DURHAM, NC, Apr 09, 2015 (Marketwired via COMTEX) -- Sibling Group Holdings, Inc. (otcqb:SIBE), (the "Company" or "Sibling Group"), an educational technology company, announced today that it has received proceeds of $5,500,000 as a result of the exercise of previously issued common share purchase warrants.
The exercised warrants were issued in connection with the Company's funding from Shenzhen City Qianhai Xinshi Education Management Co., Ltd. ("Shenzhen Times"), a People's Republic of China Limited Liability Company, announced March 6, 2015. The Shenzhen Times partnership and strategic investment was forged to accelerate Sibling Group's growth and expansion into critical strategic markets around the world, including China.
"This additional infusion of capital indicates that our Strategic Partner and Investor, Shenzhen Times, is confident in the future of Sibling Group. This further investment should allow the Company to move quickly and take advantage of the opportunities we are seeing across multiple markets domestically and internationally for both our Blended Schools Networks curriculum and solutions and our Urban Planet Mobile products," said Brian OliverSmith, Sibling Group's Chief Executive Officer.
Shenzhen Times exercised all of their 42,857,143 A-1 warrants, due February 27, 2020 at an exercise price of $0.07 per share and 30,000,000 of their B-1 warrants at an exercise price of $0.084 per share. The shares issued upon the exercise of the warrants may not be offered or sold without being registered with the Securities and Exchange Commission ("SEC") or through an exemption from SEC registration requirements. With this warrant exercise, Shenzhen Times has become the holder of a majority of the Company's outstanding common stock.
The full terms regarding these warrants can be viewed in the Company's Form 8-K filing relating to the initial $3.75 million Strategic Partnership and funding filed with the United States Securities and Exchange Commission on March 6, 2015.
About Sibling Group Holdings, Inc.: Sibling Group Holdings, Inc. is an educational technology company with two subsidiaries, the Blended Schools Network (BSN) and Urban Planet Mobile(TM) (UPM), together uniquely positioned in the burgeoning global eLearning and mEducation markets. BSN provides benchmark quality online curriculum for the K-12 marketplace, complete hosted course authoring tools, professional development for teachers and a learning management system (LMS) environment. UPM's products and platform are utilized in over 40 countries and UPM remains one of the only education companies to offer products for delivery across all mobile and digital platforms.
For more information, visit www.siblinggroup.com
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