VANCOUVER, British Columbia, Sept. 27, 2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (“Glance” or the “Company”) (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT), specializes in enabling merchants to provide their customers with quick secure payments, digital rewards, and a better customer experience.
The Company is pleased to provide a corporate update on its recent activities including investor outreach, technology development, sales and marketing, and costs and controls.
Investor Outreach
Glance’s CEO, Desmond Griffin, recently presented at three investor conferences: the MoneyShow in Toronto, ON, the Global Chinese Financial Forum in Markham, ON, and the Extraordinary Future conference in Vancouver, BC. The presentations at the conferences were well-received and the conferences provided excellent forums for the Company to directly interact with institutional investors, investment advisors, individual shareholders and potential partners. We received positive feedback from the investment community and interest from potential strategic partners. These events gave us the opportunity to listen to our shareholders and hear their requests for more frequent updates on the Company, specifically on our sales and marketing plans, as well as progress on technology development.
We received several inquiries from shareholders regarding the release from escrow of certain shares of the Company in early September, including shares owned directly and indirectly by the co-founders of the Company. While the Company has no access to trading activity of its shareholders other than what is publicly disclosed by insiders, Glance can confirm that insider filings show that Desmond Griffin is now the only shareholder that holds 10% or more of the shares of the Company and that Mr. Griffin has not sold shares in the Company in the past 10 months.
We also listened to shareholder concerns regarding rumours and apparent false information on internet chat boards. While the Company has a policy not to comment on rumours or speculation, we do remind shareholders that they should only trust information regarding the Company that is received through our official press releases and disclosure channels.
With regards to ongoing and future investor relations activities, we currently have a video airing on BNN Bloomberg (which can be seen at this link) and we will soon be refreshing our Glance.Tech website to make it more investor-friendly. Mr. Griffin will also be presenting at the 19th Annual Global Chinese Financial Forum Conference in Vancouver on October 13, 2018. More details on this conference will be provided at a later date.
Technology Development
The Company recently announced product testing for its upcoming release of the Glance PayMeTM application, a downloadable merchant app, has commenced and a number of merchants have signed on for beta testing. We are extremely pleased with the progress we are making on Glance PayMeTM and very excited about the new payment capabilities such as pay by QR Code, Bluetooth (automatically detecting nearby payments), and digital invoice (for more information regarding Glance PayMeTM see this link). Glance continues to work towards the goal of going to market with Glance PayMeTM within the present fiscal quarter.
We are also excited about other new features that our development team has been working on such as Pull the Bill, Order from Table, and Pay with Bitcoin, which we also plan to roll-out this fiscal quarter. We continue to work on integration of Glance Coin into our Glance Pay and Glance PayMeTM platforms.
Sales & Marketing
Sales and marketing efforts have been gearing up as we prepare for the roll-out of Glance PayMeTM and new features such as Pull the Bill, Order from Table, and Pay with Bitcoin. We recently hired new senior sales representatives in Vancouver and Toronto. Our sales team is focused on signing up large restaurant chains and high-volume busy urban restaurants concentrated in specific neighbourhoods that are frequently visited by consumers that fit the profile of our target market for users, which includes Millennials and Gen Z.
Our marketing plans are focused on building brand awareness, increasing the number of user downloads of Glance Pay and the launch of Glance PayMeTM. Coinciding with the launch of Glance PayMeTM, Glance will target small to medium sized businesses including segments in the rapidly growing freelance or “gig” economy. Shareholders can expect to see more marketing and promotion of Glance to merchants and users through digital advertising, social media, influencers such as celebrity chefs and food bloggers, and traditional media such as transit ads and radio.
Costs and Controls
As previously disclosed, management has been in the process of reviewing and prioritizing its expenditures to improve efficiency. Significant changes have already been implemented to better utilize its cash resources going forward. Specifically, the Company has reduced costs related to external advisors and restructured our team to focus on the core technologies of Glance PayMeTM, Pull the Bill, Order from Table, and Glance Coin.
We thank our shareholders for their encouragement, patience and long-term outlook on our Company. We remain confident and excited about the tremendous opportunity in front of us as the revolution in mobile payments and blockchain unfolds. Glance will be providing further updates on the exciting innovations it has in development throughout the remainder of 2018.
About Glance Technologies Inc.
Glance owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, merchant manager apps, a large-scale technology hosting environment with sophisticated anti-fraud technology and lightning-fast payment processing. Glance is working on a rewards-based cryptocurrency, the whitepaper for which can be found on the company’s website.
For more information about Glance, please go to www.glance.tech.
For more information, contact:
Paola Ashton
VP Business Development
833-338-0299
investors@glancepay.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, "believe", “thinks”, "expect", “exploring”, “expand”, “could”, "anticipate", "intend", "estimate", “plan”, “pursue”, "potentially", “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations (including advancing its technological roadmap and the Pay with Bitcoin feature), the advancement of Glance’s blockchain infrastructure, Glance’s plans with regards to sales and marketing, the expectation that Glance will accelerate growth and scale, risks related to Glance’s future costs and controls, and expectations that the number of downloads of Glance Pay will increase. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, risks related to the beta testing of Glance PayMeTM, risks related to implementation of the new Pull the Bill, Order from Table and Glance Pay with Bitcoin features, and regulatory risks related to cryptocurrencies. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business objectives, that Glance will be able to develop proprietary software to implement its plans. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance's profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.