VMob signs voucher deal with Australian 7-Eleven chain

Monday 2nd March 2015

VMob, the NZAX listed mobile voucher developer, has signed a deal to roll out its vouchers platform across Australia's 7-Eleven convenience stores, adding to the momentum built last month when it secured a global partnership with McDonald's.

The Auckland based company has signed an agreement with the Australian licencee of the convenience store chain to provide its product in 600 7-Eleven stores across Australia. The terms of the agreement are confidential, it said.

VMob last month signed a commercial agreement with McDonald's, providing access to 119 markets where the world's biggest fast food chain operates, including an immediate roll-out in the US. VMob already had agreements signed with McDonald's covering the Netherlands, Sweden and Japan.

In January, VMob raised $2.17 million to help fund its aspirations for global growth, selling 205.1 million shares at 1.06 cents apiece to high net worth individuals, institutions and certain VMob directors in a private placement. The timing of the placement and the announcement of the McDonald's deal prompted the Financial Markets Authority to look into disclosures by the company.

VMob's shares last traded at 1.6 cents per share, and have gained 14 percent this year.

In a separate statement, the company said it plans to issue 34.5 million options for certain employees to buy shares at 1.8 cents apiece around March 27.

"The issue of the options is intended to both secure and retain the services of the recipients and to align the interests of the recipients with those of the shareholders of VMob," it said.

BusinessDesk.co.nz

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