfunding platform. It is used by thousands of entrepreneurs, angel investors, government entities, business incubators, and other members of the entrepreneurial community to plan, analyze, and capitalize privately-held businesses. EquityNet provides access to 12,000+ individual investors and has helped entrepreneurs across North America raise over $202 million in capital.
The EquityNet logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17615