BroadVision Announces Completion of Its Subsidiary Vmoso, Inc. Spin-Out via Private Placement
REDWOOD CITY, Calif., Jan. 08, 2019 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq: BVSN), a leading provider of e-business and engagement management solutions, today announced that its subsidiary, Vmoso, Inc., has completed its private placement of Class A Common Stock, raising $3 million.
Following the financing, BroadVision continues to hold shares of Preferred Stock of Vmoso, Inc. representing approximately 19.9 percent of Vmoso, Inc.’s outstanding shares and will provide substantially all of the personnel, facilities and equipment required for the activities of Vmoso, Inc. under a shared services agreement.
Vmoso, Inc. holds all of the intellectual property and other assets related to BroadVision’s Clearvale and Vmoso platforms, including the current Clearvale and Vmoso products and the My Vmoso Network (MVN) development project. Proceeds of the private placement will be used to continue the commercialization of the Clearvale and Vmoso products and the development of MVN, which is a personal digital hub that will utilize the Vmoso platform in conjunction with blockchain technology to act as a bank for consumers’ personal data, as well as provide secure, personalized, persistent, symmetrical engagement channels between consumers and the businesses with which they have relationships.
Information Concerning Forward-Looking Statements
Information in this release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future, including statements regarding Vmoso, Inc.’s plans to continue the commercialization of the Clearvale and Vmoso products and the development of MVN, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include without limitation uncertainty regarding the development and market acceptance of Vmoso, Inc.’s products and services, Vmoso, Inc.’s ability to sell Vmoso to its existing customers and new customers, Vmoso. Inc.’s ability to provide reliable, scalable and cost-efficient cloud-based offerings, Vmoso, Inc.’s ability to effectively compete in its intensely competitive market and respond effectively to rapidly changing technology, evolving industry standards and changing customer needs, requirements or preferences, and the other risks set forth in BroadVision’s most recent quarterly report on Form 10-Q, and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon information available to BroadVision as of the date of this release, and BroadVision assumes no obligation to update or correct any such forward-looking statements except as required by law. These statements are not guarantees of future performance and actual results could differ materially from BroadVision’s current expectations.