Mobi724 Global Solutions Announces Management Change and Closes a Loan From Investissements Quebec
April 18 2019 - 6:02PM
MOBI724 Global Solutions Inc. (“MOBI724”) or the
“Company”) (TSX-V:MOS) (OTCQB:MOBIF), a global Fintech company
offering a fully integrated suite of multiple Card-Linked Offers
and Rewards, Digital Marketing and Business Intelligence and
Payment Solutions announces that Rachel Girard, the Chief Financial
Officer (“CFO”) is leaving the company effective today to pursue
other opportunities and Allan Rosenhek, presently a Board Member of
MOBI724, will assume the position of interim CFO.
Mr. Rosenhek, co-founder of Mobi724, has served
as an executive in Bell Mobility Investments, Telus, and Glentel
among others, being a key figure in strategy, including merger and
acquisitions, divestitures, strategic alliances and investments. He
played an important role in growing Glentel (acquired in 2015 by
BCE and Rogers) into one of the world largest Cellular Retail
Conglomerates and as President & CEO he repositioned and
successfully exited a Location Based Mobile Advertising Company
KnowledgeWhere (acquired by Liberty Media). He began his career as
a practicing lawyer with Simkin Gallagher and Ladner Downs (now
Borden Ladner Gervais) specializing in Mergers and Acquisitions and
Taxation. Mr. Rosenhek is the founder of a boutique investment bank
and also severs on the Board of Hope For Prisoners, a reentry
program that provides the formerly incarcerated with long-term
support and services as they work to reclaim their lives, families
and standing in the community. He holds an M.B.A. from the Richard
Ivey School of Business, an LL.B. from the University of Manitoba
Law School and a B.A. from the University of Manitoba.
Mobi724 also announces, that, it’s wholly owned
subsidiary, First Equity Strategy LLC (“FES”), has concluded a
$221,600 loan with Investissement Québec collaterized against FES’s
development of e-business tax credits (“CDAE Loan”) for the 2018.
The Loan shall bear interest at prime rate plus two percent (2%)
and will mature on December 31, 2020 unless repaid earlier in
accordance with the terms and conditions of the CDAE Loan.
The Company is announcing that the private
financing group with whom the Company entered into a letter of
intent for a secured revolving credit facility (“Credit Facility”)
in an amount up to $0.5M, previously announced on January 16, 2019
has completed the due diligence, and the parties intend to proceed
with the signing of the agreement. The Credit Facility is
conditional upon receipt of final approval from the Company's
existing creditors, final approval of the TSX Venture Exchange and
other customary conditions. Completion of the Credit Facility is
expected to be finalized in May 2019, as approvals are
obtained.
Net proceeds raised from the aforementioned
transactions will be used to finance ongoing obligations of the
Company and general working capital.
Marcel Vienneau, the CEO of Mobi724 said: “In Q1
2019 we completed a financing strategy with our team and external
parties to secure the Company’s accelerated growth in multiple
markets. I want to thank Allan for assuming the role of CFO.
He is a co-founding partner and a stakeholder in the Company, and I
look forward to working with him to execute MOBI724’s financing
plan to continue our growth.”
About Mobi724 Global Solutions
Inc.
“We enable smart transactions anywhere.”
MOBI724, a global Fintech company, offers a
fully integrated suite of multiple Card-Linked Offers and Rewards,
Digital Marketing and Business Intelligence and Payment Solutions
(including a mobile EMV compliant payment platform), which work
with any payment card, on any mobile device and at any Point of
Sale. MOBI724 provides turnkey solutions for card associations,
card issuers, banks, retailers, manufacturers, offer providers, to
create, manage, deliver and track and measure incentive campaigns
worldwide in real time. The company captures value from big data to
deliver seamless and personalized user experiences for the benefits
of all parties in the ecosystem. MOBI724 headquarters are in
Montreal, Canada, and the company presently has operations in North
and Latin America, the Caribbean and Asia Pacific.
Legal Disclaimer
Certain statements in this document, including
those which express management expectations or estimations with
regard to the Company’s future performance, constitute
“forward-looking statements” as understood by applicable securities
laws. Forward-looking statements are, of necessity, based on a
certain number of estimates and hypotheses; while management
considers these to be accurate at the time they are expressed, they
are inherently subject to significant uncertainties and risks on
the commercial, economic and competitive levels. We advise readers
that these forward-looking statements are subject to risks,
uncertainties, and other known and unknown factors that 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 in these forward-looking
statements. Investors are advised to not rely unduly on the
forward-looking statements. This advisory applies to all
forward-looking statements, whether expressed orally or in writing,
attributed to the Company or to any individual expressing them in
the name of the Company. Unless required by law, the Company is
under no obligation to publicly update these forward-looking
statements, whether to reflect new information, future events, or
other circumstances.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release does not constitute a
solicitation to buy or sell any securities in the United
States.
For further information, please visit www.MOBI724.com or
contact:
Investor Relations:
Marcel VienneauPresident/CEOMOBI724 Global Solutions Inc.T:
514-394-5200; E: IR@mobi724.com
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