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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, July 25, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to advise that its wholly owned US subsidiary, First Global Money Inc., has been granted two new money transmitter licenses in the USA in the States of Pennsylvania and Rhode Island.
The Company now has 22 licenses and 2 "Certificates of Authority" which enable it to conduct money transmitter services in a total of 24 US States.
Licenses are accompanied with associated regulatory guidelines in each State which the Company is obligated to meet to provide services. First Global's systems are designed to incorporate the regulatory guidelines in each state to ensure compliance.
These licenses enable the Company to expand its reach in the US for domestic and cross border remittances and payments. Expansion of reach through licenses increases the Company's accessible market and provides the Company with an opportunity to increase transactional revenues. The States of Pennsylvania and Rhode Island have a combined population of approximately 13 million.
"We are very pleased to have obtained these two new State licenses. Obtaining and maintaining licenses is not an easy task. Among other things, we are required to demonstrate consistent adherence to regulatory guidelines, some of which vary significantly from State to State. We believe that licenses are a valuable foundation and that as time progresses, more and more financial and payment services in the USA and around the world will be regulated. We have chosen to take the more difficult route of obtaining licenses and believe that it is an investment toward the future for First Global as the Company continues its journey to increase per transaction revenues," said Andre Itwaru, Chairman and CEO of First Global Data Limited.
The Company would also like to announce that it has set the date for its Annual General Meeting (the "AGM") to September 21, 2017. The AGM is expected to occur in the City of Toronto. Notice of the time and location will be provided to shareholders in accordance with applicable Canadian securities laws.
About First Global Data Ltd. (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 CEO, First Global Data Limited, email: [email protected]; Renmark Financial Communications Inc., Steve Hosein: [email protected], Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com