/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES./
TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Aug. 30, 2017 /CNW/ - First Global Data ("First
Global" or the "Company") is pleased to announce that it has
released its Q2, 2017 financial statements.
Please note that financial statements are prepared in US
dollars, while the Company's stock price and market cap as
presented on the TSX Venture Exchange are reflected in Canadian
dollars.
Revenues:
The Company continued to realize and increase in revenues. The
three month ending June 30, 2017
revenues were $3,441,095 as compared
to the three-month ending June 30,
2016 of $1,183,098.
Net Income:
Net income for Q2 showed a loss of $232,161 as compared to Q2, 2016 positive net
income of US$ 119,951. This loss was
attributed primarily to an increase in staffing and expenses
related to licensing activity. The investment in additional staff
was made in order for the Company to more effectively deploy the
business deals already signed and to facilitate the closing of new
opportunities. The Company also increased its activity toward
obtaining new US State licenses and this contributed to the
increase in expenses.
Profitability and Capital Position:
As at the six-month ending June 30,
2017, the Company maintained a positive net income and the
capital position of the Company continues to be strong.
Balance Sheet Improvements:
The Company has continued its program to reduce debt with a
reduction in current borrowings as at June
30, 2017 to $4,576,275 as
compared to the year end 2016 of $7,585,834.
"We are pleased with our financial results for Q2, 2017. We
decided to increase staffing levels to facilitate the deployment of
business which has been backlogged and to also continue moving
forward on new opportunities. Our focus on improving our balance
sheet remains consistent while we also focus on growing revenues.
We have not yet realized the positive impact of some of the
strategic initiatives we have already announced, and expect to
realize an increase in contribution to transactional revenues from
these initiatives as they ramp up toward Q4 of this year", said
Andre Itwaru, Chairman and CEO of
First Global.
About First Global: (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