TORONTO, Jan. 28, 2019 /CNW/ - Globalive Technology Inc. (TSX-V: LIVE) (the "Company"), a technology company focused on developing innovative payment, billing and credit solutions for consumers and businesses today announced that the Company's partner Flexiti Financial ("Flexiti"), a leading point-of-sale consumer financing solutions provider for retailers, has signed a long-term agreement with Henry's to implement Flexiti's platform. Henry's is a well-known Canadian electronics retailer with 28 locations across the country.
Flexiti's industry-leading solution provides Henry's with a quick and easy way to drive increased sales while making purchases more affordable for customers through flexible payment plans with 0% interest options. The mobile, fully automated and 100% paperless process allows customers to apply for Flexiti's private label credit card both in-store and online and receive approval in minutes. This credit is usable at the more than 3,500 retail locations across Canada within the Flexiti network encouraging repeat business and customer loyalty.
"At Henry's, we're always looking to enhance the customer retail experience using innovative technologies," said Gillian Stein, Chief Executive Officer of Henry's. "Flexiti's financing solution will allow us to offer customers easy access to payment options that suit their lifestyle and their budget."
"We're excited to bring Henry's into the Flexiti family of retailers," said Peter Kalen, Founder and Chief Executive Officer of Flexiti. "We're confident our award-winning platform will help the expert staff at Henry's locations deliver even better service to their customers."
As previously disclosed, the Company has entered into a technology development agreement with Flexiti and has exercised a call right which, subject to satisfaction of certain conditions, would result in the Company acquiring 41% of (and 51% voting control over) Flexiti (the "Transaction"). Separately, depending on market conditions and other factors, the Company is contemplating acquiring the balance of Flexiti on terms acceptable to the Company and to Flexiti's other existing shareholders. Discussions regarding such an acquisition are only preliminary at this point and no assurance can be provided that such a transaction or even an agreement relating to such transaction will be reached. Further details regarding the Transaction and the call right can be found in the press releases of the Company dated January 9, 2019 and June 21, 2018 respectively and in its other SEDAR filings.
"Flexiti's ability to bring well-established brands such as Henry's into the fold only reinforces our optimism about the company," said Anthony Lacavera, Chief Executive Officer of Globalive Technology. "We're excited to be working with Flexiti to develop and deliver best-in-class technology that gives retailers a competitive edge."
About Globalive Technology Inc.
Globalive Technology is a next generation software company and venture partner developing innovative solutions to disrupt traditional industries by leveraging artificial intelligence and machine learning technology stacks, with a particular focus on delivering innovative payment, billing and credit solutions. 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 Flexiti Financial Inc.
Flexiti has reimagined point-of-sale (POS) consumer financing to drive sales for retailers in-store and online and is one of Canada's leading private label credit card issuers. Through its award-winning platform, Flexiti delivers a POS financing experience across any device that is customer-centric, simple and intuitive. Without the need to integrate into existing POS systems, retail partners can easily offer the same fast and paperless financing solution across all retail locations and sales channels to increase revenue and build loyalty through repeat purchases. Flexiti's joint venture with Globalive Technology demonstrates its commitment to innovation in the payments space through the development of solutions leveraging artificial intelligence. With high approval rates, innovative products and services, flexible promotional offers and a partnership-first approach, Flexiti is helping people improve their lives through better financing. For more information, visit www.flexiti.com.
Henry's has long been known in the Canadian photo and video industry as the source for the best and newest products, informed Imaging Experts, award-winning customer service and competitive pricing. Henry's, a Canadian family owned and operated business, first opened its doors in 1909 and has evolved into Canada's largest independent photographic and digital imaging retailer. Henry's carries over 15,000 products in stores across Canada and on www.henrys.com from such major manufacturers as Canon, Nikon, Sony, Fuji, Olympus, Panasonic, Blackmagic, Manfrotto, Sigma and many more. For more information, visit www.henrys.com.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements relating to Henry's' use of Flexiti's product to provide services to its customers that suit such customers' lifestyle and budget, Flexiti's product assisting Henry's in improving customer service and give retailers a competitive edge, and whether the Company will complete a transaction relating to the acquisition of Flexiti. Such forward-looking statements are identified by terms such as "will" 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 expectations include an inability for Henry's to integrate Flexiti's product or its customers desire to use such product, other matters that could affect Henry's' ability to further customer service including difficulties or delays in using Flexiti's product.
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, Flexiti and Henry's. The can be no 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 the Company will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
Neither the 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.
SOURCE Globalive Technology