LONDON, UNITED KINGDOM and PALO ALTO, CALIFORNIA and CALGARY, ALBERTA--(Marketwired - Nov. 23, 2015) - Vogogo Inc. ("Vogogo") (TSX VENTURE:VGO) today announced that its wholly-owned subsidiary, Vogogo EU Ltd, has obtained final authorization from the Financial Conduct Authority (FCA), the UK's banking and financial services regulator, to operate as an authorized Electronic Money Institution (EMI). As an authorized EMI, Vogogo has also established safeguarding accounts with a commercial bank based in Europe and transaction acquiring relationships with three banks based in Europe.
Obtaining the EMI authorization allows Vogogo to operate as an independent provider of payment processing, stored value, e-wallet, pre-paid card, and foreign exchange services in addition to providing related risk management services. The authorization is issued for the UK and extends to the broader European Economic Area (EEA) through a cross-border services arrangement known as passporting.
The EMI authorization requires that Vogogo has achieved and will maintain comprehensive corporate, financial and operational structures, practices, policies and procedures in accordance with the UK's Electronic Money Regulations directive and as authorized by the FCA.
"We are both reassured and excited to have final authorization from the FCA." said Vogogo Inc. CEO, Geoff Gordon. "The EMI authorization allows us to move forward on several business opportunities in Europe. As a result, I believe we will see strong growth in Europe and we look forward to realizing that."
As well, Vogogo today announced that it has filed its third quarter financial statements for the period ended September 30th, 2015. These financial statements and corresponding managements discussion and analysis may be obtained on Vogogo's SEDAR profile at www.sedar.com.
The company will be holding an investor conference call on Monday, November 23rd, 2015 at 3pm ET. The live conference call will be available by calling 1-877-265-6830 and using participant code 87694123.
About Vogogo Inc.
Vogogo is a TSX Venture Exchange ("TSXV") publicly traded risk management and payment services company. Founded in 2008, Vogogo designed, built and launched its automated risk management and payment processing technology while continuing to grow its expertise in software development, technology, banking, compliance, payments and transactional risk management. Vogogo is now executing on its plan to offer its services to key global markets. The plan focuses on market opportunities where Vogogo believes it has a competitive advantage due to its experience, positioning and technology.
For further company information please view the Vogogo Media Kit.
Neither 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 press release.
None of the information contained on, or connected to, Vogogo's website is incorporated by reference herein.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Vogogo. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Vogogo. Vogogo does not have any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws. See Vogogo's Annual Information Form for the year ended December 31st, 2014 and its Management's Discussion and Analysis for the three and nine month periods ended September 30th, 2015 for a detailed discussion of risk factors.
Vogogo continues to enter into various arrangements with banks and other financial service providers in order to integrate Vogogo's technology with such entities. There is no certainty that obtaining the EMI authorization or that the integration of Vogogo's technology with any entities will result in the generation of future revenues.