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.
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