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Another Acquisition Targeted for KinerjaPay Corp.

  • By KinerjaPay Corp.
  • December 14, 2018

KinerjaPay Corp. Confirmed the Acquisition of PT. MDU to Expand Its Business Into Mobile Prepaid Market in Indonesia

JAKARTA, Indonesia, October 4, 2018

KinerjaPay Corp., (OTCQB: KPAY), a digital payment and e-commerce platform, ("KinerjaPay" or the "Company") today announced that PT. Kinerja Indonesia ("PT. KI" or the "Company Subsidiary"), had signed Term Sheet Agreement with PT. Mitra Distribusi Utama ("PT. MDU").

Following the previous news release on June 12, 2018, "KinerjaPay Corp. Announced Its Expansion in to Mobile Prepaid Business in Indonesia," the Term Sheet has been signed by Mr. Christopher Danil as Director of PT. KI and Mr. Harimin Ginoto as Director of PT. MDU, both parties have agreed and will go through a further due diligence process to explore in more details. The acquisition process is expected to be accomplished by the end of 2018, thus will add more profit and a total sales of USD 39,000,000 to the Company.

As recorded in the news before, PT. MDU has been operating as mobile prepaid top-up data package provider for all telco operators in Indonesia since 2007. With its recent achievement of over $30 million sales in 2017, mainly in selling prepaid top-up balances and data plan for internet usage to Indonesia's ever-growing mobile internet users, KinerjaPay Corp. is confident that PT. MDU and PT. KI will be able to grow the business stronger throughout the country.

Mr. Edwin Witarsa Ng, Chairman and CEO of KinerjaPay Corp. stated, "We are very excited about this acquisition as we have finally reached mutual agreement between the Company and PT. MDU. This acquisition will transform KPAY's position in the market to become one of the leading Mobile Prepaid Companies in Indonesia. With the current average transaction volume of more than 2 million transactions per month, MDU will contribute significantly to the total transaction volume and revenue for the Company." Mr. Ng further commented that, "We look forward to being able to offer all of KPAY's other products to PT. MDU's 2 million existing customers."

About KinerjaPay 

KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at  

Notice Regarding Forward-Looking Statements  

This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 11, 2016.

Media Contact:
KinerjaPay Corp.

Investor Contact:
Steve Kann

SOURCE KinerjaPay Corp.