TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
OTCQB: FGBDF
TORONTO, Oct. 18, 2018 /CNW/ - First Global Data Limited
(the "Company") would like to provide an update as to the status of
its application for revocation of cease trade order (the
"Application"), which the Company (as previously disclosed on
September 27, 2018) has been working
on with the Ontario Securities Commission ("OSC") pursuant to Part
4 of National Policy 12-202 and under section 144 of the
Securities Act (Ontario).
The Company has filed the Application and is in receipt of
substantial comments (the "Comments") from the OSC related thereto.
In particular, the Comments focus primarily on the Company's
continuous disclosure record (and any clarifications necessary
therein) including, among other things, the Company's 2017 audited
year-end financial statements as well as its interim financial
statements pertaining to the 6 months ended June 30, 2018. The Company is currently working
closely with counsel in a concerted effort to respond to the
Comments in a timely manner and anticipates being in a position to
respond formally (the "Response") in short order.
The Company is unable to speculate as to the satisfaction of the
OSC with respect to the Response, including the absence of any
further comments. Further, upon receipt of a full revocation of the
Cease Trade Order, the Company will still need to file an
application for reinstatement with the TSX Venture Exchange (the
"Exchange") in order to resume trading. In any event, the Company
intends to continue providing updates as they become available
until such time as trading has resumed.
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