MobiCard Announces Name Change Back to Peer to Peer Network
Cambridge, Massachusetts--(Newsfile Corp. - May 26, 2021) - MobiCard Inc. (OTC Pink: PTOP) announces today to change its corporate name back to Peer to Peer Network (its prior name) with the state of Nevada. The company's shareholders and board of directors agreed to the name change.
The reason for the name change reversal is that OTC Markets is requiring that the state corporate name match up with the name FINRA recognizes for the company - and the company was never able to change its name to MobiCard with FINRA, which left the company with a different name with the state of Nevada as with FINRA. Additionally, the name MobiCard never matched up well with the company's PTOP ticker symbol and created market confusion. This name change reversal will allow the company to finish its application to OTC Markets to get its financial information current given SEC's new rules for brokers under Rule 15c-211 to only quote public companies with current public financial information. The proper paperwork has been filed with the Secretary of State to effectuate the name change.
"The company's main product remains MobiCard. But we were told by the OTC markets that we needed to change the name on record with the Secretary of State of NV to line up with the name of our stock and the name that FINRA (Financial Industry Regulatory Authority) recognizes in order for OTC Markets to approve our application. So, we got the vote, and I submitted the paperwork to do the name change with the Secretary of State in NV," stated Chairman & CEO Joshua Sodaitis.
In light of new rules from the SEC on financial reporting requirements, Peer To Peer Network d.b.a MobiCard has withdrawn/ let expire its corporate actions previously filed with FINRA.
"At this point we want to just get our financials completed as soon as possible. We have no intention of doing any reverse split in the foreseeable future nor effect any of the corporate actions we had previously filed. The new plan is to get the financials current as soon as possible. Then in the year 2022, look to go back to a being a fully reporting SEC company. We can file to effectuate corporate actions such as a name change, stock ticker symbol change, and a stock restructure with FINRA if we think it's appropriate in 2022" elaborated Mr. Sodaitis.
MobiCard Inc. filed the name change with the Secretary of State in NV after getting a majority vote, and expects the name change to take effect on the day this press release is released.
Once the name change takes effect, CEO Sodaitis plans to contact the OTC Markets to inquire about the approval for the application. Once the OTC application is approved, the company plans to get its financials current as quickly as possible. Once the financials are current, the company hopes to file for a Reg A offering or something similar to raise capital.
"After presenting at the Starlight Capital Investment Conference we have a lot of interest, but the terms have not been as good as we would have liked. We understand it is because our financials are not current, therefore I believe it is more prudent to wait until our financials are current before engaging with these interested parties. That will ensure we have better terms for our existing shareholders on new investment into the company. Especially if that means we have to wait less than a month," concluded CEO Sodaitis.
MobiCard has created a game changer in the networking arena thanks to its exclusive and revolutionary customizable digital business card platform. MobiCard is an all-in-one digital application for networking, lead generation analytics, and business card exchange and connects businesses with other businesses or potential customers. In a matter of seconds, business professionals can distribute, share, and view the analytics of card shares, views, and other various features that will empower users to capitalize on leads and improve their communication for fast, efficient networking. This is especially beneficial as the ability to make in-person connections diminished last year because of the pandemic. This flexible and robust application makes exchanging contact information virtually a seamless experience. There's no limit to the creativity and ingenuity this app can provide for businesses and professionals alike as it provides an innovative networking solution that'll disrupt the traditional paper business card business. Download MOBICARD in your app store or visit the website at www.freemobicard.com.
Joshua Sodaitis, Chairman & CEO MobiCard, Inc.
45 Prospect Street Cambridge, MA 02139
Safe Harbor Statement:
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties, and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our prior filings at www.sec.gov. The company is no longer a fully reporting SEC filing company. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise.
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