SOURCE: First Global Data Limited

First Global Data Limited

November 11, 2015 08:29 ET

First Global Data Limited Updates LTP Financial Acquisition

TORONTO, ON--(Marketwired - November 11, 2015) - Further to its press release dated April 6, 2015, First Global Data Limited (TSX VENTURE: FGD) ("First Global" or the "Company") would like to provide clarification with respect to its acquisition of 2297970 Ontario Inc., which is also known as LTP Financial ("LTP").

Since the closing of the acquisition of LTP, the Company has come to learn that various representations made by the previous management and controlling shareholders of LTP (collectively the "LTP Controlling Shareholders") are inaccurate.

As a result of the inaccurate representations made by the LTP Controlling Shareholders, the Company is evaluating its options with respect to its acquisition of LTP, including, but not limited to, the rescission of the transaction.

About First Global

First Global is an international financial services technology company operating in the payments sector. First Global's services are designed primarily for the domestic and international unbanked and under banked markets. Its two main lines of business are mobile payments and international money transfers. First Global's leading edge technology core enables mobile and online: payments, money transfers, shopping and peer to peer services.

First Global enables its strategic partners and clients around the world with its leading edge financial services technology platform. The Company facilitates the movement of money domestically and internationally in full compliance with regulatory guidelines, maintain a strong focus on compliance.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • For further information, please contact:

    Andre Itwaru
    Chief Executive Officer and President
    Telephone: 416.504.3813
    Facsimile: 416.504.7092