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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, April 27, 2017 /CNW/ - First Global Data ("First Global" or the "Company") would like to elaborate on the recent deal with LianLian Pay.
We believe this is the world's first social messaging multi integrated remittance platform whereby SOCIAL converges on FINTECH in the flow of cross border money.
Marketing: LianLian is committing millions of dollars in the initial phase.
Aside, from LianLian's 100 million users for remittance penetration, there will be significant E-commerce revenue opportunities for businesses buying from China and utilizing the interconnected FINTECH environment created within the WeChat messaging app.
It is estimated that the average remittance amount from North America to China is $2500 per month as outbound remittance.
There is a revenue share consideration with LianLian for the estimated 1% foreign exchange spread on the $2500 per month average remittance, in addition to a shared remittance fee per transaction.
The goal is to ramp up to a 1% penetration factor of the 100 million registered users in an accelerated sales cycle.
The potential revenue numerics based on marketing initiatives are considerable, however the Company is not in a position to publish forward looking sales thresholds but is relying on hypothetical considerations based on marketing and conversion efforts.
Andre Itwaru, the Company's Chairman and CEO comments, "the recently announced deal with LianLian's 100 million plus registered users and the leveraging of the WeChat platform for international remittance is a game changer for First Global. As investors are aware, it is difficult to quantify the value of a deal of this magnitude. It is our measured opinion this deal sets the stage for turbo charged revenue growth. We continue to accelerate our licensing issuance in the US so we may capitalize on numerous presented opportunities."
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: Sonia Tomaz, Investor Relations, t: (416) 504-3813, e: [email protected]