MONTREAL, Dec. 12, 2013 /CNW Telbec/ - Hybrid Paytech World Inc, (the "Company" or "Hybrid"), (CNSX: HPT)
announces its yearly review and certain other material events for 2013.
Management is pleased to report that throughout the year the company
successfully established itself at the international level throughout
key markets, positioning Hybrid MPOS solutions including the full deployment of the HybridVIRTUO, HybridConnect and SignbyMobile.com product lines for the Banking, Telecom and Acquiring Payment Companies.
For many sectors, 2013 was a year of discovery as well as understanding
of what to expect for the future of MPOS and for Hybrid to carve out its niche and scalability with industry
partners from the device manufacturing sector to the end client
"enterprise and retail sector". Hybrid established partners to deploy
in the following markets: Thailand, Philippines, Argentina, Brazil,
Canada, USA, Spain, Malaysia, Hong Kong, UAE and most recently India.
Board of Directors
Hybrid also expanded its board of directors to 7 members, including the
recent additions of Frank Di Tomaso, Stephane Boisvert and Edwin Lun
positioning Hybrid PayTech World Inc. with strong guidance and
expertise to better deal with the growth and diversification of a
company dealing in emerging markets.
Management Team & Payment Advisory Committee
The Company is also successfully established a global management team in
the same key areas with the additions of Mr. Ron Chua (President of
Hong Kong Operations), Mr. Mario Cohen (President of Latam and Europe
operations) and Gary Repchuk (President of Philippines operations).
Multi-Channel Acquiring Network
A key driver of Hybrid's business strategy has been to provide device
manufacturers as well as merchants the ability to gain immediate access
to certified processing credit & debit providers working with the
Hybrid product suite. This strategy has allowed for a disruptive "go to
market" strategy for enterprise merchants requiring access to a One
MPOS platform available in multiple countries, leveraging Hybrid
partner acquirers. In addition, this has allowed for a unique
certification device strategy for small and large manufacturers to
immediately reduce the time to market of their EMV1 or higher devices.
Philippines & Asia
With the recent challenges of deploying Hybrid's full offering in the
Philippines, the Company's showcase in a robust emerging market,
Hybrid's technology allows for Debit networks as well as credit
acquirers and processors to transition from MagStripe solutions to EMV
Chip & Signature MPOS solutions. Also important was the significant
delays incurred of the deployment of Smart Telecom, the largest Telecom
in the Philippines, which has been adjusted for 1st quarter of 2014 -
the main driver of the business will be their enterprise accounts unit
which represents an important portfolio of over 10,000 of the
Philippines' largest enterprise, retail and government clients.
In the past 20 months, Hybrid acquired a 51% interest in Vault Acquiring
Solutions Inc. a payment gateway in the USA and Dominican Republic and
a 100% interest of Mobi724 Inc., a mobile redemption and coupon company
of which 51% was acquired initially and the remainder within 12 months,
with operations in Argentina. Recently, Vaults growth has been met with
some challenges primarily due to aiding acquirers and merchants dealing
with the challenges of PCI certifications. Challenges were also met
with the certifications of new devices which is well underway with its
largest clients now in live production transacting. Mobi724 Inc. is
also an important asset to Hybrid's future plans of joining the 2
companies technologies for MPOS & Coupon redemption. Mobi724 Inc.
recently signed important commercial agreements with Visa.net, Sancor
and Telefonica Inc of Argentina, locking a very important first mover
position in the Country.
The board of directors has also been informed on December 10, 2013 that
a judgment was rendered on December 4, 2013 by the Québec Superior
Court against the Company in connection with a third-party garnishment
effected to execute a judgment rendered against Messrs. Massimo Barone,
Paolo Continelli and another party. The December 4th judgment orders the Company to, inter alia, declare and pay to a creditor of Variance Strategy LLC, a company
controlled by Messrs. Barone and Continelli, all sums paid since
September 2012 by the Company to Variance Strategy LLC. The Company
estimates that it has paid approximately $105,311.05 to Variance
Strategy LLC since such date. At this stage, the Company is still
studying the judgment and evaluating its options as regards same.
About Hybrid Paytech World Inc. (formerly Freeport Capital Inc.)
The Company develops an Enterprise Ready Mobile Payment Platform for the
leading OS's (IOS, Android, BB and Windows 7). The Company's holding,
First Equity Strategy LLC, markets itself with the DBA: HybridPaytech.
Visit www.hybridpaytech.com and click on our corporate video presentation www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
HybridPaytech based in Montreal, Canada, is a technology leader in the mobile payment
space for credit and debit acceptance. With a global footprint, Hybrid
is an enabler of easily-deployable payment systems focusing on
authentication, approved security and quick merchant adoption in Fleet,
Delivery, Logistics and Retail. With its current banking and
fund-transferring partnerships, HybridPaytech has market access to over three million merchants worldwide.
For more information on HybridPaytech, please visit www.hybridpaytech.com or www.hybridpos.com
The Canadian National Stock Exchange (CNSX) has not reviewed this news
release and does not accept responsibility for its adequacy or
accuracy. This news release does not constitute a solicitation to buy
or sell any securities in the United States.
SOURCE: Hybrid PayTech World Inc.
For further information:
Please contact Mr. Stéphane Boisvert: 514-394-5200