TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
OTCQB: FGBDF
TORONTO, June 18, 2018 /CNW/ - First Global Data Limited
("First Global" or the "Company") is pleased to announce that its
wholly owned US subsidiary, First Global Money Inc, has entered
into a strategic partnership agreement with Gemini Worldwide Inc.
("Gemini") with a focus to increase the Company's cross border
remittance service transaction volume from Canada to the
Philippines.
According to a World Bank report dated April 23, 2018
(http://www.worldbank.org/en/news/press-release/2018/04/23/record-high-remittances-to-low-and-middle-income-countries-in-2017)
"Remittance inflows improved in all regions and the top remittance
recipients were India with
$69 billion, followed by China ($64
billion), the Philippines
($33 billion), Mexico ($31
billion)…"
Gemini considers itself "The most trusted name in the Philippine
Remittance Industry servicing Filipinos in Canada for 28 years". The Gemini Group is also
well established in the
Philippines with group companies that provide a variety of
products and services across the
Philippines.
Pursuant to the agreement Gemini will offer First Global Money™
cross border remittance services at all of its locations across
Canada. In addition, Receive Money
Remittance services in the
Philippines will be provided by Gemini's affiliate Signed
and Delivered Inc. through: A) one of the largest and widest door
to door delivery networks In the
Philippines B) Online deposit to any bank in the Philippines; and C) Cash pick-up at
physical locations across the
Philippines. The companies will also collaborate on
marketing initiatives and will share the cost of this
marketing.
The Company is also pleased to announce that under this
agreement, services have been launched and the company is already
processing new transactions with this strategic partner.
"We are very pleased to be partners with First Global. We have
been looking for a strategic partner for a while and we were
impressed with First Global's cross-border remittance services and
its commitment to providing a reliable and compliant process that
complement Gemini's competitive strength. We look forward to
expanding this partnership in other areas that are relevant to both
our organizations.", said Dan de la
Cruz, Gemini's CFO.
"We are honored that Gemini has chosen First Global as its
strategic partner for cross border remittance services from
Canada to the Philippines. Gemini was one of the largest
money remittance companies in Canada in the past, has a highly respected and
trusted brand in the Filipino community and will be taking an
active role in expanding First Global's service delivery to this
very important market", said Andre
Itwaru, Chairman and CEO of First Global.
About the Gemini Group of Companies (www.ggc.ph or
www.ggc.ph/group?v=Gemini-Worldwide-Inc"
Gemini Worldwide Inc. is part of the larger Gemini Group of
Companies ("GGC") GG is a conglomerate specializing in
providing services ranging from remittance fulfillment to cash and
document courier services to cash management: all designed to
compliment the business of handling your most valued assets. A
total business outsourcing group that specializes in providing
relevant and effective business solutions for
logistically-challenged cash management companies. We strive to
develop new and revolutionary systems customized to meet the
peculiar needs and requirements of our clients.
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. In particular, this press release
contains forward-looking statements with respect to the Company's
ability to finalize its 2017 Audit within the next two months, have
trading resume once 2017 Audit has been filed, pursue DTC
eligibility, and improve overall shareholder and market
communications via sourcing professional IR support. There can be
no assurance with respect to a favourable outcome with respect to
any of the foregoing matters. Investors are advised that absent a
favourable outcome with all of the foregoing matters, the business
and market value of the Company, including the value of its common
shares, may be adversely and materially affected. 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