PALO ALTO, CALIFORNIA and CALGARY, ALBERTA--(Marketwired - Dec. 22, 2015) - Risk Management & Payment Processing specialist Vogogo Inc. ("Vogogo") (TSX VENTURE:VGO) today announced a formalized partnership with CBW Bank.
Via the partnership, Vogogo will be the marketer of the bank program in addition to providing sophisticated risk management services to all participants. The service will be offered to qualified US businesses and consumers, including certain businesses offering cryptocurrency-based services. For its part, CBW Bank will provide all the banking, stored value and payment processing services to the bank approved program participants.
Founded in Weir, KS in 1892, CBW Bank was acquired in 2009 by its current management team, which includes ex-Google, ex-Yahoo and Wall Street executives. Since then, it has led innovation within the US banking sector. CBW Bank has also pioneered real-time payments, a unique and game changing innovation within US banking.
Vogogo CEO Geoff Gordon said of the announcement, "CBW is a forward looking organization and we are excited to be working with them on the US bank program. In simple terms, via this partnership, Vogogo clients have effective access to the world's largest financial market. This program allows us to grow our business both with our crypto-focused clients and with traditional clients; it's very effective for any qualified business looking to gain reliable access to the US financial networks in a highly secure and compliant fashion."
In connection with the partnership, Vogogo has granted to CBW Bank's holding company CB Bancshares 625,000 share purchase warrants ("Warrants") of Vogogo. The Warrants will have a term of twenty-four (24) months from the date of issuance and will have an exercise price of $0.80. The warrant issuance is subject to acceptance by the TSX Venture Exchange and successful operation of the bank program by Vogogo in the US for four (4) consecutive months. The Warrants will have a hold period that will expire 4 months and one day from their date of issuance and will be subject to certain restrictions under applicable US securities laws.
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
About CBW Bank
CBW Bank was founded in 1892 in Weir, KS. In 2009, it was acquired by its current management team, which includes ex-Google, ex-Yahoo and Wall Street executives.
With rapidly evolving technologies and regulations, CBW Bank expects to continue, in conjunction with its partners, to develop and launch products and services that leverage these changes and innovations to serve its customers better.
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 six month periods ended Sept 30th, 2015 for a detailed discussion of risk factors.
Vogogo continues to enter into various arrangements with cryptocurrency exchanges and other payment processors in order to integrate Vogogo's technology with such entities. There is no certainty that such integrations will result in the generation of revenues as a result of any such arrangements.