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TORONTO, Nov. 27, 2015 /CNW/ - Midpoint Holdings Ltd. (the "Company") (TSXV: MPT) announces that its board of directors has accepted the resignation of John G. Booth as Chief Executive Officer and Chairman. John has decided to step down from the day to day running of the company, however, he will remain a director.
As the co-founder, John has been instrumental in conceiving the peer to peer FX marketplace concept. John secured early rounds of investments that has been central to the Midpoint opportunity this far and has led the intellectual property and the licensing and white labelling strategy as well as key projects to integrate with multiple payment providers, the sourcing of various distribution partners and liquidity providers.
Under his leadership, the business achieved important milestones including a move to London and several rounds of investments through private placements before finally negotiating its going public transaction via a reverse take-over of a Canadian listed capital pool company and four subsequent rounds of investment. The business has achieved a 31% compounded monthly growth rate since its listing 9 quarters ago and now claims a repeat user rate of 93%.
The board is pleased to issue the following statement:
"It has been a great journey to bring the Midpoint opportunity this far and John can take significant credit for building the Company into the international brand it is today and the Board would like to thank him. We are sorry that John has decided to stand down from his roles. We understand and respect his wish to spend more time with his family. John's tenacity and vision has put the business in a position for continued growth and innovation for many years to come. We look forward to his continuing participation as a director and wish him well in his future endeavours."
The Company also announces the appointment of David Wong as Chief Executive Officer and Corbin Comishin as Chief Financial Officer.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved of the contents of this press release.
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing Midpoint and its business and affairs, readers should refer to Midpoint's Management's Discussion and Analysis. Midpoint undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE Midpoint Holdings Ltd.
For further information: Midpoint Holdings Ltd., The Exchange Tower, 130 King Street West, Suite 3680, Toronto, ON M5X 1B1, Corbin Comishin, CFO & Director, (250) 352-7667; Marc Henderson, Director, (416) 214-9910