Digital Asset Monetary Network Repurchases Common Stock at $1.00 per Share
NEW YORK, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. or “DigitalAMN” ( OTCMKTS: DATI ), a specialized tech accelerator leveraging the Public Accelerator-Incubator (PAI) model, has repurchased the common stock of DATI which had been previously issued to Fundanna, Inc. (Fundanna) as payment for the acquisition of Fundanna’s equity, completing DATI’s original investment into the cannabis focused, Reg. CF, equity crowdfunding portal.
“We believe that our stock value is far greater than the $1.00 per share that we paid to execute this option,” said Ajene Watson, CEO of Digital Asset Monetary Network, Inc. “While we could have allowed the stock to be sold into the open market and saved the cash for operations, we committed to pay the option price. In my opinion, I believe this is a show of confidence and our dedication to protect shareholders’ interests.”
During the summer of 2017, DigitalAMN entered into an agreement to purchase a minority equity stake in Fundanna, the operator of Fundanna.com – owned by TruCrowd, Inc. Management leveraged this investment to participate in the cannabis industry and develop its relationship with TruCrowd, Inc., the owner and operator of Top 10 ranked portal, truCrowd.com. DigitalAMN purchased the equity stake in Fundanna, utilizing both cash and stock. However, the agreement included an option to repurchase the DATI common stock from Fundanna at $1.00 per share.
Mr. Watson concluded, “While our equity ownership in Fundanna might be nominal, this option payment was important in achieving certain goals for DATI. First and foremost, we simply reduced the number of shares of common stock that could potentially dilute the market. It is important to me and our team, that when and wherever possible, we institute measures that could protect our cap table and long-term value, while continuing to strengthen market confidence.”
Management has suggested that the Company will continue to explore options in repurchasing common shares, when such opportunities present themselves.
ABOUT Digital Asset Monetary Network, Inc. Digital Asset Monetary Network, Inc. ( OTCMKTS: DATI ) is the first company to utilize the Public Accelerator-Incubator (PAI) model, with the intent to follow the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
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For investor and general information, please email info@DigitalAMN.com
ABOUT truCrowd, Inc. (owner and operator of truCrowd.com and CryptLaunch) Located in the heart of the financial district of downtown Chicago, truCrowd is a FINRA member equity crowdfunding portal operating under Regulation Crowdfunding (Title III of JOBS ACT); connecting startups and emerging businesses with non-accredited and accredited investors. Built on the belief that not all businesses and investors are alike, we pride ourselves on delivering a personalized and professional funding experience through industry-leading technology.
ABOUT Fundanna, Inc. & Fundanna.com Fundanna, Inc., operator of Fundanna.com, is an S.E.C regulated FINRA member, crowdfunding portal (powered by truCrowd, Inc.) with a dedicated focus on the cannabis markets. Fundanna.com allows cannabis related companies to raise up to $1 mil per year from accredited and non-accredited investors, with low investment requirements.
Forward Looking StatementsStatements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking.
Contact: Public Relations Answering Center (718) 285-6378 EXT 401 info@DigitalAMN.com