MONTREAL, May 5, 2015 /CNW Telbec/ - Mobi724 Global Solutions Inc. ("Mobi724" or the "Corporation") (CSE:MOS), formerly Hybrid Paytech World Inc. (CSE:HPT), a technology leader in the digital incentives, couponing and payment space, announced today that it was unable to file its annual financial statements, MD&A and related CEO and CFO certificates for its fiscal year ended December 31, 2014 (the "Year End Filings") by the filing deadline of April 30, 2015 as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102As a result, the Autorité Des Marchés Financiers (the "AMF") has issued a cease trade order ("CTO") which will prohibit trading in the securities of the Corporation until the Year End Filings are filed. Mobi724 expect the CTO to be effective in the reporting jurisdictions (Alberta, Ontario and British-Columbia).
Marcel Vienneau, CEO of Mobi724 explained, "I just want to confirm that the Corporation is meeting its business plan objectives submitted during the Special Shareholders meeting held on January 15, 2015 during which it was mentioned that the Corporation was seeking financing. As the new CEO, it has been a challenging period to restructure the Corporation to meet investors' requirements for such financing. We just need more time to negotiate with qualified investors in order to obtain additional funding. This has impacted the completion of the Year End Filings in the required filing deadline. In the interim, Management and its employees will continue to serve our customers as well as the business development and are committed to resolving this compliance issue in a timely manner. We are working to overcome the funding obstacle in order to allow the auditors to complete the annual financial statements and relying on a strict timeline in order to be able to file the Year End Filings".
Until the Corporation completes the filing of the Year End Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the time prescribed by the applicable securities laws. The guidelines, among other things, require Mobi724 to issue bi-weekly default status reports by way of a news release so long as the Year End Filings have not been filed.
The Corporation confirms that there are no insolvency proceedings against it as of the date of this press release. It also confirms that there is no other material information concerning the affairs of the Corporation that has not been generally disclosed as of the date of this press release.
About Mobi724 Global Solutions
Mobi724 Global Solutions (CSE: MOS), formerly Hybrid PayTech World Inc. (CSE: HPT), a corporation based in Montreal, Canada, is a technology leader in digital incentives (such as mobile couponing & loyalty rewards) and payment solutions (including mobile payment).
Mobi724 Global Solutions unleashes the true potential of both payment and couponing/rewards transactions for both online and offline points of sale.
The Corporation is fully dedicated to deliver unique "real time" and seamless digital promotional incentives (coupons, bank cards, loyalty rewards) embedded into the most secured payment environment. The Corporation provides to its customers full and comprehensive traceability and enriched consumer data through its offering. Its solutions enable retailers, manufacturers, offer providers, mobile operators and card issuers to create, manage, deliver and "track and measure" incentive campaigns worldwide to ANY mobile device and allow its redemption at ANY point of sales.
Their credit and debit EMV payment solutions will allow banks to process end to end EMV transactions, focusing on authentication, approved security and quick merchant adoption which allows the users to process payments with a wide range of devices over a secure and seamless transaction.
Mobi724 PCI and EMV cloud-based switch, with their device agnostic connectivity, simplifies deployment and integration, and introduces new payment and digital incentives solutions to the market.
Certain statements in this document, including those which express management's expectations or estimations with regard to the Corporation's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Corporation or to any individual expressing them in the name of the Corporation. Unless required by law, the Corporation is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
The Canadian Securities Exchange (CSE) 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 Mobi724 Global Solutions Inc.
For further information: on its products and on Mobi724 Global Solutions, visit www.mobi724globalsolutions.com or contact Mr. Marcel Vienneau: 1-514-394-5200 Ext 413.