MONTREAL, Dec. 12, 2013 /CNW Telbec/ - Hybrid Paytech World Inc, (the "Company" or "Hybrid"), (CNSX: HPT) announces its yearly review and certain other material events for 2013.
Management is pleased to report that throughout the year the company successfully established itself at the international level throughout key markets, positioning Hybrid MPOS solutions including the full deployment of the HybridVIRTUO, HybridConnect and SignbyMobile.com product lines for the Banking, Telecom and Acquiring Payment Companies.
For many sectors, 2013 was a year of discovery as well as understanding of what to expect for the future of MPOS and for Hybrid to carve out its niche and scalability with industry partners from the device manufacturing sector to the end client "enterprise and retail sector". Hybrid established partners to deploy in the following markets: Thailand, Philippines, Argentina, Brazil, Canada, USA, Spain, Malaysia, Hong Kong, UAE and most recently India.
Board of Directors
Hybrid also expanded its board of directors to 7 members, including the recent additions of Frank Di Tomaso, Stephane Boisvert and Edwin Lun positioning Hybrid PayTech World Inc. with strong guidance and expertise to better deal with the growth and diversification of a company dealing in emerging markets.
Management Team & Payment Advisory Committee
The Company is also successfully established a global management team in the same key areas with the additions of Mr. Ron Chua (President of Hong Kong Operations), Mr. Mario Cohen (President of Latam and Europe operations) and Gary Repchuk (President of Philippines operations).
Multi-Channel Acquiring Network
A key driver of Hybrid's business strategy has been to provide device manufacturers as well as merchants the ability to gain immediate access to certified processing credit & debit providers working with the Hybrid product suite. This strategy has allowed for a disruptive "go to market" strategy for enterprise merchants requiring access to a One MPOS platform available in multiple countries, leveraging Hybrid partner acquirers. In addition, this has allowed for a unique certification device strategy for small and large manufacturers to immediately reduce the time to market of their EMV1 or higher devices.
Philippines & Asia
With the recent challenges of deploying Hybrid's full offering in the Philippines, the Company's showcase in a robust emerging market, Hybrid's technology allows for Debit networks as well as credit acquirers and processors to transition from MagStripe solutions to EMV Chip & Signature MPOS solutions. Also important was the significant delays incurred of the deployment of Smart Telecom, the largest Telecom in the Philippines, which has been adjusted for 1st quarter of 2014 - the main driver of the business will be their enterprise accounts unit which represents an important portfolio of over 10,000 of the Philippines' largest enterprise, retail and government clients.
In the past 20 months, Hybrid acquired a 51% interest in Vault Acquiring Solutions Inc. a payment gateway in the USA and Dominican Republic and a 100% interest of Mobi724 Inc., a mobile redemption and coupon company of which 51% was acquired initially and the remainder within 12 months, with operations in Argentina. Recently, Vaults growth has been met with some challenges primarily due to aiding acquirers and merchants dealing with the challenges of PCI certifications. Challenges were also met with the certifications of new devices which is well underway with its largest clients now in live production transacting. Mobi724 Inc. is also an important asset to Hybrid's future plans of joining the 2 companies technologies for MPOS & Coupon redemption. Mobi724 Inc. recently signed important commercial agreements with Visa.net, Sancor and Telefonica Inc of Argentina, locking a very important first mover position in the Country.
The board of directors has also been informed on December 10, 2013 that a judgment was rendered on December 4, 2013 by the Québec Superior Court against the Company in connection with a third-party garnishment effected to execute a judgment rendered against Messrs. Massimo Barone, Paolo Continelli and another party. The December 4th judgment orders the Company to, inter alia, declare and pay to a creditor of Variance Strategy LLC, a company controlled by Messrs. Barone and Continelli, all sums paid since September 2012 by the Company to Variance Strategy LLC. The Company estimates that it has paid approximately $105,311.05 to Variance Strategy LLC since such date. At this stage, the Company is still studying the judgment and evaluating its options as regards same.
About Hybrid Paytech World Inc. (formerly Freeport Capital Inc.)
The Company develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Company's holding, First Equity Strategy LLC, markets itself with the DBA: HybridPaytech. Visit www.hybridpaytech.com and click on our corporate video presentation www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
HybridPaytech based in Montreal, Canada, is a technology leader in the mobile payment space for credit and debit acceptance. With a global footprint, Hybrid is an enabler of easily-deployable payment systems focusing on authentication, approved security and quick merchant adoption in Fleet, Delivery, Logistics and Retail. With its current banking and fund-transferring partnerships, HybridPaytech has market access to over three million merchants worldwide.
The Canadian National Stock Exchange (CNSX) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE: Hybrid PayTech World Inc.
For further information:
Please contact Mr. Stéphane Boisvert: 514-394-5200