Digagogo Completes Acquisition of DogoPay Software
DETROIT, MI, Jul 22, 2011 (MARKETWIRE via COMTEX) -- Digagogo Ventures Corp. ("Digagogo") (OTCBB: DOGO), a provider of information and communications technology, is pleased to announce that it has completed the acquisition of the DogoPay software technology from Banyan Tech Ventures Inc. ("Banyan").
On July 5, 2011, Digagogo, through its wholly owned subsidiary, Impact Technologies Inc. ("Impact"), closed on an Asset Purchase Agreement with Banyan, whereby Digagogo acquired all of Banyan's assets and intellectual property pertaining to the DogoPay software, in exchange for $250,000 cash and 500,000 shares of Digagogo's common stock.
Digagogo Chief Technology Officer, Ken Williams, commented on the acquisition, "The acquisition of the software will accelerate the full vision of DogoPay to be an alternate mobile payment between households and businesses. According to Gartner, Inc., worldwide mobile payment users will surpass 141.1 million in 2011 with mobile payment volume forecasted to be $86.1 billion. This software also enables pre-paid virtual card architecture giving every business its own mobile loyalty virtual card. This is very exciting to make DogoPay a unique payment option." Digagogo Chief Executive Officer, Fernando Londe, also commented on this acquisition, "This latest acquisition completes all the base technology Digagogo requires to complete its end-to-end vision of DogoNet, DogoSearch and DogoPay. Digagogo is now strategically positioned to execute on its business plan. It will empower local businesses to market directly in real-time to local households and close the loop with payment to capture and contain transactions within the local economy, embracing an economically sustainable local community." About DogoPay: DogoPay is a versatile e-commerce platform that allows users to instantly track and manage purchases and sales and if chosen, collect and redeem points. The DogoNet users will have access to e-commerce management through the use of an "e-wallet." Families will take comfort from the speed, reliability and security with which transactions are completed.
About Digagogo Ventures Corp.: Digagogo is developing a digital sales and distribution network designed to connect households together and enable individuals to buy or sell items within a local community. Digagogo believes that this can be achieved by harnessing the power of local group buying and instantaneous knowledge of supply and demand within that community.
Forward-Looking Statements: Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "optimizing," "potential," "anticipate," "goal," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Digagogo filings with the Securities and Exchange Commission.
Contact: Investor Relations Email Contact US - 1 800 249 7621 UK - +44 020 3004 8076 www.digagogo.net SOURCE: Digagogo Ventures Corp.