Recap Option to Acquire Thred Technology

Option Agreement to acquire Thred
Highlights
• Acquiring - Unified Social Messaging App
• A ‘Unified Social Messaging’ application specialising in cross platform communications
• Supporting, accessing and overlaying over 140 social media networks globally
Promesa Limited (“the Company” or “Promesa”) is pleased to announce that it has entered into a Heads of Agreement detailing an Option Agreement to acquire 100% of the issued share capital of Thredit Ltd (“Thred”) and its subsidiaries (including Thred Innovations Ltd (“TIL”)) from Key Idea Holdings Ltd (“Key”). Thred are the developers of the meta-social platform and unified social messaging app named .
has been built by Key and TIL and began design and development in 2013. It is a first mover meta-social & media sharing application that overlays 140+ social media platforms globally allowing instant access to all social media friends, followers and contacts in a single unified way. With the potential to connect billons of social media users.
is a private access messaging and sharing platform allowing individual and group consolidation across all social media remaking the messaging experience and building bridges between social groups.
is a web based messaging platform and mobile app specialising in cross platform communication systems. has developed several proprietary engines and systems that unify and centralise user contacts and social groups whilst simultaneously providing a centralised communication hub.

Thred has also developed machine learning engines and a neural network that learns user’s preferences, providing a more targeted and satisfying messaging and sharing experience.
’s platform is the core of a suite of products that are being developed for the mobile market. The core suite of products are expected to be officially launched in mid 2015 with additional features and modules released throughout the year.
The app is not just a new messaging app or a new form of social media, rather it is the solution to the challenges we all face in today’s connected and information-rich world. These challenges include:

• How we manage the range of our diverse profiles and groups across multiple social platforms
• How to easily create and monitor a private group discussion with friends from networks such as Twitter, Facebook, Weibo and Linkedin at the same time as using SMS and email addresses – uniquely allowing a two way communication stream between them all – allowing the creation of a private messaging group made up of people across multiple platforms and social media.
  By developing and marketing the platform, the goal is not to compete with existing messaging apps or social networks but instead to reshape the way we all use the range of services available to create more meaningful and valuable connections between people.
  “Building bridges not walls”.
  will be launched as a platform and there are several 3rd party applications and content partnerships which are supporting the platform preparing to enter the market shortly after launch.
  is unified social messaging.
  Implementation of the transaction will, among other things, be subject to completing due diligence, shareholder and regulatory approvals and completion of a minimum capital raising of $5 million. The parties are now working with their respective advisors to complete due diligence as well as the documentation required to convene a shareholder meeting to seek approval for the proposed transaction.
  The transaction will require the company to re-comply with chapters 1 & 2 of the ASX listing rules. The likely effect on the Company and the estimated timetable to complete this proposed transaction is set out later in this announcement.

It has become clear that current market conditions make it very difficult to raise funds to explore the exploration projects which the Company holds. The Board of Promesa has therefore assessed a number of opportunities to enhance shareholder value. The Board believes the proposed transaction is an excellent opportunity for the Company.