MobiCard announces the completion of the next cash payment to reflect

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CAMBRIDGE, Mass., Nov. 20, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE — MobiCard Inc., aka Peer To Peer Network (OTC: PTOP) made half of the final cash payment on Monday 18and November to Think Latitude Inc. ahead of the agreed payment schedule and in accordance with a new amended payment schedule. This cash payment ahead of schedule is a strategic advantage for MobiCard and Think Latitude.

In line with new application requirements imposed by Google Play, MobiCard’s technology partners had to rework the development. Due to the originally negotiated equity partnership, Think Latitude was an excellent technology partner and as such developed the Google Play Store application for 64-bit architecture at no additional cost to Mobicard. The company’s two CEOs see the value in a long-term strategic partnership and have a great working relationship. This redevelopment for 64-bit requirements has not been an easy task for MobiCard apps which contain more than 384 features and are designed for cross-platform compatibility between Android devices, iPhone devices and the web app. Mobicard CEO Joshua Sodaitis recently contacted Think Latitude to expedite the completion of this process and enter into a mutually beneficial amended agreement for the benefit of MobiCard and Think Latitude. This process will not disrupt the quality of work Think Latitude has put into the design of the MobiCard platform, but will incentivize an expedited turnaround.

In the new agreement, instead of MobiCard paying the final payment in cash when Think Latitude rolls out new MobiCard apps on Apple and Google Play Store, MobiCard will pay half of that payment ahead of schedule in exchange for extending completion of final cash payment until audits with app stores are cleared, completed and a beta is in stores.

This new arrangement provides MobiCard with a guarantee that the aforementioned tasks will be completed and grants Think Latitude financial relief for their 64-bit conversion and additional QA efforts to resolve stability issues with the application so that there have a more transparent audit process.

“In my opinion, this incentivizes our partners at Think Latitude to accelerate the schedule, while giving MobiCard the security that we will only make the final payment once we have seen the applications in beta on our smartphones within the This payment, while faster than expected, will ensure that we will not complete the final cash payment until we know for sure that the apps have passed the audit process, are listed in the stores and the beta testing program has begun,” exclaimed Joshua Sodaitis, CEO of MobiCard.

Think Latitude has already received the cash payment in accordance with this new amended agreement and believes that this will help MobiCard shareholders to have confidence in the partnership and to be enthusiastic about a new working relationship even after the launch of the new applications to throw the groundwork for a MobiCard 1.5 or 2.0 release to add further enhancements and begin development of features recommended by beta test users based on feedback received during the beta test period after launch.

Think Latitude is working to fix most stability issues that occurred when converting the Android version of the app from 32-bit to 64-bit architectures. Under the direction of the leadership team, they prioritized and allocated additional QA and development time to correct cross-functional issues between the combined Android, iOS and web apps.

“Thanks to the reciprocal QA development cycles in our agile approach to software development, there have been fewer issues per test cycle. Josh Sodaitis has been briefed on our detailed approach to software development and has been extremely pleased with the results of this process to date. While we look forward to releasing a release to market and accelerating our process with the additional time and resources needed to address application deployment, we are also working diligently towards a positive user experience,” says Andy Sajnani, CEO of ThinkLatitude.

Safe Harbor Statement:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company is relying on the protections of the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial condition, results of operations, cash flows, financing plans, business strategies, products and services, competitive positions, growth opportunities, management plans and objectives for future operations, and statements that include words such as “anticipate”, “if”, “believe”, “plan”, “estimate” , “expect”, “intend”, “may”, “could”, “should”, “should” and other similar expressions are forward-looking statements. All forward-looking statements involve risks , uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance or achievements to differ materially from anti cipated. Factors that could cause actual results to differ materially from those contained in the forward-looking statements include those set forth in our prior filings with www.sec.gov. The company is no longer a full SEC reporting company. We are under no obligation (and expressly disclaim any such obligation) to update or change our forward-looking statements, whether as a result of new information, future events or otherwise.

Joshua Sodaitis, President and CEO

MobiCard, Inc.

45 Prospect Street Cambridge, MA 02139

Telephone: 1-617-651-2460

E-mail: [email protected]

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2378b467-4c7b-4a32-b867-f9e38a83f525

https://www.globenewswire.com/NewsRoom/AttachmentNg/d971a347-954e-462f-b406-7b81e6eaf08f

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