First Global Data Limited

First Global Data Limited

July 09, 2014 09:00 ET

First Global Makes Organizational Changes

TORONTO, ONTARIO--(Marketwired - July 9, 2014) - First Global Data Limited ("First Global" or the "Corporation") (TSX VENTURE:FGD) would like to announce that it has appointed Nayeem Alli as interim Chief Financial Officer. Mr. Alli was previously the CFO of the Corporation's subsidiary, First Global Data Corp.

Prior to First Global, Mr. Alli served as Director, Corporate Planning and Business Analysis and Director, Financial Planning and Modeling for AT&T Canada Corporation, where he was responsible for developing the annual financial plans and budget amounting to $1.6 billion and contributing to the company's overall strategic direction. Mr. Alli was also Associate Director, Decision Support, a CFO function within AT&T Canada Corp. where he developed the Strategic Plan for Canada. During his career at AT&T, Mr. Alli held a number of other senior management level positions within AT&T Canada and at NCR Corporation.

Mr. Alli was appointed Interim CFO upon the resignation of Mr. Manny Bettencourt. Mr. Bettencourt resigned as CFO of the Corporation to pursue another opportunity. Mr. Bettencourt will continue to serve as a director of the Corporation. The Corporation would like to thank Mr. Bettencourt for his contributions to the Corporation in his role as CFO and wishes him the best of luck in his future endeavors. Mr. Bettencourt will continue to provide input, guidance and ongoing support in his capacity as Director of the Corporation.

The Corporation would also like to announce that Ms. Pauline Fung-On has been appointed Vice President, Finance to support Mr. Alli. Pauline is a designated CPA, CMA and a senior finance strategist with over 15+ years of professional experience working with C-level executives as a subject matter expert (advisory and functional) in Compliance, Corporate Strategy, Budget & Planning, Internal Controls, Business Transformation, Risk Mitigation, Critical Thinking, Project Management, Financial Reporting & Audit, and Corporate Finance, acquired from a diverse background of international engagements. Specific knowledge/skills include: IFRS, GAAP, Financial Services Industry Regulations, Business Case/Financial Modeling, and Market/Feasibility Studies. Ms. Fung-On had previously served as the Corporation's Director of Finance.

The Corporation will commence the process of identifying a candidate to fill the permanent position of CFO and it is expected that this process will be concluded prior to the end of this year.

In addition, the Corporation is pleased to announce it has appointed Michael Caruso to its board of directors.

Mr. Caruso is a partner in the Toronto office of Norton Rose Fulbright specializing in corporate law. Mr. Caruso's practice focuses on domestic and cross-border mergers and acquisitions, private equity and venture capital investments, debt and equity financings, corporate reorganizations and complex debt restructurings, IT licensing agreements, strategic alliances/joint ventures, cooperation agreements and corporate governance. Mr. Caruso provides transactional, structural and commercial advice to domestic and foreign clients in a number of industries, primarily electronic commerce and payment cards, technology (including financial, information and healthcare technology), and life sciences and healthcare. He has acted for purchasers, sellers, investment funds, licensors and licensees, payment and loyalty card issuers and innovators, and payment transaction acquirers. Mr. Caruso has a reputation for leading complex transactions, being straightforward and solution-oriented, and delivering practical and timely advice.

"We are honored to have Michael join our Board of Directors and are confident that Michael has the background and industry relevant experience and will contribute in a significant way toward the next phase of the growth of First Global", said Andre Itwaru, Chairman of the Corporation.

About First Global

First Global Data Limited (TSX VENTURE:FGD), through its various subsidiaries, is an international payments company whose services are designed primarily for the domestic and international underbanked markets. Services include Mobile and Online Payments, Money Transfer, including Peer to Peer mobile and online transfers. First Global moves money domestically and internationally in full compliance with regulatory guidelines. First Global also enables its strategic partners and clients around the world with its leading edge financial services technology products. First Global maintains a strong focus on compliance and holds licenses to operate as a Money Service Business around the world. The Corporation's electronic transaction infrastructure currently extends to approximately 97 countries worldwide. First Global's goal is to become the global leader in the mobile money and online financial transaction services sector.

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.

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