Vancouver, British Columbia--(Newsfile Corp. - December 17, 2019) - Upco International Inc. (CSE: UPCO) (OTC Pink: UCCPF) (FSE: U06) ("Upco") is pleased to announce that the Capital Commitment agreement between LDA Capital LLC and Upco International is executed and signed. This Capital Commitment is in the form of a 'Put Option' that may be exercisable on a monthly basis; each amount will vary depending on Upco's volume during the previous fifteen-day period and price per share during the forward looking 15 day pricing period.. The strike price of the put option is determined by the VWAP - volume weighted average price during such period. On each Put Option Exercise, LDA Capital will buy a minimum of 75% of the average volume of shares at the VWAP. For example, if the VWAP is CAD $0.10 and the average fifteen-day volume is 200,000 shares, for such Put Option LDA Capital will invest in Upco CAD $105,000.
The agreement will enable Upco to execute its marketing and distribution plan in multiple countries.
"The Upco application and its functions will be explained during 2020 via our website, social media and print media in order to attract corporate clients and end users," mentioned Gerben Borsje, Chief Commercial Officer at Upco
LDA Capital's commitment is an injection of CAD $20 million in cash within a maximum of 3 years in exchange for equity in Upco. The funds will be used specifically for working capital, brand development, PR and marketing campaigns.
"Upco's blockchain driven technology combined with their mobile, social and payment integrations fit well with LDA's expertise within the evolving emerging technologies sector. The global use of interactive applications is rapidly growing, and we foresee Upco playing an important role in the sector over the years to come," mentioned Anthony Romano, Managing Partner of LDA Capital.
"This important milestone helps expedite the implementation of UPCO's roll up strategy and is poised to entice new investors to become part of a successful story," stated Chris Manfre, managing director at Bardi Co.
"The strategy Gerben and I designed in 2018 is now falling into place, Upco will realize exciting Milestone within the next year," stated Andrea Pagani, CEO of Upco International.
About Upco International Inc.
Upco International Inc. is a cloud-based mobile service company which provides high-quality voice termination to a market driven by the growing activity in online communications and commerce. Upco is a licensed Global Telecom Carrier within the international VoIP (voice over IP) wholesale business. Upco has designed a software application for Apple iOS and Android, similar to SKYPE and WhatsApp.