Mobi724 Global Solutions Announces Management Change and Closes a Loan From Investissements Quebec
MONTREAL, April 18, 2019 (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, Digital Marketing and Business Intelligence and Payment Solutions announces that Rachel Girard, the Chief Financial Officer (“CFO”) is leaving the company effective today to pursue other opportunities and Allan Rosenhek, presently a Board Member of MOBI724, will assume the position of interim CFO.
Mr. Rosenhek, co-founder of Mobi724, has served as an executive in Bell Mobility Investments, Telus, and Glentel among others, being a key figure in strategy, including merger and acquisitions, divestitures, strategic alliances and investments. He played an important role in growing Glentel (acquired in 2015 by BCE and Rogers) into one of the world largest Cellular Retail Conglomerates and as President & CEO he repositioned and successfully exited a Location Based Mobile Advertising Company KnowledgeWhere (acquired by Liberty Media). He began his career as a practicing lawyer with Simkin Gallagher and Ladner Downs (now Borden Ladner Gervais) specializing in Mergers and Acquisitions and Taxation. Mr. Rosenhek is the founder of a boutique investment bank and also severs on the Board of Hope For Prisoners, a reentry program that provides the formerly incarcerated with long-term support and services as they work to reclaim their lives, families and standing in the community. He holds an M.B.A. from the Richard Ivey School of Business, an LL.B. from the University of Manitoba Law School and a B.A. from the University of Manitoba.
Mobi724 also announces, that, it’s wholly owned subsidiary, First Equity Strategy LLC (“FES”), has concluded a $221,600 loan with Investissement Québec collaterized against FES’s development of e-business tax credits (“CDAE Loan”) for the 2018. The Loan shall bear interest at prime rate plus two percent (2%) and will mature on December 31, 2020 unless repaid earlier in accordance with the terms and conditions of the CDAE Loan.
The Company is announcing that the private financing group with whom the Company entered into a letter of intent for a secured revolving credit facility (“Credit Facility”) in an amount up to $0.5M, previously announced on January 16, 2019 has completed the due diligence, and the parties intend to proceed with the signing of the agreement. The Credit Facility is conditional upon receipt of final approval from the Company’s existing creditors, final approval of the TSX Venture Exchange and other customary conditions. Completion of the Credit Facility is expected to be finalized in May 2019, as approvals are obtained.
Net proceeds raised from the aforementioned transactions will be used to finance ongoing obligations of the Company and general working capital.
Marcel Vienneau, the CEO of Mobi724 said: “In Q1 2019 we completed a financing strategy with our team and external parties to secure the Company’s accelerated growth in multiple markets. I want to thank Allan for assuming the role of CFO. He is a co-founding partner and a stakeholder in the Company, and I look forward to working with him to execute MOBI724’s financing plan to continue our growth.”
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:
Marcel VienneauPresident/CEOMOBI724 Global Solutions Inc.T: 514-394-5200; E: IR@mobi724.com