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First Global Data Announces Conversion of Debt
By: Marketwired .
Jan. 11, 2013 04:16 PM
TORONTO, ONTARIO -- (Marketwire) -- 01/11/13 -- First Global Data Limited (the "Corporation") (TSX VENTURE:FGD) is pleased to announce that it has it has negotiated a share for debt settlement with two (2) arm's length creditors of the Corporation. The Corporation has agreed to issue an aggregate of 8,429,740 common shares (the "Debt Shares") to the two (2) arm's length parties in exchange for the cancellation of an aggregate $3,119,004 in debt owing to the creditors. The common shares are being issued at a deemed price of $0.37 per common share.
The debt settlement is subject to the approval of the TSX Venture Exchange.
About First Global
The Corporation, through its wholly owned subsidiary, First Global Data Corporation, is focused on the delivery of international money remittances, mobile payments, and mobile financial services technology. The Corporation's current business is consumer-to-consumer money transfer services, which are provided under its Remitx(TM) brand. This service enables persons to send money from one country to a beneficiary in another country securely and in compliance with regulatory guidelines. The service also enables persons to send money to a beneficiary domestically within the same country.
The Corporation's customers are the senders of money. The Corporation's primary customers are expatriates and migrant workers in Canada and the United States who send money to their countries of origin, which money transfers are known as remittances. Other customers of the Corporation include individuals without traditional banking relationships, traditional bank customers in need of emergency money transfer services and tourists without local bank accounts.
The Corporation currently accepts funds only from customers in Canada and the United States, which funds are accepted at storefronts (in the form of cash or via point of sale devices (POS)) and online via electronic funds transfer and chequing services. Through its electronic transaction infrastructure, the Corporation is currently able to dispense such funds to approximately 49 countries worldwide via its third party agent and partner network.
The Corporation's technology platform allows it to deliver monies to the destination point quickly and in full compliance with legislative and regulatory guidelines.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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