NEW YORK--(BUSINESS WIRE)--Urban FT, Inc., the industry leading SaaS-based digital banking platform, confirms it is in advanced negotiations with the troubled NASDAQ-listed Digiliti Money Group, Inc. (NASDAQ: DGLT), the mobile app technology firm, in respect of a potential transaction that will see DGLT stave off potential bankruptcy proceedings.
Urban FT submitted an unsolicited offer to the Board of DGLT on Tuesday, August 15, and DGLT subsequently entertained discussions with Urban FT in respect of the offer and other possible opportunities that could deliver value and benefit to DGLT shareholders, employees, suppliers and customers. Discussions between the two parties are continuing, in good faith, without either party at this stage committing to or being committed to any transaction of any nature.
Urban FT is hopeful that a transaction may be completed between the parties, but clearly cannot be certain or make any commitments that a transaction will be completed. Urban FT is however expecting to present DGLT with a final and binding proposal that accommodates the anticipated requirements of DGLT and its Board of Directors on or before August 29, 2017. Such a proposal could, subject to ongoing due-diligence inquiries, vary significantly depending on the outcome of ongoing discussions, but Urban FT notes that shares of DGLT closed on Wednesday, August 16, at $1.04, and believes the market has determined a current value for DGLT that Urban FT is comfortable working towards when preparing its final proposal for the Board of DGLT to then consider.
DGLT has been cooperative with Urban FT in respect of its due-diligence inquiries, and has indicated it is looking forward to reviewing the detail of the final proposal.
Urban FT is under strict confidentiality and is unable at this stage to make any further comments in regards to its dealings with DGLT.
About Urban FT:
Urban FT is a SaaS-based digital payments platform that enables any brand to seamlessly launch a branded Mastercard or Visa card, lifestyle mobile app and Web solution to complement its core business. We give brands a complete platform to enhance every element of the customer/brand relationship, leveraging what they’re doing today by adding a financial services framework, built on our unique understanding of driving the customer journey. Our platform enables brands to uniquely engage their customers, adding value by deepening and expanding how and when customers interact with the brand.