Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:SaveDaily Raises $1.25MM Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, April 13, 2012

SaveDaily Raises $1.25MM

by: Erin Kello

A mutual fund platform operator that aims to democratize the mutual fund purchasing process has secured a new round of funding, up to $3 million in total. SaveDaily is closing on $1,250,000 in funding with an additional $500,000 to be closed by year end. Quail Bend, the financing firm, also has the option to add an additional $1,250,000, based on predetermined criteria.

“We believe that this additional capital investment, as a follow-on to our original investment of $750K, will permit SaveDaily to deliver on its growth trajectory,” stated Steve Durbin, managing partner of Quail Bend. “I noted last year that it’s rare to find a company that has the potential to alter the investing landscape as dramatically as SaveDaily can through its mutual fund platform, which for the first time truly opens up this investment category to the mass market. By this second investment we re-affirm our belief in that statement and commitment to SaveDaily’s growth.”

Also today, SaveDaily added a new client to its roster. Premier America Credit Union will use the SaveDaily fund platform branded as “Invest in Your Future” (iiYf)". The platform will be offered to the company's employees and members in the coming weeks.

The SaveDaily platform opens up retail fund investing to a mass market with an interface in which for one flat monthly charge, investors in mutual funds can have unlimited positions and unlimited transactions without transaction fees.


Company Press Release

Seal Beach, CA (April 5, 2012) – SaveDaily, Inc. (OTCBB: SAVY), the leading provider of low cost mutual fund investing platforms used by financial institutions, today announced that the company has entered into a financing and security agreement for up to $3 million of secured convertible debt funding.

The company is closing initially on $1,250,000 with an additional $500,000 to be closed before year end. The company has granted the lender a senior first priority lien in, to and under all assets, tangible and intangible. The lender has the option to bring in an additional $1,250,000 based on predetermined criteria, for a total of $3 million in new funding.

“We believe that this additional capital investment, as a follow-on to our original investment of $750K, will permit SaveDaily to deliver on its growth trajectory,” explained Steve Durbin, managing partner of Quail Bend LLC. “I noted last year that it’s rare to find a company that has the potential to alter the investing landscape as dramatically as SaveDaily can through its mutual fund platform, which for the first time truly opens up this investment category to the mass market. By this second investment we re-affirm our belief in that statement and commitment to SaveDaily’s growth.”

Credit unions, banks and other financial service providers adopting the SaveDaily platform can offer mutual fund investing to their customers at extremely low cost under their own brand. For one low flat monthly charge, investors in these mutual funds can have unlimited positions and unlimited transactions without transaction fees.

“Eliminating the need for high initial amounts to open an account or requiring ongoing contributions, this unprecedented model provides greater opportunities for average savers to plan and execute their savings goals by allowing them to invest conceivably as little as a penny when and how they want,” said Jeff Mahony, SaveDaily CEO.

The descriptions of the Financing and its terms, including costs, descriptions of security, warrants to acquire additional securities, and other funding provisions, are outlines which do not purport to be a complete statement of the funding transaction or of the parties’ rights and obligations under the Financing Documents. The announcements in this press release of the Financing are qualified in their entirety by reference to the Financing Documents that will be attached as exhibits to the company’s Report on Form 8-K that that s being filed in connection with the Financing.

About SaveDaily

SaveDaily offers investments and record-keeping services to its intermediary partners, as well as directly to clients through a variety of white-labeled interfaces. SaveDaily owns its proprietary financial services platform which has been in production for about three years, helping financial intermediaries succeed in bringing suitable and affordable investment services to everyday savers and investors. SaveDaily, through its financial services partners, has the capability of making virtually all mutual funds available to its clients. SaveDaily conducts its business through its wholly owned subsidiary, SaveDaily.com, Inc., which is headquartered in Seal Beach, California and is a Registered Investment Advisor with the Securities and Exchange Commission. For more information, visit www.savedaily.com.

About Quail Bend LLC

Quail Bend, LLC (“Quail Bend”) was founded in early 2010 by Steve Durbin, Jr. to pursue small cap value investments in both the public and private markets. Quail Bend raises capital for its private equity investments on a deal-by-deal basis and generally focuses on transactions under $50 million in which there is strong asset value and/or identifiable downside protection. Quail Bend is also a Registered Investment Adviser. SaveDaily Partners, L.P. is a special purpose entity formed by Quail Bend for its investment in SaveDaily.

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding pending litigation and the timing and outcome of those proceedings. Such forward-looking statements are based on expectations, estimates and projections about the markets in which the Company operates, management’s beliefs, and certain assumptions made by management and involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements, including but not limited to (1) the outcome of any legal proceedings that have been or may be initiated by the Company or that may be initiated against the Company; (2) the ability of the Company to continue deploying on its low cost platform and to achieve widespread customer adoption of the Company’s product and service offerings; and (3) the possibility that Company may be adversely affected by other economic, business, and/or competitive factors. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” or “plans” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including those under the heading “Risk Factors” in Company’s Current Report on Form 8-K filed with the SEC on August 30, 2011 and in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 14, 2011. Many of the factors that determine the outcome of the subject matter of this press release are beyond the Company’s ability to control or predict. Except as required by law, the Company is under no duty to update any of the forward-looking statements after the date of this press release to conform to actual results. Company Press Release Seal Beach, CA (April 10, 2012) – SaveDaily, Inc. (OTCBB: SAVY), the leading provider of low cost mutual fund investing platforms used by financial institutions, today announced that Premier America Credit Union has contracted with the company to offer its credit union members the ability to invest in mutual funds. The Premier America program will be marketed as “Invest in Your Future” (iiYf) and will be offered to employees and members in the coming weeks.

“I became aware of the unique benefits of the SaveDaily investment platform several years ago,” stated Donna McNeely, SVP, Premier America Credit Union, Investment & Insurance Services. “Designed to appeal to our Gen X and Gen Y members, ‘Invest in Your Future’ (iiYf) offering eliminates high initial investment amounts and the ongoing contribution requirements usually found in other industry programs, while allowing our members to invest without incurring transaction fees. Members will now have greater investment opportunities for their savings in both qualified and non-qualified accounts such as those for education and retirement,” she added.

Credit unions, banks and other financial service providers adopting the SaveDaily platform can offer mutual fund investing to their customers at extremely low cost under their own brand. For one low flat monthly charge, investors in these mutual funds can have unlimited positions and unlimited transactions without transaction fees.

“Premier America is a first class financial institution with nearly 67,000 members and $1.3 billion in assets. We are pleased to partner with them in their offering,” said Greg Vacca, SaveDaily President. He went on to say, “Ms. McNeely is a seasoned professional who understands the needs of investors and the need to provide them quality alternatives. She will be a key component to the anticipated success of the program.”

About SaveDaily

SaveDaily offers investments and record-keeping services to its intermediary partners, as well as directly to clients through a variety of white-labeled interfaces. SaveDaily owns its proprietary financial services platform which has been in production for about three years, helping financial intermediaries succeed in bringing suitable and affordable investment services to everyday savers and investors. SaveDaily, through its financial services partners, has the capability of making virtually all mutual funds available to its clients. SaveDaily conducts its business through its wholly owned subsidiary, SaveDaily.com, Inc., which is headquartered in Seal Beach, California and is a Registered Investment Advisor with the Securities and Exchange Commission. For more information, visit www.savedaily.com. About Premier America Credit Union Premier America Credit Union is a full-service financial institution, offering an array of checking and savings accounts; auto and home loans; credit cards; investment, insurance and business services. Learn more about Premier America at www.premier.org.

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding pending litigation and the timing and outcome of those proceedings. Such forward-looking statements are based on expectations, estimates and projections about the markets in which the Company operates, management’s beliefs, and certain assumptions made by management and involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements, including but not limited to (1) the outcome of any legal proceedings that have been or may be initiated by the Company or that may be initiated against the Company; (2) the ability of the Company to continue deploying on its low cost platform and to achieve widespread customer adoption of the Company’s product and service offerings; and (3) the possibility that Company may be adversely affected by other economic, business, and/or competitive factors. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” or “plans” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including those under the heading “Risk Factors” in Company’s Current Report on Form 8-K filed with the SEC on August 30, 2011 and in the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 14, 2011. Many of the factors that determine the outcome of the subject matter of this press release are beyond the Company’s ability to control or predict. Except as required by law, the Company is under no duty to update any of the forward-looking statements after the date of this press release to conform to actual results.
 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use