LONDON, March 23, 2020 (GLOBE NEWSWIRE) -- Midpoint Holdings Limited (TSXV: MPT) (Frankfurt: 8MH1) (“Midpoint” or the “Company”) advises that, in an effort to mitigate and minimize any health related risks to its personnel, it has instituted various measures in response to the global COVID-19 pandemic outbreak. The Company is doing everything it can to support our staff and customers at this challenging time and would like to reassure shareholders that it is business as usual at Midpoint. The advent of technological upgrades allows for high levels of efficiency and operational continuity in situations where employees choose to work remotely. As a result, Midpoint advises that it does not expect any disruption in providing its service offerings whatsoever.
“In the digital age, the utilization of paper currency to conduct commerce is becoming less and less vital,” noted David Wong Midpoint CEO. He continued, “With newfound fears regarding the potential for pathogens and microbes to live on surfaces, such as cash, for a couple of days in some cases, we believe the value in our fully digitized foreign exchange payments platform is more robust than ever.”
“With both the US Federal Reserve and Bank of England making emergency rate cuts recently in response to the economic impact of the COVID-19 pandemic, we have seen extreme volatility in the financial and money markets. Traditionally, volatility in the FX markets has been beneficial to Midpoint as we help our clients take advantage of perceived favorable FX rates. Historically, our clients have placed larger or more transactions in times of volatility. The recent volatility is no exception and we have seen a noticeable uptick in the size of client transactions,” David Wong noted. “This does not increase our risk as Midpoint does not take on market or FX risk as a payments and cross-border payments platform,” Wong added.
About Midpoint
Headquartered in London, UK, Midpoint is an FCA authorized payments institutions specializing in cross-border payments and foreign exchange. SMEs, overseas professionals, property owners, foreign students, individuals, and anyone involved in international payments use Midpoint’s US patent-protected platform for transparent, multi-party, multi-currency services.
Midpoint currently handles transactions in 24 currencies with the ability to collect and transfer across over 200 countries. This highly secure platform provides customers with the most cost-effective FX at the midpoint of the interbank buy/sell rate, therefore removing the spread as well as hidden costs and fees.
Midpoint Holdings Limited is listed on the TSX Venture Exchange and cross-listed on the Frankfurt Stock Exchange.
For information on Midpoint, please visit: https://www.midpoint.com.
For further information, please contact:
| Corbin Comishin, CFO | David Wong, President and CEO |
| Midpoint Holdings Limited, | 22-25 Portman Close, Marylebone, |
| 505 Kootenay Street, Nelson, | London W1H 6BS, United Kingdom |
| British Columbia V1L 1K9, Canada | Tel: 0044 20 7448 3082 |
| Tel: 001 250 352 7667 | Email: info@midpoint.com |
Neither the TSX Venture Exchange (the “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 and has neither approved nor disapproved of the contents of this news release.
Forward-looking information
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing Midpoint and its business and affairs, readers should refer to Midpoint’s Management’s Discussion and Analysis. Midpoint undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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