SOURCE: First Global Data Limited

First Global Data Limited

May 06, 2016 09:00 ET

First Global - LTP Litigation Update

TORONTO, ON--(Marketwired - May 06, 2016) - Further to its press release dated January 22, 2016, First Global Data Limited ("First Global" or the "Company") (TSX VENTURE: FGD) would like to provide an update on the litigation between the Company and various plaintiffs described by YS Capital Inc. as the "LTP Stakeholder Group".

In its press release dated January 21, 2016, YS Capital Inc. announced that it had filed a suit against the Company on January 11, 2016 in the Ontario Superior Court of Justice on behalf of the LTP Stakeholder Group.

First Global is pleased to advise that the statement of claim in that suit was ordered struck out in its entirety on April 29, 2016 with costs payable by the plaintiffs. The LTP Stakeholder Group has been granted leave to amend some of the statement of claim by May 30, 2016, failing which the Company may go to court to have the suit dismissed.

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, mobile 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, and 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:
    Investor Relations
    Telephone: 416.504.3813
    Facsimile: 416.504.7092
    Email: ir@firstglobaldata.com