BroadVision Announces Proposed $3 Million Private Placement by Vmoso, Inc. Subsidiary
REDWOOD CITY, Calif., Oct. 10, 2018 (GLOBE NEWSWIRE) -- BroadVision, Inc. (Nasdaq: BVSN), a leading provider of e-business and engagement management solutions, today announced that its wholly owned subsidiary, Vmoso, Inc., intends to raise $3 million from BroadVision stockholders who are accredited investors in a private placement of Class A Common Stock of Vmoso, Inc. representing approximately 80 percent of Vmoso, Inc.’s outstanding shares. Following the financing, BroadVision will continue to hold shares of Preferred Stock of Vmoso, Inc. representing approximately 20 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. BroadVision first announced the MVN development project in April 2018. Additional information about the Vmoso platform and the MVN development project is available at broadvision.com/myvmoso.
Dr. Pehong Chen, BroadVision’s founder, president and chief executive officer, has advised Vmoso, Inc. that he is prepared to invest up to $3 million in the private placement.
The proposed private placement is open only to BroadVision stockholders as of September 30, 2018 who are accredited investors as defined in Rule 501(a) of the Securities and Exchange Commission. Stockholders who desire additional information, including a description of certain risk factors, for purposes of considering participation in the proposed private placement may register their interest at broadvision.com/vmoso-invest, where they will receive instructions on how to verify their ownership of BroadVision stock and obtain third-party verification of their accredited investor status. Indications of interest will be accepted until October 24, 2018.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. Vmoso reserves the right to accept or reject any private placement subscriptions it may receive in its sole discretion.
Information Concerning Forward-Looking Statements
Information in this press release that involves expectations, beliefs, hopes, plans, intentions or strategies regarding the future, including statements regarding the anticipated private placement by Vmoso, Inc., the anticipated percentage ownership of BroadVision and new investors in Vmoso, Inc. following the private placement and the anticipated use of the net proceeds of the private placement 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, market and other conditions 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.
BroadVision Contact: Pehong Chen Investor Relations (650) 331-1000 Ir1@broadvision.com