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Gopher Protocol buys certain assets from ECS Prepaid

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Gopher Protocol buys certain assets from ECS Prepaid

Gopher Protocol Inc. purchased certain assets from ECS Prepaid LLC, including, but not limited to, the processing prepaid platform, servers, point of sale terminals, customer list, a processing software program and goodwill.

Gopher paid $1.1 million of which $100,000 was paid on March 16 and the balance is to be paid pursuant to a secured promissory note in the amount of $1 million.

Under the promissory note, Gopher is required to make 10 equal payments of $100,000 commencing on April 15, and it may prepay the note at any time without penalty.

In addition, Derron Winfrey will continue as COO for 12 months and Mark Garner will continue as vice president of operations for 12 months.

Also, as consideration for J.I.L. Venture LLC's services in negotiating the ECS deal, Gopher issued 1 million common shares and warrants to purchase 1.5 million common shares, exercisable for a term of five years at $1.85 per share.

J.I.L. Venture assigned 500,000 common shares and 750,000 warrants to acquire 750,000 common shares to Michelle Bauer, the wife of Gregory Bauer, CEO and a director of Gopher.

Gopher Protocol was formerly known as Forex International Trading Corp.