Zoompass Holdings Inc.

Zoompass Holdings Inc.

May 30, 2017 08:30 ET

Zoompass Announces the Acquisition of a Transportation Enablement Platform

TORONTO, ONTARIO--(Marketwired - May 30, 2017) - Zoompass Holdings Inc. ("Zoompass" or the "Company") (OTC PINK:ZPAS) is pleased to announce that it has entered into an agreement to acquire a Transportation Enablement Platform (the "Platform") which provides fully automated dispatching and bookings management built for taxi companies, limousine companies and ride-sharing service providers. The Platform gives customers an app based experience while the acquired cloud-based Platform, provides service providers a range of functions which include customer booking, accounts management, driver tracking, real-time notifications, auto dispatching algorithms, accounting and settlements, corporate account management as well as providing reporting and analytics. The Platform has also shown to have a direct application in the B2B space in providing corporations with a more efficient taxi chit solution to combat fraud and excessive administration costs.

In exchange for the acquisition of the Platform from a private Canadian based company, the Company will be providing as consideration the equivalent of up to Cdn$1,000,000 in the form of non-registered shares in the common stock of the Company, based on a share price of the lesser of US$3.00 per share, or the share price on closing. The equivalent of Cdn$400,000 in Zoompass shares is payable on closing with Cdn$300,000 payable in shares on the first anniversary of the closing, subject to the satisfaction of certain milestones,, and an additional Cdn$300,000 payable in shares on the second anniversary of the closing, subject to the satisfaction of certain milestones. Closing is subject to certain closing conditions and is expected to occur in June 2017.

The Company believes the continued development of the Platform can be leveraged into the Company's e-Wallet payment and prepaid card solutions.

Rob Lee, Chief Executive Officer of the Company commented, "We are extremely pleased to announce the acquisition of the Platform, and we believe that it fits well into our portfolio of solutions and will leverage in particular, our existing mobile money platform. It's these types of strategies that will continue to drive the company forward."

About Zoompass Zoompass is a leading financial services technology company with a unique place in the Fintech space as both a financial platform provider with divisions in physical prepaid cards, financing enablement, and mobility products. Zoompass provides businesses and government tailored solutions to help digitize their financial transactions. In the card sector, Zoompass offers complete program management services for a wide range of open loop Visa® and MasterCard® prepaid and virtual card accounts. Zoompass enables businesses to provide their customers with a number of open loop card choices including, gift card, incentive cards, check replacement cards and online virtual card accounts. The company also provides advanced mobile technology, enabling businesses to provide their customers with a white label mobile wallet solution, like Zoompass, with the ability to manage their card balances, bill pay, transfer funds and perform card to card money transfers in real time using their mobile devices. Zoompass's mobile device division helps carriers and mobile device manufacturers integrate the financial platform technology into their offerings. For more information about Zoompass, visit www.zoompass.com.

Safe Harbor:

From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. Forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause actual financial or operating results, performances or achievements expressed or implied by such forward-looking statements not to occur or be realized. Forward-looking statements made in this press release generally are based on our best estimates of future results, performances or achievements, predicated upon current conditions and the most recent results of the companies involved and their respective industries. Forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "could", "should", "project", "expect", "believe", "estimate", "anticipate", "intend", "continue", "potential", "opportunity" or similar terms, variations of those terms or the negative of those terms or other variations of those terms or comparable words or expressions. Potential risks and uncertainties include, among other things, such factors a general economic conditions, the fulfillment of sales orders, delivery of product, the impact of legislation and the competition within our industry.

Contact Information

  • Zoompass Holdings Inc.
    Rob Lee, Steve Roberts, Brian Morales