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First Global Data Limited

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First Global Provides Corporate Update

First Global Provides Corporate Update

First Global Provides Corporate Update

Canada NewsWire

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TSX Venture Exchange: FGD

TORONTO, Dec. 8, 2016 /CNW/ - First Global Data Limited ("First Global" or the "Company") would like to provide a corporate update.

The Company has recently achieved the following milestones:

  • Launched services in India which is world's 2nd largest smartphone market (370 million mobile internet users) with Vijaya Bank that has 14 million active users.

  • Balance sheet clean-up via debt conversion, and debt forgiveness.

  • Delivered 3rd consecutive profitable quarter.

  • Closed a $3 million Private Placement that will enable the company to hire new talent to increase the pace of technology deployments and sales, and further deployment into international markets.

  • Appointed Douglas Smith, former Assistant Secretary of U.S. Homeland Security, to the Board of Directors.

With Douglas Smith's appointment we have added a more global profile to our Board of Directors. In addition, we are establishing a world class Advisory Board to give us bench strength and peripheral overview of one of the fastest growing segments in the tech space. 

The Company is in negotiation and contract stage with two additional banks in India, a telecom company in Ethiopia, and others, and if successful this will increase access to approx 74 million users.

"We are pleased with our evolving business dynamics. We have reached a tipping point whereby our award winning technology is set to intersect and converge on large enterprises with millions of users. To this end, it is our intent to grow our user base exponentially. The value of a FINTECH user is higher than users in the social universe as it is based on a recurring and transactional revenue model." said Andre Itwaru, Chairman and CEO of the First Global.

About First Global

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, money transfers, shopping and peer to peer payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.

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.

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.

SOURCE First Global Data Limited

Image with caption: "First Global Data Limited (CNW Group/First Global Data Limited)". Image available at: http://photos.newswire.ca/images/download/20161208_C3170_PHOTO_EN_834486.jpg

Andre Itwaru, Chairman and Chief Executive Officer, Telephone: 416.504.3813, Facsimile: 416.504.7092, Email: ir@firstglobaldata.comCopyright CNW Group 2016

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