First Global Announces Q3 2017 Financial Results

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTONov. 30, 2017 /CNW/ – First Global Data (“First Global” or the “Company”) is pleased to announce that it has released its Q3, 2017 financial statements.

First Global Data Limited (CNW Group/First Global Data Limited)

Please note that financial statements are prepared in US dollars, while the Company’s stock price and market cap as presented on the TSX Venture Exchange are reflected in Canadian dollars.

Revenues:
The Company continued to realize and increase in revenues. The three month ending September 30, 2017 revenues were $4,504,979 as compared to the three-month ending September 30, 2016 of $1,112,116.

Net Income:
Net income for Q3 showed a loss of $35,053 as compared to Q3, 2016 net income loss of 4,363. Among other things, the company continues to focus on increasing licenses in the USA which adds additional costs.

Profitability and Capital Position:
As at September 30, 2017, the Company maintained an overall positive net income and the capital position of the Company continues to be strong.

“We are generally pleased with our financial results for Q3, 2017. The Company is focused on implementing business deals that have been announced and we believe that as they are deployed they will have a material positive impact to our transactional revenues,” said Andre Itwaru, Chairman and CEO of First Global.

About First Global: (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

Money Transmitter Licenses and Canadian First Global Data in the U.S.

Almost every U.S. state requires a state license in order to transmit money into, out of or within the state. These licenses are expensive to acquire and to maintain and establish a financial barrier of entry.

Licensing requirements include the following considerations:

  • applicant’s financial condition
  • applicant’s net worth
  • amount of business for the previous year
  • anticipated business for the upcoming year

The cost of acquiring a license average more than U.S. $175,000 per state and the annual renewal fees on average are more than U.S. $135,000.

In addition to the various state requirements,  money transmitters must also register with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury. Registration is valid for two years before it needs to be renewed. Money transmitters must use the BSA E-Filing System to submit initial registration forms and renewals. There are both civil and criminal penalties for money services businesses that do not register with FinCEN.

In effect, these regulations help to validate the worthiness of the companies that acquire the money transmitter license. Given the financial investment and the corporate strength in order to acquire the licenses, companies that are granted licenses achieve a degree of credibility.

It is believed that it is more difficult for foreign companies to acquire these licenses. However, given Canada’s highly developed, regulated and structured financial industry, Canadian-based companies are afforded a strong reputation internationally.

One Canadian, publicly traded company, First Global Data Inc. (traded as v.fgd on the TMX) 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.

First Global Data (www.firstglobaldata.com), according to their most recent press release, has acquired 31 money transmitter licenses. “We continue our focus on US wide licensing as the more State licenses First Global has, the larger the market opportunity for our services such as Happy Transfer launched on the WeChat social messaging platform with our China-based partner LianLian; for the Company’s First Global Money international remittances services which delivers into Latin America, India, the Philippines and other very large markets; for domestic USA peer to peer and mobile payment services; and for additional cross border payment services the Company intends to provide to consumers across the USA”, said Andre Itwaru, Chairman and CEO of First Global Data Limited.

This company is  positioned to strategically take advantage of Canada’s financial industry reputation, leveraging our access to the U.S. market and bridging it with Asian demand. With a stock price at under CDN$0.30, I’m curious to see the value of the users it has acquired through partnerships. With Canadian Schedule A banks paying thousands of dollars for credit card customer acquisitions, this company’s value might already be well beyond its stock price.

See related post: First Global Data Appoints Top Notch CFO

First Global Data Appoints Vicki Ringelberg as New CFO

NEWS PROVIDED BY

First Global Data Limited

06:00 ET

TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTOOct. 2, 2017 /CNW/ – First Global Data Limited (“First Global” or the “Company”) announces the resignation of Nayeem Alli and the appointment of Vicki Ringelberg, as the Chief Financial Officer of the Company.

Nayeem Alli is a founder and has been a key contributor toward the vision and success of the Company. The decision to resign was a deeply personal one for him. The Company is working with Mr. Alli toward establishing a consulting relationship as he becomes ready. The Board of Directors, management and shareholders of First Global thank Mr. Alli for his dedication and contributions as Chief Financial Officer and sincerely wish him the best. Mr. Alli continues as a director of the Company.

Vicki Ringelberg is a high caliber executive with a track record of success. Ms. Ringelberg is currently the Chair of the Board of Trustees, Chair of the Governance and Administration Committee and previous Chair of the Audit Committee and Investment Committee of the OPSEU Pension Trust (OPTrust). Prior to that, Ms. Ringelberg spent over 20 years working in various senior financial capacities including Chief Financial Officer of Portland Investment Counsel and the Chief Financial Officer and Chief Operating Officer of AIC Limited (“AIC”). During her tenure at AIC, Ms. Ringelberg was also a member of various boards. Ms. Ringelberg has broad experience in the financial services industry including managing large scale initiatives, implementing complex accounting systems, evaluating business opportunities and executing the acquisitions and sales of various businesses. Ms. Ringelberg is a CPA and also holds an MBA from the Rotman School of Business, University of Toronto.

“We respect Nayeem’s decision to step down as our CFO. He has been a leader since the Company’s inception and instrumental in the Company achieving the levels of success it currently has,” said Andre Itwaru, the Company’s Chairman and CEO. “We are very pleased that Vicki has agreed to join First Global. She brings an incredible level of experience, financial acumen and discipline to the Company, and I look forward to working closely with her as we take the Company to the next levels of its evolution.”

The appointment of Vicki Ringelberg as Chief Financial Officer is subject to acceptance by the TSX Venture Exchange.

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 the 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

For further information: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: ir@firstglobaldata.com; Renmark Financial Communications Inc., Steve Hosein: shosein@renmarkfinancial.com, Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com

See related post: First Global Data in the USA