TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Jan. 25, 2017 /CNW/ - First Global Data Limited ("First Global" or the "Company") is pleased to announce that it has entered into a Letter of Intent ("LOI") to create a Joint Venture ("JV") with Selectcore Limited ("Selectcore" TSX Venture Exchange: SCG).
The JV will combine the synergistic assets of both organizations to offer a full suite of payment services unmatched in the Canadian marketplace. This includes prepaid card, mobile, online and international payments.
The JV will be limited to the Canadian marketplace and will focus on providing governments, retailers, banks, telecom companies, and other strategic partners and clients with a wide spectrum of payment capabilities.
First Global will inject CDN $600,000 of float capital as required, and shall own 51% of the JV. Revenues will be shared between the two companies on a 50/50 basis.
"The combination of Selectcore's technology and ability to issue prepaid cards, their existing business with government organizations, along with First Global's international payments licenses, global reach, and mobile payment technology provides an unparalleled combination of abilities and opportunities in the Fintech sector. The combined strengths create a massive bandwidth of comprehensive Fintech payment services which are unequalled in Canada" said Andre Itwaru, Chairman and CEO of First Global.
About First Global:
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, money transfers, shopping and peer to peer payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
Established in 1999, SelectCore is a leading prepaid financial services provider and transaction processor for under-banked and underserved markets. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers through its technology platforms and extensive retail distribution network. SelectCore is a publicly traded company listed on the TSX Venture Exchange under the symbol "SCG" (TSXV: SCG). SelectCore was ranked by Profit100 as one of Canada's fastest-growing companies in 2006, 2007, 2009 and 2010. SelectCore was also ranked one of North America's fastest growing companies on Deloitte's 2011 Technology Fast 500.
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
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For further information: Andre Itwaru, Chairman and Chief Executive Officer, Telephone: 416.504.3813, Facsimile: 416.504.7092, Email: [email protected]