KinerjaPay Corp (OTCQB: KPAY) announced today that Mr. Edwin W. Ng, the Company’s Chairman & CEO is investing $1,000,000 into the Company. Mr. Ng stated “I decided to inject my own capital from recent asset sales to jumpstart our micro-lending operation, using our KFUND platform. The opportunity for the Company to rapidly grow in Indonesia’s alternative lending market is a once-in-a-lifetime opportunity. I also want to demonstrate my commitment to our loyal shareholders. KFUND’s recently received license gives us the opportunity to generate significant earnings for KPAY this year.”
Mr. Ng’s investment is in the form of a convertible preferred at $.10/share with no antidilution protection. This fund will also be used to support other main businesses of the Company, ie. eCommerce trades, B2B transactions, and Online Pulsa (Mobile Prepaid Topups).
When asked about the Company’s future plan, the Company’s Chairman & CEO, Mr. Edwin W. Ng commented “We continue to make progress with several investors to deliver the MT-760 Bank Guarantees to allow KPAY’s Indonesian subsidiary to draw on its non-recourse credit line. We anticipate positively updating our shareholders shortly. I am convinced that the Company will grow and become a significant player in eCommerce as well as P2P lending. My investment will generate sales and cashflow growth. We expect to see results over the next three months.”