TORONTO, ONTARIO — (Marketwired) — 03/20/15 — Further to its press releases of January 27 and March 9, 2015, First Global Data Limited (“First Global” or the “Corporation”) (TSX VENTURE: FGD) would like to provide an update with respect to its proposed acquisition of 2297970 Ontario Inc., which is also known as LTP Financial (“LTP”).
A closing condition of the proposed acquisition of LTP is that First Global is required to complete a private placement of a minimum of $3 million and maximum of $8 million in convertible debentures (the “Debentures”). The Corporation is in the process of closing the issuance of the Debentures. The Corporation anticipates completing the acquisition of LTP and issuing the Debentures on or before March 31, 2015.
For complete details pertaining to LTP and the Debentures, please refer to the Corporation–s press releases of January 27 and February 27, 2015.
“We are in the final stages of closing the related financing, are working diligently to conclude the associated paperwork, and look forward to its conclusion over the next few days,” said Andre Itwaru, President and Chief Executive Officer of First Global. “Closing of the financing has been delayed primarily due to March break and access to investors. We are confident that the financing will close by the end of March.”
As a point of legal disclaimer, there can be no assurance that the Corporation will complete the Acquisition or issue the Debentures.
About LTP
LTP is focused on providing a variety of financial services to the unbanked and under banked consumer segments. LTP currently offers money remittance services, pre-paid credit cards, short-term loans and other financial services which are in high demand. LTP has built a strong client base and has a focus to add technology to differentiate itself from other similar organizations. LTP has a solid foundation and is poised for significant growth.
About First Global
First Global Data Limited (TSX VENTURE: FGD) is an international financial services technology company operating in the payments sector. First Global–s services are designed primarily for the domestic and international unbanked and under banked markets. Our two main lines of business are mobile payments and international money transfers. First Global–s leading edge technology core enables Mobile and Online: Payments, Money Transfers, Shopping and Peer to Peer services.
First Global enables our strategic partners and clients around the world with our leading edge financial services technology platform. We facilitate the movement of money domestically and internationally in full compliance with regulatory guidelines, maintain a strong focus on compliance and hold licenses to operate as a Money Service Business in 23 US States and elsewhere around the world, with a reach that extends to approximately 97 countries worldwide.
First Global–s objective is to become a global leader in ubiquitous mobile money payment and money transfer services.
Neither 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.
This press release contains forward-looking statements based on assumptions, uncertainties and management–s best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation–s periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
First Global Data Limited
Andre Itwaru
Chief Executive Officer and President
416.504.3813
416.504.7092 (FAX)
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