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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, June 27, 2017 /CNW/ - This is a joint press release between Selectcore Ltd. and First Global Data Limited (or the "Company").
Pursuant to the definitive Joint Venture (the "JV") agreement signed between First Global Data and Selectcore, both companies are pleased to announce the formation of FintechUnion.
The website, www.fintechunion.co is up and running and provides more details for potential clients and partners.
FINTECHUnion is the convergence of various forms of FINTECH such as a prepaid card and mobile wallet that enables a full spectrum of payments as well as domestic and cross border remittances.
Both Selectcore and First Global have transformed themselves to full suite FINTECH enterprises and it is the intent of the JV to exploit pipeline opportunities and new initiatives. Revenues and associated expenses will be shared between the two parties.
"The formation of FintechUnion was a brilliant marriage of combining two technologies that as a whole creates a far greater value proposition and opens up many doors as various enterprises look for a comprehensive Fintech solution", commented Andre Itwaru, CEO of First Global.
Mohammad Abuleil, CEO of Selectcore comments, "I am absolutely thrilled to see the evolvement of our corporate transformation to a viable multi product FINTECH enterprise. We are going after targeted opportunities that will provide accelerated pathways to revenue generation. We look forward to building enhanced shareholder value alongside First Global and delivering best in class service to our clients."
About Fintech Union (www.fintechunion.co)
With the ability to access a prepaid card solution and add it to a mobile wallet/remittance platform, we have created a novel and innovative FINTECH dynamic. We are now able to offer a full suite FINTECH solution to our large enterprise clientele.
About First Global Data Ltd. (www.firstglobaldata.com)
First Global is an international financial services technology ("FINTECH") company. The Company's two main lines of business are mobile payments and cross border payments. First Global's proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer ("P2P"), Business to Consumer ("B2C"), and Business to Business ("B2B") payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
About SelectCore (www.selectcore.com)
Established in 1999, SelectCore is a leading prepaid financial services provider. From prepaid mobile top-up to stored-value cards and remittance solutions, SelectCore services a market of millions of under-banked consumers, corporates and governments through its technology platforms. SelectCore was ranked by Profit100 as one of Canada's fastest-growing companies in 2006, 2007, 2009 and 2010. SelectCore was also ranked one of North America's fastest growing companies on Deloitte's 2011 Technology Fast 500.
Neither TSX Venture Exchange Inc. ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although First Global believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because First Global can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. First Global undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of First Global, its securities, or financial or operating results (as applicable). First Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE First Global Data Limited
For further information: Renmark Financial Communications Inc., Steve Hosein: [email protected]kfinancial.com, Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com, email: [email protected]