MONTREAL, Sept. 03, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“Mobi724” or the “Company”) (TSX-V: MOS), a fintech company, announces that on August 30th, 2019, it entered into an agreement according to which it sells all of the shares it holds in the capital stock of Mobi724 Asia Inc. (“MobiAsia”), its partially held subsidiary operating in the Philippines, representing 70% of all of the issued and outstanding shares of MobiAsia (the “Shares”), to QualityPay Solutions Inc. (“QualityPay”), an arm’s length party (the “Transaction”).
Prior to entering into the Transaction, QualityPay held 30% of all of the issued and outstanding shares of MobiAsia. Pursuant to the Transaction, QualityPay is acquiring the Shares for a total consideration of $340,000 payable in three instalments, the final instalment being due on October 31, 2019. Under the terms of the Transaction, all communications issued by QualityPay, or MobiAsia, shall immediately indicate that “Mobi724 Asia Inc. is a wholly owned subsidiary of QualityPay Solutions Inc.” MobiAsia will be entitled to operate under the same name for a period of up to 24 months, after which, Mobi724 Asia Inc. shall adopt a new name that will not include, or make any reference to, the terms “Mobi” or “724”.
“The sale of the Company’s stake in MobiAsia, coupled with the divesting of our loyalty related accounts to Ackroo Inc. on July 2, 2019, completes the initiative embarked on in January 2019 to optimize our operations and focus our resources and efforts on the most scalable and value creating segment; namely, providing payment card issuers with AI enhanced card-linked offers & rewards capabilities. These are the segments where the Company holds a substantial competitive advantage,” stated Marcel Vienneau, CEO of Mobi724.
The Transaction is being carried out at arm’s length and qualifies as an “exempt transaction” in accordance with the provisions of section 3.1 of Policy 5.3 of the TSX-Venture Exchange.
About Mobi724 Global Solutions Inc.
“We enable smart transactions anywhere”
MOBI724, a global Fintech company, offers a fully integrated suite of multiple Payment Card-linked, Digital Marketing and Business Intelligence Solutions, which work with any payment card, on any mobile device and at any Point of Sale; and a mobile EMV compliant payment platform. MOBI724 provides turn-key solutions for card associations, card issuers, banks, retailers, manufacturers, offer providers, to create, manage, deliver and track and measure incentive campaigns worldwide in real time. The company captures value from big data to deliver seamless and personalized user experiences for the benefits of all parties in the ecosystem. MOBI724 headquarters are in Montreal, Canada, and the company presently has operations in North and Latin America and the Caribbean.
Legal Disclaimer
Certain statements in this document, including those which express management expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.MOBI724.com or contact:
Investor Relations:
Marcel Vienneau
MOBI724 Global Solutions Inc.
Chief Executive Officer
T: 514-394-5200
ir@mobi724.com