WESTON, FL–(Marketwired – Sep 6, 2017) – Monaker Group (OTCQB: MKGI), a technology-driven travel company, has divested certain non-core assets for $2.9 million. It has also completed the conversion $1.4 million of convertible debt owned by a long-term shareholder and company insider. The conversion into shares of common stock has eliminated all of the company’s remaining convertible debt.
“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,” said Monaker CEO, Bill Kerby. “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 listing on Nasdaq will represent a significant milestone for Monaker, since we believe it will help attract a broader base of global institutional and retail investors, and provide greater liquidity for our shareholders,” added Kerby. “The increased awareness of Monaker in the financial community will be timely, as we are nearing the first commercial launch of our cloud-based Monaker Booking Engine (MBE) by a major travel industry partner.”
MBE delivers the company’s global inventory of more than 1.4 million instantly-bookable properties directly into a B2B partners’ existing booking system using an proprietary application program interface (API) that provides a “white label solution” that allows the travel distributor to access and customize vacation rental properties for their website — a unique capability recognized as an industry-first.
Given the long-standing industry need for instantly-bookable alternative lodging rentals (ALR) reservations, several leading travel service wholesalers, retailers and travel agents are currently working to integrate MBE technology with their vacation and travel package distribution channels.
With MBE and its consumer-focused NextTrip website and mobile app, Monaker is looking to take advantage of the growing demand for ALR and the skyrocketing growth in digital travel sales. The ALR industry is expected to grow at more than 7% CAGR to $194 billion in 2021, according to Technavio, making it one of the fastest growing sectors of the travel industry. Meanwhile, worldwide digital travel sales will climb at a 9.7% compounded annual growth rate to top $817 billion by 2020, says eMarketer.
Further details about the divestiture and conversion of debt into equity are available in the Form 8-K the company filed today with the U.S. Securities and Exchange Commission at www.sec.gov.
About Monaker Group
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 1.4 million vacation rental homes, villas, chalets, apartments, condos, resort residences, and castles. MBE offers travel distributors and agencies an industry-first: a customizable instant booking platform for ALR. Monaker’s NextTrip.com B2C website, powered by the 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.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties concerning the plans and expectations of Monaker Group. These statements are only predictions and actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, some of which are out of our control. The potential risks and uncertainties include, among others, or the expectations of future growth may not be realized and the company may not meet applicable NASDAQ Capital Market uplisting requirements and/or may not be approved for uplisting. These forward-looking statements are made only as of the date hereof, and Monaker Group undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are expressly qualified in their entirety by the “Risk Factors” and other cautionary statements included in Monaker Group’s annual, quarterly and special reports, proxy statements and other public filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the company’s Annual Report on Form 10-K for the period ended February 28, 2017 which has been filed with the SEC and is available at www.sec.gov.