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Issue Date: Vol. 52, No. 2, February 2012, Posted On: 1/30/2012

Spindle Inc. Buys Spindle Mobile Assets, Names Bill Clark President

Tim Sanford
vending POS, vending machine, cashless vending, Spindle Inc., Spindle Mobile, RhinoPay, mobile payment application, P2P commerce, B2P commerce, Apriva, Bill Clark, Thomas DeRosa, Kevin McNish, First Data, digital transactions

SCOTTSDALE, AZ -- Spindle Inc. has acquired Spindle Mobile, a developer and distributor of transactional technologies. Spindle thus assumes development and distribution of all Spindle Mobile solutions. These include RhinoPay, a mobile application designed to enable "person-to-person" (P2P) and "business-to-person" (B2P) commerce across a variety of mobile networks and devices. RhinoPay is scheduled for release in the near future.

Spindle Inc. became a publicly traded company in mid-January, under the symbol SPDL.OB. The new entity will maintain its headquarters in Scottsdale, AZ, with satellite offices in San Diego, CA, and Coconut Creek, FL. It also retains the Spindle Mobile website, spindlemobile.com.

He said the move positions the company to build the infrastructure that is required to fully leverage the growing business opportunities in the mobile commerce sector, said Symbol Inc. board chairman David Ide.

"From a financial perspective, this deal gives our new company a unique opportunity to attract new investment that will bolster product delivery efforts, and help us fulfill our mission to become the leading provider of conversion and transaction solutions for merchants and consumers," Ide added.

Spindle has named its executive team, which is headed by Bill Clark as president; he served in the same capacity at Spindle Mobile prior to its acquisition. Clark's experience in the transactions industry spans nearly three decades. Before joining Spindle, he served as executive vice-president and general manager for Apriva's POS division. While at Apriva, he led North American operations and was responsible for the strategic direction and execution of the company's national sales and marketing initiatives, client services and product management. Under his stewardship, Apriva expanded its sales channel to over 350 partners.

Serving as chief architect and technology officer is Thomas DeRosa, who brings some 25 years of technology experience to the post. Kevin McNish, who developed a number of patented technologies for First Data, serves as vice-president for product development.

Spindle Inc. also has made several appointments to its board of directors and board of advisors. Ide, who founded Spindle in January 2011, serves as chairman. John M. Devlin Jr. has been named independent director and audit and nominating committee chairman. He also is director and audit committee chairman of Augme Technologies Inc.

Serving as independent director and compensation committee chairman is Glenn Bancroft, broker and chief executive of real estate investment and management firm Bancroft & Assoc.

Named to Spindle's board of advisors is Eddie Wang Rodriguez, who will serve as senior advisor. He is a member of the company's legal counsel and a partner at the multinational law firm of Mintz Levin.

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