Tag Archives: Fintech

First Global Data Reports Delay in Filing Financials

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NEWS PROVIDED BY

First Global Data Limited

06:00 ET

TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTO, April 24, 2018 /CNW/ – (TSXV: FGD), (the “Company” or “FGD“) announces that it will be unable to file by April 30, 2018 its annual audited consolidated financial statements and Management Discussion & Analysis (“MD&A“) for the Company’s financial year ended December 31, 2017 (“2017 Financial Disclosure“), as required by National Instrument 51-102 – Continuous Disclosure Obligations and the related CEO and CFO certifications (the “Certifications”) required pursuant to National Instrument 52-109 – Certification of Disclosure in Issuer’s Annual and Interim Filings. 

First Global Data Limited, First Global Money, payqwik (CNW Group/First Global Data Limited)
First Global Data Limited, First Global Money, payqwik (CNW Group/First Global Data Limited)

The delay is due to a revenue recognition issue that was first press released by the Company on April 17, 2018. The process for addressing such issue will include working with existing licensees to amend license agreements, where possible, to address revenue recognition concerns. The Company will also be changing from its current auditor to a national audit firm. The entire process will require the Company additional time to work with both existing licensees as well as the new auditor in order to complete the audited consolidated financial statements. The Company anticipates having its 2017 Financial Disclosure as soon as possible and anticipates, in any event, filing such by the end of June, 2018.

Accordingly, the Company proposes to apply for a management cease trade order effective April 30, 2018 preventing all insiders of the Company from trading, directly or indirectly, in the securities of the Company (except as otherwise authorized by applicable securities regulators), which will remain in place until the above-noted documentation has been filed, in accordance with the provisions of National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP-12-203“). Until its annual consolidated financial statements, MD&A and related Certifications are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in NP-12-203.

About First Global Data Limited (www.firstglobaldata.com)

First Global Data Limited 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 Data Limited’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.

Caution 

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: please contact Andre Itwaru, Chairman and CEO, First Global Data Limited, Telephone number: (416) 504-3813; email: ir@firstglobaldata.com

Lacey Joins First Global Data Board of Directors to Mark Next Phase of Growth

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First Global Announces Corporate Changes to Directors and Officers

Canada NewsWire

TORONTO, Nov. 27, 2017

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTO, Nov. 27, 2017 /CNW/ – First Global Data (“First Global” or the “Company”) would like to announce the following corporate changes.

First Global Data Limited (CNW Group/First Global Data Limited)

CFO Appointment
The Company would like to announce that its previous CFO, Nayeem Alli has agreed to take on the appointment as CFO for an interim period until the end of April 2018. The Company’s CFO position was made available in October 2017 when Mr. Alli decided to step down for personal health reasons. Mr. Alli will continue to be supported by the existing finance team and the Company will be actively sourcing a full time qualified candidate.

Director Changes:
The Company would like to announce that Nayeem Alli has resigned as a Director and that it has appointed Mr. Peter Lacey to its Board of Directors. Mr. Lacey is the founder and Chairman of Cervus Equipment Corporation (TSX:CERV) a Canadian public company headquartered in Calgary, Alberta. Annual sales exceeded $1.1 billion for Cervus in 2016. Mr. Lacey received his ICD.D designation from the Rotman School of Business and the Institute of Corporate Directors and serves as Chair of the Audit Committee for another public company. Mr. Lacey also serves as Director of multiple TSX listed companies and other private companies.

“The CFO position at First Global is an important role. We are happy that Nayeem has agreed to take on the role on a temporary interim basis. This will allow us the time necessary to source a qualified candidate who is able to meet the obligations of the job on a full-time basis as we move to the next stage of our evolution. We are very pleased that Mr. Lacey has accepted our offer to join our Board of Directors. Peter has tremendous experience and will add a level of discipline, professionalism and expertise that the company needs in our Audit and Corporate Governance committees, and to the company overall. I have had the pleasure of getting to know Peter over the past few months and am very confident that he will contribute in a significant way as we embark on the next phase of our evolution”, said Andre Itwaru, Chairman and CEO of the Company.

About First Global

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.

Caution:
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

First Global Data Granted Two Additional Transmitter Licenses in the U.S.A.

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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTO, Oct. 10, 2017 /CNW/ – First Global Data (“First Global” or the “Company”) is pleased to announce that it has secured two additional Money Transmitter licenses in the USA.

First Global Data Limited (CNW Group/First Global Data Limited)

The Company’s wholly owned US subsidiary, First Global Money Inc., has been granted two new Money Transmitter licenses by the States of South Dakota and New Hampshire. First Global now has Money Transmitter licenses in 31 US States.

“We are very happy to have obtained these two money transmitter licenses and are proud to now have 31 in total. Obtaining licenses is not an easy task. Regulations are becoming stricter and this is very good news for First Global. We value our licenses and take the responsibilities that come with having them very seriously. We continue our focus on US wide licensing as the more State licenses First Global has, the larger the market opportunity for our services such as Happy Transfer launched on the WeChat social messaging platform with our China based partner LianLian; for the Company’s First Global Money international remittances services which delivers into Latin America, India, the Philippines and other very large markets; for domestic USA peer to peer and mobile payment services; and for additional cross border payment services the Company intends to provide to consumers across the USA”, said Andre Itwaru, Chairman and CEO of First Global Data Limited.

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.

Caution:

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: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: ir@firstglobaldata.com; Renmark Financial Communications Inc., Steve Hosein: shosein@renmarkfinancial.com, Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com

First Global Data Appoints Vicki Ringelberg as New CFO

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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTO, Oct. 2, 2017 /CNW/ – First Global Data Limited (“First Global” or the “Company”) announces the resignation of Nayeem Alli and the appointment of Vicki Ringelberg, as the Chief Financial Officer of the Company.

First Global Data Limited (CNW Group/First Global Data Limited)

Nayeem Alli is a founder and has been a key contributor toward the vision and success of the Company. The decision to resign was a deeply personal one for him. The Company is working with Mr. Alli toward establishing a consulting relationship as he becomes ready. The Board of Directors, management and shareholders of First Global thank Mr. Alli for his dedication and contributions as Chief Financial Officer and sincerely wish him the best. Mr. Alli continues as a director of the Company.

Vicki Ringelberg is a high caliber executive with a track record of success. Ms. Ringelberg is currently the Chair of the Board of Trustees, Chair of the Governance and Administration Committee and previous Chair of the Audit Committee and Investment Committee of the OPSEU Pension Trust (OPTrust). Prior to that, Ms. Ringelberg spent over 20 years working in various senior financial capacities including Chief Financial Officer of Portland Investment Counsel and the Chief Financial Officer and Chief Operating Officer of AIC Limited (“AIC”). During her tenure at AIC, Ms. Ringelberg was also a member of various boards. Ms. Ringelberg has broad experience in the financial services industry including managing large scale initiatives, implementing complex accounting systems, evaluating business opportunities and executing the acquisitions and sales of various businesses. Ms. Ringelberg is a CPA and also holds an MBA from the Rotman School of Business, University of Toronto.

“We respect Nayeem’s decision to step down as our CFO. He has been a leader since the Company’s inception and instrumental in the Company achieving the levels of success it currently has,” said Andre Itwaru, the Company’s Chairman and CEO. “We are very pleased that Vicki has agreed to join First Global. She brings an incredible level of experience, financial acumen and discipline to the Company, and I look forward to working closely with her as we take the Company to the next levels of its evolution.”

The appointment of Vicki Ringelberg as Chief Financial Officer is subject to acceptance by the TSX Venture Exchange.

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.

Caution:
Neither the 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: Andre Itwaru, Chairman and CEO, First Global Data Limited