VANCOUVER, June 22, 2017 /CNW/ - Glance Technologies Inc. (CSE: GET.CN), (OTCQB: GLNNF) (CSE: GET.WT), (FKT: GJT) is pleased to announce that it has received the second payment for the $1,000,000 licence agreement with Cannapay Financial Inc.
"Cannapay Financial is building a mobile payment solution for the Cannabis industry designed to operate legally within multiple jurisdictions," says Penny Green, President and COO, Glance. "Glance Technologies intends to enable Cannapay to achieve its goal of becoming the leading provider of mobile payment solutions to the Cannabis industry worldwide."
Glance has granted to Cannapay a non-exclusive, worldwide licence to white label Glance's mobile payment processing platform and its proven anti-fraud technology, for legal business-to-business and business-to-consumer mobile payments in the marijuana industry, and a right to sub-license for a 50% royalty. Cannapay is currently negotiating with dispensaries in various U.S. states to provide a full payment solution through a mobile app with e-commerce abilities as well as developing and acquiring assets with high growth potential in the cannabis space.
Glance and Cannapay closed the second tranche of the Licence Agreement through the payment by Cannapay of $200,000 as part of the licensing fee, and the purchase by Glance of 4,000,000 common shares of Cannapay at a price of $0.05 per share. The transaction will be recorded as a related party transaction as Glance owns approximately 45% of Cannapay.
About Cannapay Financial Inc.
Cannapay combines traditional financial service with innovative technology to provide enhanced digital financial services to legally operating businesses in the marijuana industry. The Company is developing a mobile payment app that will allow users to order products from their smartphones, tablets or computer and have marijuana products delivered to their physical location in compliance with local rules and regulations. Cannapay also offers corporate and technology advisory services.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order food and drink, settle bills, access digital receipts, earn great rewards and interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, a merchant manager apps, large-scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.
For more information about Glance, please go to Glance Technologies' website.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements including the completion of the rights offering (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to Glance's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Glance's profile on SEDAR at www.sedar.com.
SOURCE Glance Technologies Inc.
For further information: Christina Rao, Vice President, Investor Relations, +1-(604)-723-7480, [email protected]