Zoompass Holdings Inc.

Zoompass Holdings Inc.

May 09, 2017 17:00 ET

Zoompass Issues Statement About Promotional Activity Concerning Its Common Stock

TORONTO, ONTARIO--(Marketwired - May 9, 2017) - Zoompass Holdings Inc. ("Zoompass" or the "Company") (OTCQB:ZPAS) announces that it has been made aware of and requested by the OTC Markets Group, Inc. to comment on recent trading and potential promotional activity concerning ZPAS common stock.

On May 8, 2017, OTC Markets informed the Company that it became aware of a promotional newsletter touting the Company and encouraging investors to purchase the Company's common stock. The Company is unaware of the effect on the trading activity, if any, as the Company had previously issued over the preceding several weeks press releases and SEC reports outlining, among other things, more complete and robust descriptions of the Company's business and opportunities, the entry into certain agreements in furtherance of the Company's disclosed business plans, and consummation of private placements with respect to the sale of non-registered shares in the common stock of the Company necessary to effect the business plan. During which time the Company's common stock, and volume of trading, rose at a steady and robust rate. Following the Company's forward stock split approved in mid-February of this year, the public announcements thereof shortly thereafter, and DWAC approval from the DTC in the middle of March, the Company's stock began trading actively in late-March. The Company is unaware of the full nature and content of the promotional newsletter and any related promotional activity, the responsible parties and the extent of the email newsletters' dissemination.

The Company is not aware of the promotional materials' author or its affiliated entities or persons, other than the identifying information disclosed in the newsletter. The Company's recent press releases have reported on and provided disclosure of legitimate and ongoing corporate activity only, and are not part of any promotional activities or campaign. "While we support the rights of investors and market participants to publicly comment on our stock and the market generally, the Company encourages those interested in the Company to rely solely on information included in its press releases combined with its filings and disclosures made with OTCMarkets Group and the Securities and Exchange Commission, which is available on the SEC's website. We thank OTCMarkets for their openness and consideration to the investors of Zoompass Holdings, Inc. and will continue to support the open and complete disclosure of information regarding the Company" commented Mr. Brian Morales, Chief Financial Officer of the Company.

After inquiry, the Company states definitively that its officers, directors and, to the Company's knowledge, its controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities), of which there are only two, have not, directly or indirectly, authorized or been involved in any way (including payment to a third-party) with the creation or distribution of promotional materials including the subject newsletter; and that the Company, its officers, directors and, to the knowledge of the Company, any controlling shareholders, have not sold or purchased the Company's securities within the past 90 days on the open market. Additionally, the shares currently held by the Company's officers, directors and controlling shareholders are not registered.

Despite a statement in the promotional material that the author has spoken to management of the Company, the Officers, Directors and the controlling shareholders definitively state that there has been no contact with the author of the material. Further, the promotional material asserts that a $30 million dollar investment was given to the Company. This is not the case rather the Company has stated in the past that prior owners of the platform had invested over CDN$40 million in the technology.

In June of 2016, the Company engaged and continues to engage Smashbox Consulting Inc., a digital consulting firm to assist the Company in product and application marketing and brand awareness to new and existing customers. Other than this marketing consultant, the Company has engaged no third parties to provide marketing services and has engaged no third parties to provide investor relations services, public relations services, or other related services.

As noted in the Company's SEC filings it has warrants, options and DSU's outstanding.

About Zoompass Zoompass Inc. 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 Inc.
    Rob Lee, Steve Roberts, Brian Morales
    Source: Zoompass Holdings Inc.