Montreal, Quebec--(Newsfile Corp. - May 30, 2022) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-powered payment card-linked solutions, today released its first quarter 2022 results for the three-month period ended March 31, 2022.
Operating and Financial Highlights for the period:
- Launched its first real-time card-linked offers solution with Visa Inc. to customers in the Latam markets of Costa Rica and Panama;
- Entered into an agreement to provide its value-added services on Ingenico's Payments Platform as a Service. Ingenico is a brand of Worldline (Euronext: WLN), the European leader in the payments and transactional services industry and the fourth largest worldwide;
- Revenues of $0.129 million, an increase of 28% when compared to the previous quarter;
- Operating costs of $1.184 million, a decrease of 29% when compared to the previous quarter;
- Net loss of $1.463 million, a decrease of 30% when compared to the previous quarter;
- Proceeds from the issuance of convertible debentures for a cash consideration of $0.460 million;
- Cash and cash equivalents of $0.453 million as of March 31, 2022.
"Mobi724 continues to experience positive traction in Q2 as we are successfully reactivating a significant number of accounts that had become dormant during the pandemic. This quarter, we continue to add new partners to further expand the scope of our real time connectivity network and we are signing contracts with new and existing clients while focusing on completing the funding for our acquisition of Avenida," said Marcel Vienneau, CEO.
This press release should be read in conjunction with the Company's condensed interim consolidated financial statements and the Company's Management Discussion and Analysis for the three-month period ended March 31, 2022. These documents and additional information can be accessed under Mobi724's company profile on www.sedar.com.
Update on Acquisition
The Company announces that it is continuing to progress towards completion of its previously announced proposed qualifying transaction involving the proposed acquisition of Avenida Compras S.A. (the "Acquisition") (see the Company's news release dated March 2, 2022). The Company and Seller have agreed to extend the closing deadline to June 30, 2022 as the Company is in advanced discussions with various funding partners to secure the necessary financing for completion of the Qualifying Transaction.
The Company anticipates closing the Acquisition by the end of June 2022. The Acquisition is subject to regulatory approval by the TSX Venture Exchange ("TSX-V"), the Company securing the requisite financing, the execution of definitive documentation as well as certain conditions and closing adjustments which are customary for transactions of this nature. The Company will provide further details in respect of the Acquisition, in due course once available, by way of press releases.
About Mobi724 Global Solutions Inc.
Make Every Transaction An Opportunity
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
Legal Disclaimer
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR. These forward-looking statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Mobi724 cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Mobi724's control. Such factors include, among other things: risks and uncertainties relating to mobi724's ability to complete the proposed Acquisition; and other risks and uncertainties. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Mobi724 undertakes no obligation to publicly update or revise forward-looking information. Completion of the Acquisition is subject to conditions, including but not limited to, TSX-V acceptance. There can be no assurance that the Acquisition will be completed as proposed or at all.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of TSX-V) 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 AND IS NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Investor Relations:
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com
Renmark Financial Communication Inc.
Scott Logan: slogan@renmarkfinancial.com
T: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125873
