Schlep2p Developing Friendship-Based Ride Sharing Platform
ISA Secures Option to Acquire All Technology IP Rights
CORAL SPRINGS, FL -- (Marketwired) -- 11/12/14 -- Information Systems Associates (OTCQB: IOSA) has executed a definitive agreement with Schlep2p International LLC (Schlep) and completed its acquisition of a 3% ownership interest in Schlep. The companies had previously announced that they had executed a term sheet calling for collaboration in a variety of areas including technical, financial and managerial oversight. In addition to the minority stake, ISA has secured an option to acquire all of the remaining technology and intellectual property rights of Schlep for $3.23M in cash and/or preferred stock of ISA. Schlep is developing a friendship-based ride-sharing platform where friends can share rides with nearby friends at the tap of a button on their mobile devices. Recently, ride-sharing companies like Uber and Lyft have been growing exponentially across the country and abroad.
"During our original discussions, we expected to add the Schlep platform through a minority ownership interest to broaden our technology business," said Adrian Goldfarb, ISA's President and CFO. "Since that time, it has become apparent that the objectives of ISA and Schlep are better served by cooperating on technology and jointly developing our businesses." As he previously stated, the Company has been heavily engaged in looking for innovative technology startups to both partner with and invest in. "Now that we have secured the minority ownership we are working hard to significantly expand our business potential by acquiring certain assets and all of the intellectual property of Schlep's promising enterprise." Mr. Goldfarb went on to say that although the original intent was to make the technology partnership part of the TrueVue 360 platform, the opportunity has significantly expanded and is likely to become the mainstay of the ISA's business in the near future.
Rachel Lam, Schlep's founder and CEO stated, "I am delighted at how our collaborative efforts have grown with ISA since our initial discussions. I am confident that from this initial investment along with the ongoing development and upcoming launch of our various technology platforms, ISA will exercise its option to acquire all of our intellectual property."
Schlep is in the final development stages of their platform and will be announcing the first version of their ride-sharing application along with a new merchant platform within 90 days. The Companies have already begun technical cooperation in advance of signing further agreements.
Information Systems Associates, Inc. (OTCQB: IOSA) now based in Coral Springs, FL, is an established professional services and consulting company engaged through partners to provide services for information technology projects. Established in 1994, it prides itself on a reputation for expert independent advice and project execution. ISA is currently reorganizing as an early stage technology company engaged in the rapid development and deployment of platforms to derive revenue from the social media revolution. The Company's mission is to become a disruptive force in this emerging space. It is also developing Software as a Service (SaaS) offerings focused on asset management of technology through its wholly owned subsidiary of TrueVue 360 Inc.
For more information visit our website http://www.isa-inc.net.
About Schlep2p International LLC
Schlep2p International LLC is an early stage social media and technology company focusing upon the Sharing or 'peer-to-peer' economy. It is currently developing a mobile application where friends can connect with nearby friends for rides and fun safely and conveniently.
For more information visit our website http://www.schlep2p.com.
Forward Looking Statements
This press release contains forward-looking statements including statements regarding collaboration, purchase of a minority stake in Schlep2p International LLC (Schlep) and expanding Information Systems Associates Inc. (ISA) market reach into social media applications. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" "project" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include (ISA), completing a financing to permit it to acquire a certain assets of Schlep, that the parties will be able to execute a definitive agreement, and the success of TrueVue 360 in collaborating with Schlep to penetrate this new market. Further information on ISA's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2013. ISA does not undertake any duty nor does it intend to update the results of these forward-looking statements.
President and CFO
David N. Lam
Schlep2p International LLC
Source: Information Systems Associates, Inc.
Released November 12, 2014