First Global Provides Update on Status of Full Revocation Application of Cease Trade Order

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

Andre Itwaru, Chairman and CEO, First Global Data Limited, Email: [email protected], Tel: [phone]

Related Links

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