MONTREAL, July 03, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V:MOS), a global Fintech company, announces that the transaction, which was previously announced on May 9th, 2019 and updated on June 14th, 2019, concerning the sale of certain assets, owned by its wholly owned subsidiary, I.Q. 7/24 Inc. (“iQ7/24”), to Ackroo Canada Inc. (“Ackroo”) (TSX-V: AKR), closed on July 2nd, 2019 (the “Transaction”). The final amount of the Transaction totaled $2,800,000 plus GST and QST for a total of $3,219,300. An amount of $2,800,000 was received from Ackroo at Closing with the remaining balance of $419,300, which represents the GST and QST owing on the Transaction, due within sixty (60) days of the closing date.
Marcel Vienneau CEO of MOBI724 stated: “Having now closed this Transaction, the entire MOBI724 team will direct all of its focus on advancing and monetizing the highly scalable business opportunities that exist with both payment card issuers and processing networks across Latin America.”
Allan Rosenhek CFO of MOBI724 said: “We have greatly appreciated the degree of collaboration and professionalism exhibited by Ackroo’s executive team. We wish them success growing their business and we will continue to work with Ackroo to ensure a smooth transition. We look forward to working with them on any future business alliances”.
About Ackroo
Ackroo provides merchants of all sizes a robust, cloud based multi-currency marketing platform to help attract, engage and grow their customers while increasing their revenues and margins. Through a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process gift card, loyalty and promotional transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their gift card and loyalty accounts. Ackroo also provides important marketing services to assist their merchants with utilizing Ackroo’s technology solution. Ackroo is headquartered in Ottawa, Canada. For more information, visit: www.ackroo.com.
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 turn-key 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.
Legal Disclaimer
Certain statements in this document, including those which express management’s 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:
Investor Relations:
Mr. Marcel Vienneau
CEO/President
MOBI724 Global Solutions Inc.
T: 514-394-5200; E: IR@mobi724.com