DALLAS, Dec. 24, 2013 (GLOBE NEWSWIRE) -- Blue Calypso, Inc. (OTCBB:BCYP), developer of digital innovation products and services, announced the conversion of its May 2013 10% Debenture by issuing shares of common stock at $0.13 per share.
"The debt conversion demonstrates progress in our strategy to strengthen our financial foundation," Bill Ogle, CEO of Blue Calypso, stated. "In September, we amended our debt agreements to prompt conversion to common stock by the year end. The successful response has reduced our debt balance by 80%, from $3.0 million to only $600,000. As a result, we are entering 2014 with an improving financial profile. With our expanding patent families and proven, patented technology platforms, we are well-positioned to execute our business strategy to grow revenue from our core products and services, and the licensing of our Share Advertising™ technology for social media sharing and gamification."
On May 6, 2013, the Company issued a convertible debenture in exchange for cash proceeds of $2.4 million at an interest rate of 10% per annum. On September 13, 2013, the company modified certain terms of the May 2013 Debenture in order to induce the conversion into shares of the company's common stock as well as to eliminate certain restrictive covenants in the May 2013 Debenture. In exchange, the Company provided for a temporary reduction in the conversion price of the May 2013 Debenture to $0.13 per share through December 31, 2013.
About Blue Calypso, Inc.
Blue Calypso, Inc. (OTCBB:BCYP) develops digital innovation products and services for the social media marketplace using its patented IP portfolio. The company enables businesses to employ digital advertising to share and socialize brand content as well as track performance, monitor engagements and gather robust analytics – all at lower costs than traditional marketing. Already, Blue Calypso has attracted a handful of large, well-known consumer facing companies in automotive, retail, travel and consumer goods. Blue Calypso licenses its IP in addition to offering digital innovation services through Blue Calypso Labs and solutions including POPSHARE™, SOCIALECHO™, EMGAGE™ and DashTAGG™. For more about the company please visit www.bluecalypso.com
Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports filed with the Securities and Exchange Commission.