First Global Provides Update on Series G Debentures
TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Jan. 5, 2018 /CNW/ - In reference to its press release dated March 10, 2017, regarding the assignment of Series G debentures, First Global Data ("First Global" or the "Company") would like to provide the following update.
The Company had advised that it was made aware of issues around the conveyance and acceptance with respect to its assignment of $3,430,348.51 of Series G debentures (the "Debentures") on December 22, 2015 (the "Assignment") to a public company (the "Pubco"), and as announced in its press releases of January 21, 2016 and November 1, 2016.
The Company had initially determined that that the Assignment was valid. Upon more recent further investigation, it came to the Company's attention that the Pubco was not qualified to hold registered securities and as such there was the potential for significant and adverse tax consequences to the Debenture holders if this situation was not remedied by December 31, 2017. The Company faced a difficult decision with the pending December 31st deadline. With the primary objective of protecting the Debenture holders, the Company agreed to accept the re-assignment of the Debentures from the Pubco effective December 28, 2017. The Company is of the opinion that the assigned Debentures will not have a materially adverse effect on the operations of the Company going forward.
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. 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
Andre Itwaru, Chairman and CEO, First Global Data Limited, email: [email protected]
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