RA’ANANA, Israel, May 19, 2016 /PRNewswire/ --
Mer Telemanagement Solutions
Ltd. (Nasdaq Capital Market: MTSL), a global provider of
software solutions for online video advertising, telecommunications
expense management and billing solutions, today announced that it
had completed a private placement of 648,475 ordinary shares,
constituting approximately 7.5% of the Company's outstanding
ordinary shares, for an aggregate investment of approximately
$700,000. The price paid per share of
$1.08 was equal to the closing price
of an ordinary share on the NASDAQ Capital Market on Tuesday, May 17, 2016. The private placement was
approved by the Company's shareholders at the Extraordinary General
Meeting of Shareholders held on May 16,
2016. The proceeds from the private placement will provide
the Company with additional working capital and will be used to
reduce the amounts due to the former shareholders of Vexigo Ltd.
("Vexigo") in connection with the acquisition of Vexigo by
the Company in April 2015. The shares
were sold to: (1) the former shareholders of Vexigo; (2) Mr.
Haim Mer, the Company's Chairman of
the Board; (3) Mr. Roger Challen, a
member of the Company's Board of Directors; and (4) Mr.
Lior Salansky, the Company's
CEO.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) is a provider of
video advertising solutions for online and mobile platforms through
Vexigo, as well as a provider of innovative products and
services for telecom expense management (TEM), enterprise mobility
management (EMM), mobile virtual network operators and enablers
(MVNO/MVNE) and an IOT/M2M enablement for mobile service providers.
MTS shares are traded on the NASDAQ Capital Market (symbol MTSL).
For more information please visit the MTS web site:
www.mtsint.com.
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, risks in product
development plans and schedules, rapid technological change,
changes and delays in product approval and introduction, customer
acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary
rights of the Company and its competitors, risk of operations in
Israel, government regulations,
dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the
Company's filings with the United
States Securities and Exchange Commission.
Company Contact:
Alon Mualem
CFO
Tel: +972-9-7777-540
Email: alon.mualem@mtsint.com
SOURCE Mer Telemanagement Solutions Ltd. (MTS)