Travel and technology company Monaker Group, Inc. (OTCQB: MKGI) this morning announced that it has divested certain non-core assets for total consideration of $2.9 million. Additionally, the company has completed the conversion of $1.4 million of convertible debt owned by a long-term shareholder and company insider, eliminating the remainder of its convertible debt in preparation for a planned up-listing. “The divestiture of these non-core assets and elimination of convertible debt, along with our recently completed $3 million private placement, substantially strengthens our balance sheet as we prepare our application for up-listing on the Nasdaq Capital Market,” Bill Kerby, CEO of Monaker Group, stated in the news release. “The private placement and conversion of debt into equity reflects the confidence of our major stakeholders in our business model and near-term growth prospects.” The planned up-listing comes as Monaker Group nears the first commercial launch of its cloud-based Monaker Booking Engine (MBE) by a major travel industry partner. The company’s management believes that completion of this milestone, as well as the added exposure provided by a Nasdaq listing, will help attract “a broader base of global institutional and retail investors, and provide greater liquidity for [its] shareholders.”
To view the full press release, visit http://dtn.fm/iuVO2
About Monaker
Monaker Group is a technology-driven travel company focused on delivering innovation to alternative lodging rentals (ALR) market. The Monaker Booking Engine (MBE) delivers instant booking of more than 1.2 million vacation rental homes, villas, chalets, apartments, condos and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker’s NextTrip.com B2C website, also powered by MBE, is the first to offer significant instantly-bookable ALR products along with mainstream travel products and services all on a single site. NextTrip also features rich content, imagery and high-quality video to enhance a traveler’s booking experience and assist in the search, decision and buying process for both individuals and groups. For more information, visit www.monakergroup.com or www.nexttrip.com.
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