TSX Venture Exchange:
FGD
Frankfurt Stock Exchange: 1G5
OTCQB: FGBDF
TORONTO, Sept. 27, 2018 /CNW/ - First Global Data Limited
(the "Company") would like to provide a corporate update on various
matters.
Cease Trade Order and the Resumption of Trading of its
Securities:
The Company was issued a cease trade order by the Ontario
Securities Commission ("OSC") as a result of its failure to meet
the deadline for filing its year-end 2017 and Q1-2018 financial
statements, as prescribed by National Instrument 52-109, by
May 4, 2018. In order to have the
Cease Trade Order lifted, the Company needs to receive a full
revocation of the Cease Trade Order by the OSC pursuant to Part 4
of National Policy 12-202 and under section 144 of the
Securities Act (Ontario).
To this end, the Company intends to continue working with the OSC
to complete such process in a timely manner. As was previously
disclosed on August 30, 2018, the
Company filed its Q1 and Q2-2018 financial statements which brought
the Company current with respect to financial statements
publication, however restatements and clarifications may be
required by the OSC as part of the application process by which the
Company seeks to have the Cease Trade Order lifted.
Upon acceptance by the OSC of the application for a full
revocation of the Cease Trade Order, the Company will file a
request with the TSX Venture Exchange (the "Exchange") to have
trading resume.
Appointment of new CFO:
The Company continues to seek a suitable candidate for its CFO
position, the scope of which, at First Global, are wide and deep.
As a publicly-listed TSX-V company, the CFO should have the
relevant experience ensuring that internal controls and policies
comply with all applicable regulatory guidelines. As a company with
money-transmitter licenses in the USA, Canada
and elsewhere, the CFO is also responsible for interacting with and
ensuring that reporting to money-transmitter regulators is accurate
and timely. First Global intends to tighten its internal
controls—particularly in line with its growth as its number of
money-transmitter licenses—and thus its CFO will be a key member of
the senior executive team in ensuring that said internal controls
are not only improved, but are complied with.
As a result of the above, the Company has been taking the time
necessary to interview various candidates but has been active in
doing so. As such, the Company is confident that it will be in a
position to have a final candidate selected in the
short-to-intermediate term.
Appointment of Auditor:
The Company also is actively seeking its next auditor, who will
be taking over in light of the resignation of the Company's
previous one (per the Company's press release of September 7, 2018). The Company has interviewed a
number of different auditors and hopes to have an engagement with
an auditor in the short-to-intermediate term.
Happy Transfer Service:
As has been previously announced, the Company is actively
working to find a replacement partner for the Happy Transfer cross
border payment service. This service enables US customers to send
funds to China using the WeChat
social messaging platform by electronically debiting funds from
their US bank account and crediting the equivalent funds to a
beneficiary bank account in China,
all in full compliance with US regulatory guidelines and the
regulatory guidelines of China.
The Company is evaluating three organizations that have expressed
interest, though it is taking the time necessary to ensure that any
prospective partner meets the guidelines of US regulators.
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. In particular, this press release
contains forward-looking statements with respect to the Company's
ability to have the Cease Trade Order revoked and the trading of
its securities resume. There can be no assurance with respect to a
favourable outcome with respect to the foregoing matters. Investors
are advised that absent a favourable outcome with 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