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MobiCard, Inc. Announces Status on Platform Development and Financial Filings

1132 Days ago

CAMBRIDGE, Mass., May 30, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Peer To Peer Network aka MobiCard Inc. (MobiCard) (OTC: PTOP) CEO Joshua Sodaitis is pleased to announces the disclosure of two important additions to the Statement of Work (SOW), now under development with Think Latitude, Inc.  The two features, initially slated for introduction in the next version of the product, will be available in the initial phase.

The first feature to be added will provide prospective users of MobiCard a Magic Link via email to facilitate registration. This will simplify the signup process for users adopting MobiCard technology; allowing them to sign up one time within the platform and create a dynamic (Magic) link by entering a username, password and email address. A Magic Link is then sent to the user’s email where a simple click will confirm their registration. This is a single sign-on link that will allow the user to be logged in to MobiCard seamlessly without having to remember their password. This feature will greatly facilitate consumer acceptance of the product by easing registration. When accessed in this manner, it will also automatically produce the login credentials at the time of creating the Magic Link for the user’s device to automatically log into the MobiCard platform and dynamically selecting either the web app or mobile app (on smartphones). This is a distinguishing feature that will enable users to efficiently login to the app, as individuals appreciate the simplicity of passwordless authentication.

More exciting is the second newly implemented feature; the adoption of artificial intelligence (AI). The AI feature will facilitate users in setting up their profile. Once the domain of the email address is provided, the AI algorithm will automatically detect the domain and fetch a logo for a user’s organization. “During the development process, I have been extremely satisfied with the level of involvement and creativity sparked by our business analyst team here at Think Latitude. They have shown their true dedication and ambition to ensure our partnership with MobiCard continues to grow and thrive,” states Misha Shah, COO of MobiCard. The development of this feature is proving to be effective in the current test scenarios. This element eases what can be a frustrating element in establishing a profile. The proven strategies of Think Latitude Inc. to develop this feature to completion will enable future MobiCard users to preview the depth of this platform which will enable several more adaptations of AI items in future releases. Contracting for this AI supplement at initial development is also more cost effective than doing so in future versions. This, coming at the suggestion of the Think Latitude team, demonstrates their commitment as a true equity partner in the MobiCard venture.

These improvements were negotiated in an addendum to the SOW for a total of $10,000 in cash and $4,000 of MobiCard stock. Think Latitude has retained additional staff specialized in AI coding and warranted the work will not delay the present timeline to provide a beta product at the end of Q3, 2019.

Proof of Think Latitude’s commitment to deliver upon milestones and timelines was made evident this week. On Saturday, May 26th, MobiCard received five phones installed with a stable release of the product’s wireframing from Think Latitude. The five devices have been given over to a team of evaluators selected by CEO Joshua Sodaitis for their expertise; one as a white hat security analyst. During the next several weeks, the MobiCard technology team will confirm Think Latitude’s framing of the product in conformance to the 384 objectives expressed within the original SOW. “Our organization believes that the best way to execute hybrid agile methodology in software development revolve around the customer. While demonstrating feature developments and screenshare demos may be sufficient for most organizations, we only use this as a preliminary baseline to mark our progress. Delivering phones preloaded with the application in progress along with regular updates to future development releases allows MobiCard to interact firsthand with the application. This approach ensures the highest level of confidence with our clients and holds Think Latitude to a standard only we believe we can compete with in this industry,” asserts Andy Sajnani, CEO of Think Latitude Inc. MobiCard recognizes this event as an important milestone and praises Think Latitude as a capable and committed partner.

The importance of this event cannot be overstated. MobiCard is succeeding in development of a working product to advance business and personal networking beyond the limits of the printed business card. Strategically organizing the boundless array of people’s digital presence into a concise and easily shared point of contact will be the dislocating agent that finally propels the digital “business card” beyond its paper brethren.

MobiCard is also making progress internally to prepare for product launch in Q4, 2019. Newly appointed CFO Anthony Mirabito has begun working with the accounting firm previously retained, and intends to bring the company’s financials forward in compliance with GAAP.  The previously announced settlement with Code 2 Action, Inc. will allow for recategorization of the liability MobiCard incurred to acquire its assets.  There is now a clear status of the outstanding items to be addressed such that the corporate financials may be prepared for audit. It is anticipated that improved stock transfer capability and removal of the OTC stop alert may provide MobiCard shareholders improved liquidity and valuation on the open market.  CFO Anthony Mirabito has taken this as a priority in order to expand the shareholder base while increasing value for current investors in MobiCard.

CEO Joshua Sodaitis states, “It is important for MobiCard shareholders to know the great strides being made to achieve the company’s objectives. Our product development is evolving to incorporate additional features which will attract more users upon launch. Development has progressed to the point where we have actual devices in hand to evaluate Think Latitude’s conformance with the Statement of Work. And we have dedicated staff on a clear path towards providing greater transparency of the business’s financials. Though I’m happy with the progress I’ve made in less than one year as CEO, I will not rest until MobiCard becomes such a common app on everyone’s personal digital device that the printed business card soon becomes as much of an anachronism as the buggy whip is today.”

Peer To Peer Network aka MobiCard Inc. owns and markets its core technology, a SaaS mobile solution branded C2A MobiCard, a scalable mobile business card software platform that enables users to create a customized web-based personalized mobile app that is sharable by text SMS, email, digital and social media. Subscribers are able to track when the card opens, views and shares all while validating and analyzing new leads and referrals in real time, thereby knowing who and when to follow up. www.freemobicard.com

Safe Harbor Statement:

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company invokes the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our prior filings at www.sec.gov. The company is no longer a fully reporting SEC filing company. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

Joshua Sodaitis, CEO
MobiCard, Inc.
45 Prospect Street Cambridge, MA  02139
Phone: 1-617-651-2460
Email: info@freemobicard.com

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