Fintech Select Ltd. Subsidiary Served With Statement of Claim

Date : 07/30/2019 @ 12:17AM
Source : GlobeNewswire Inc.
Stock : Fintech Select Ltd (FTEC)
Quote : 0.025  0.0 (0.00%) @ 2:30PM

Fintech Select Ltd. Subsidiary Served With Statement of Claim

Fintech Select (TSXV:FTEC)
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1 Year : From Feb 2019 to Feb 2020

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Fintech Select Ltd. (Formerly SelectCore Ltd.) (“Fintech Select” or the “Company”) (TSX-V: FTEC) reports that one of its subsidiaries, 2314606 Ontario Limited (the “Subsidiary”), has been served with a Statement of Claim by Her Majesty the Queen in Right of Alberta (“Alberta”) in the amount of $633,284 (the “Claim”).

The Claim relates to the balance of funds on expired cards pursuant to a Card Management Agreement between the Subsidiary and Alberta. The claimed amount was already included in a claim served on the Company by its service provider, Pace, and press released on April 20, 2017. The Company has previously disclosed such payables in its financial statements.

The Company intends to vigorously defend the Claim, as all of the funds claimed by Alberta were deposited in the Company’s service provider’s bank account and not that of the Subsidiary.

About Fintech Select (www.fintechselect.com):

Fintech Select is a provider of robust and disruptive Pre-Paid Card programs, mobile banking solutions and Cryptocurrency technologies. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions. We are working on creating a widespread Fintech and Cryptocurrency eco-system through our network of partners leveraging our Pre-Paid cards and POS solutions.

For further information please contact:

Mohammad Abuleil, President & CEO orShelley Alliet @ - Investor@fintechselect.com 519-3518647

Follow us on:https://www.facebook.com/FintechSelecthttps://twitter.com/fintech_select https://www.instagram.com/fintechselecthttps://www.linkedin.com/company/fintechselect/

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. There can be no assurance with respect to a favourable outcome with respect to any of the forward-looking information. Such forward-looking information is based on the beliefs of management as well as assumptions made by and information currently available to management. 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. All forward-looking information inherently involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Although the Company believes, in light of the experience of its Officers and Directors, current conditions, 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 the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information, all of which is qualified in its entirety by this cautionary statement. The statements in this news release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable). The Company 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.

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