The venture's products will give customers a simpler way to manage their bills,
and allow utility operators to prepare for a multi-service future
TORONTO, Sept. 17, 2018 /CNW/ - Globalive Technology (TSX-V: LIVE), a pioneer in emerging decentralized financial technology, has signed a joint venture (JV) agreement with Sponsor Energy (Sponsor), a fast-growing, socially-conscious energy retailer, to help utilities rapidly expand their service portfolio and offer households an easier way to manage their bills.
GT-Sponsor's multi-service utility commerce management platform will be a complete reinvention of the traditional utility billing, payment and customer management system. The new platform will allow customers to simplify their finances by bundling utility services such as electricity, natural gas, internet, home phone and more into a single consolidated bill.
The secure platform will offer superior customer choice and flexibility by allowing for multiple payment methods and expanded customer service. It will be designed to integrate with the smart meters of today and the decentralized household-to-household energy trade networks of tomorrow.
"We are pleased to be working with a growing company like Sponsor," said Anthony Lacavera, Founder and CEO of Globalive Technology. "This joint venture highlights our team's ability to create compelling commerce products to enable legacy businesses to prepare for the future and to generate large-scale revenue opportunities."
"We're excited to partner with Globalive Technology to move the utility industry forward," said Carolyn Martin, CEO of Sponsor Energy. "Utilities using our new product will be able to create stronger, digital-first relationships with their households — ones befitting today's subscription economy — while preparing for the future of smart, distributed energy trade."
The joint venture has established a pipeline of single-line and multi-line utility service retailers as potential customers of the platform. Further customer announcements to follow.
Globalive Technology and Sponsor Energy each own 50 percent of the JV. Globalive Technology will provide oversight of the joint venture.
About Globalive Technology Inc.
Globalive Technology is dedicated to building a more equitable future for consumers, investors, and businesses through decentralized financial technology. The company forms partnerships with leading high growth companies to co-develop products that leverage emerging technologies such as artificial intelligence and blockchain. These products enable smarter, faster and lower cost payments, financing, investing, billing and more. Globalive Technology is controlled by Globalive Capital Inc. which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10M to $1.3B USD. It has also made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com.
About Sponsor Energy
Sponsor is one of the fastest growing and most socially-conscious retailers in North America. They offer ultra-competitive pricing on electricity, natural gas, internet services, phone and cable to residential, small business and commercial clients as well as energy management for power intensive operations such as cannabis growing operations and crypto mining operations globally. Sponsor's unique business model allows customers to "use their power for good" by turning a grudge purchase into a benefit for the community. For every kilowatt hour of power or gigajoule of natural gas used by its customers, Sponsor Energy donates 50% of its profits to the charity chosen by that customer and has partnered with charities such as homeless shelters, food banks and animal welfare organizations to help empower their efforts to change the world. For more information, please visit www.sponsorenergy.com.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements relating to Globalive Technology, its joint venture with Sponsor Energy, and its expectations regarding the joint venture's ability to establish itself as a reinvention of traditional systems, customers' acceptance of its products and services, the pipeline of potential customers, and the joint venture's ability to integrate with other services. Such forward-looking statements are identified by terms such as "will give", "will be", "will allow", "will offer", "potential" and similar expressions. All statements other than statements of historical fact included in this release, including those noted above, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Globalive Technology's expectations include customer acceptance of the joint venture's products or services, competition from other sources that may limit the use of the joint venture's products or services, the joint venture's ability to offer the products or services as intended, and other risks as set out in Globalive Technology's Filing Statement available on its SEDAR page at www.sedar.com.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Globalive Technology. As a result, Globalive Technology cannot guarantee that any of the forward-looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information.
Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and Globalive Technology will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
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SOURCE Globalive Technology