HemiPhon Enters $US45 Million Financing Agreement With MidOil USA

NEW YORK, Sept. 6, 2012 (GLOBE NEWSWIRE) -- Human resource management software company HemiPhon PLC (H3P.F) has received a $US45 million financing commitment from New York City based MidOil USA LLC. The agreement will be carried out over five years through investment banking programs conducted by MidOil USA. HemiPhon intends to use the proceeds of the financing to support its future global expansion.

As part of the agreement, HemiPhon's major shareholders have agreed to contribute 300 million shares of HemiPhon stock. MidOil USA will utilize its expertise and experience to hypothecate the shares to generate cash infusions for HemiPhon's global expansion and growth.

HemiPhon plans to open an office in New York City to further assist in the MidOil USA financing activities. An announcement will be made shortly detailing the appointment of the new CEO chosen to lead the company's expansion into North America.

HemiPhon Chairman Phil Jones said, "The MidOil USA finance agreement is the last plank in our expansion plans covering the next five years. Over the past 15 years, we have proven our software and delivery platform in Australia, successfully competing against other global HRM software companies. We have spent the last 12 months test-marketing in the USA, and are in discussions with companies interested in buying or reselling our E-tivity range of HRM software products."

MidOil USA's financing activities will supplement the existing revenue from HemiPhon's Australian business to fund expanded operations and acquisitions.

"HemiPhon is now ready to seek partnerships in the USA, Middle East and India as a result of the MidOil USA financing agreement. We are pleased that a financier like MidOil USA has shown confidence in our potential," added Jones.

MidOil USA's Managing Director Vincent Crandon said, "We are impressed with the way in which E-tivity has successfully competed against the leaders in HRM software in Australia. We see no reason why HemiPhon's product superiority should not prevail in the larger markets of North America and Europe, as well as the emerging Asian market, particularly countries like India."

HemiPhon PLC is a developer and supplier of easy to use Workforce Management solutions, offering over three decades of experience improving labour efficiency and reducing costs. Significant corporations such as K-Mart, Marriott Hotels, JB-Hi Fi, Michael Hill Jewellers, Gribbles and Starwood Group of Hotels trust HemiPhon's E-tivity platform for their HRM needs.

MidOil USA and its affiliated companies have over 40 years of experience in project finance, investment banking, venture capital, project management and corporate/organizational management. It has a diversified funding portfolio including real estate, transportation and logistics, technology, maritime, and petroleum related sectors.

About HemiPhon PLC HemiPhon PLC focuses on the workforce management solutions market. The company, which is listed on the Frankfurt Stock Exchange (H3P), is following an aggressive business strategy of rapid growth through acquisition as well as proprietary research and development. By aggregating companies that develop, supply and implement workforce management solutions, HemiPhon plans to leverage their collective technology, intellectual property and management skills to optimise the performance of workforces worldwide.

Date: 2015-12-11; view: 929