First Global Adds New State License and 15 Countries to Distribution Network
04 Apr, 2017, 03:00 ET
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, April 4, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to announce that it has added one new US State license and 15 new countries to its distribution network from Canada.
The Company has obtained a new Money Transmission License for the State of New Mexico. New Mexico has a population of approximately 2 million people, of which it is estimated that 46% are of Latin American heritage. The population of New Mexico is also diversifying with Asians being one of the faster growing demographics in that State.
The Company has also added 15 countries to its Canadian distribution network for international payments/remittances. These include: Argentina, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru and Uruguay.
These countries combined receive approximately US$ 60 billion annually in remittances. For example, Mexico is the 4th largest remittance recipient country in the world with approximately US$ 27 billion annually, behind India with approximately US$ 72 billion annually, China with approximately US$ 60 billion annually and the Philippines with approximately US$ 30 billion annually.
"The addition of the New Mexico State license is a significant step toward our objective of having total US State license coverage. We expect to have more licenses granted in the near term and will announce accordingly. These licenses are an integral part of First Global's going forward strategy as they lay the foundation for the global strategic business we anticipate implementing this year. We have been experiencing strong month over month growth in our Canadian cross border payment business, and these 15 countries will contribute significantly to our overall growth objectives. " said Andre Itwaru, Chairman and CEO of First Global.
About First Global: (www.firstglobaldata.com)
First Global is an international financial services technology ("FINTECH") company. The Company's two main lines of business are mobile payments and cross border payments. First Global's proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer ("P2P"), Business to Consumer ("B2C"), and Business to Business ("B2B") payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
Neither TSX Venture Exchange Inc. ("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.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although First Global believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because First Global can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. First Global undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of First Global, its securities, or financial or operating results (as applicable). First Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE First Global Data Limited
For further information: Andre Itwaru, Chairman and Chief Executive Officer, t: (416) 504-3813, e: [email protected]
Share this article