First Global clarifies reason for halt trade

TSX Venture Exchange: FGD

TORONTO, Sept. 16, 2016 /CNW/ - First Global Data Limited ("First Global" or the "Company") would like to advise that on Thursday June 24, the TSX Venture Exchange (the "Exchange") halted trading of First Global stock on the Exchange. This halt trade was a result of the Company not meeting a deadline to provide certain information to the Exchange on or before Wednesday June 23, 2016.

The Company had requested an extension to Monday June 27 due to key persons traveling on business at the time of the deadline's establishment. While such request for the extension was not accepted by the Exchange, the information requested was provided on Monday June 27.

Subsequent to this date, the Exchange requested additional information, which the Company has worked closely with the Exchange to provide..

The Exchange advised that it will consider reinstating trading when a news release acceptable to the Exchange clarifying a number of matters in the Company's consolidated financial statements was issued.

It is the Company's position that it has provided all of the information requested by the Exchange as of August 30, 2016, including the draft clarifying press release. At this time, the Company awaits final review and approval by the Exchange.

The Company will issue a news release and the Exchange will issue a bulletin, prior to the reinstatement of trading. 

About First Global

First Global is an international financial services technology company operating in the payments sector. First Global's services are designed primarily for the domestic and international unbanked and under banked markets. Its two main lines of business are mobile payments and international money transfers. First Global's leading edge technology core enables mobile and online: payments, money transfers, shopping and peer to peer services.

First Global enables its strategic partners and clients around the world with its leading edge financial services technology platform. The Company facilitates the movement of money domestically and internationally in full compliance with regulatory guidelines, maintain a strong focus on compliance.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE First Global Data Limited

Image with caption: "First Global Data Limited (CNW Group/First Global Data Limited)". Image available at: http://photos.newswire.ca/images/download/20160916_C6954_PHOTO_EN_775229.jpg

For further information: Andre Itwaru, Chief Executive Officer and President, Telephone: 416.504.3813, Facsimile: 416.504.7092, Email: ir@firstglobaldata.com

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www.firstglobaldata.com

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