Mobi724 Global Solutions - Settlement of Pending Litigation and Debt Forgiveness
MONTREAL, Dec. 05, 2018 (GLOBE NEWSWIRE) -- 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 (“CLO&R”), Digital Marketing and Business Intelligence (“DMBI”) and Payment Solutions (“Payment”) announces that it has arrived at an out-of-court settlement with Mr. Nick Chine (“Chine”) in relation to a lawsuit the latter filed against the Company in 2015 for unpaid commissions allegedly owed to him (“Litigation”). Without any admission of liability, pursuant to the settlement of the Litigation, the Company has agreed to pay Chine unpaid commissions of $55,000 in common shares of the Company (“Common Shares”) at a conversion price equivalent to $0.07. The issuance of 785,714 Common Shares is conditional upon the the approval of the TSX Venture Exchange (the “Exchange”).
Conversion of Debt to Equity:
The Company also agreed to convert an amount of $50,000, as debt forgiveness related to unpaid bonuses of $25,000 respectively owed to both a former employee and a former consultant of I.Q. 7/24 Inc., at a price per Common Share of $0.07 The issuance of 714,286 Common Shares is subject to the conditional approval of the Exchange.
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.
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:
Mr. George Aizpurua
First Canadian Capital Corp.
T: 647-500-2389/416-742-5600; E: firstname.lastname@example.org
Ms. Rachel Girard, CPA, CA
Chief Financial Officer
MOBI724 Global Solutions Inc.
T: 514-394-5200; E: IR@mobi724.com
Released December 5, 2018