TORONTO, ONTARIO--(Marketwired - March 3, 2017) - Zoompass Holdings Inc. ("Zoompass" or the "Company") (OTCQB:ZPAS) is pleased to announce the following operational and corporate update.
LAUNCH OF ZOOMPASS FINANCIAL PLATFORM
Zoompass is pleased to announce that it will be launching its enhanced Mobile Money Platform during March 2017. The platform provides comprehensive personal financial solutions including international remittance, direct bank loading, transfers, direct payroll deposit and peer to peer payment.
The Company expects to have its mobile application available on the App Store on Apple® mobile devices and the Google Play Store for all Android devices. The launch of what the Company believes is a feature rich world class mobile money platform, allows for the integration of the Company's multi-faceted business model with the ability to serve both "business to business" and "business to consumer".
Rob Lee, Chief Executive Officer commented, "We are extremely pleased about the imminent launch of our enhanced platform and are looking forward to achieving this important milestone. Our comprehensive financial Mobile Money Platform is a critical base in driving our diverse revenue stream going forward."
MOBILITY PRODUCTS AND SOLUTIONS
During the fourth quarter of 2016, the Company successfully launched its mobility products and solutions program consisting of new and certified customer pre-owned phones and tablets, branded accessories and endless aisle program availability.
In connection with the launch of the mobility products and solutions programs the Company entered into several agreements more fully described below.
AGREEMENT WITH SYNNEX
The Company has entered into to a sales agent agreement with SYNNEX Canada Limited. ("SYNNEX Canada"). SYNNEX Canada Limited, is a wholly-owned subsidiary of SYNNEX Corporation a leading distributor of technology products to resellers and system builders across Canada. It is expected that the agreement will propel the existing mobility strategy within Synnex to increase their reach within North America through national retail and wholesale channels, as well as value added resellers. The agreement should benefit Zoompass by giving direct access to those channels for cross-selling opportunities. Through this partnership, Synnex will gain access to Zoompass' expertise and established relationships with original equipment manufacturers and mobile virtual network operations and other channels opportunities.
AGREEMENT WITH SKY
The Company is also pleased to announce that it has agreed to a marketing partnership with SKY Devices LLC ("SKY") to provide international brand exposure into expanding markets and key retailers. "SKY is a fast growing mobile manufacturer developing smartphones with premium quality modern designs and robust performance". This partnership is in line with our strategy of being a unique integrated fintech company by bridging mobility with a global mobile money platform.
AGREEMENT WITH U-VEND GROUP
Zoompass has entered into an agreement with U-Vend Group to fit U-Vend Group vending solutions with mobility products and provide North American brand exposure into key markets and retailers. U-Vend Group owns and operates kiosks and has partnered with numerous national consumer product companies to deliver new and innovative customer retail experiences in automated "frictionless" settings. The Company is well positioned to sell U-Vend Group solutions within Canada, USA and Mexico by leveraging its existing relationships and network within the national retailer, airport and mall channels. The offering will leverage a "Grab and Go" model where consumers can use their credit card in a vending machine to purchase mobility devices and products.
AGREEMENT WITH STARLINK GROUP LLC
The Company is also pleased to announce that it has agreed to a marketing partnership with Starlink Group LLC ("STARLINK") to provide international brand exposure into expanding markets and key retailers. STARKLINK is a wholesale distributor qualified in marketing cellphones and electorinc equipment offering a variety of models and brands. This partnership is in line with Zoompass' strategy of being a unique integrated fintech company by bridging mobility with a global mobile money platform.
VIRTUAL FINANCING PROGRAM
The Company is pleased to announce that it has entered into a Lender Referral Agreement with a third party to provide financing allowing the Company to launch is virtual financing program. Enabled by the Zoompass Mobile Money Platform, the program provides complete turnkey financing options for retail customers within locations across North America.
The program allows for real time credit approval and allows the Company to leverage its card products to provide greater credit to the consumer with residual approved funds issued through prepaid cards.
GIANT TIGER PROGRAM
Zoompass is also pleased to announce that through its alliance with Home Trust, the launch of an onsite credit program with retail chain Giant Tiger. Giant Tiger was founded in 1961 and is Canadian owned and operated. The privately held, franchise based company, has over 200 stores in eight provinces, with many more opening, and employs over 7,000 team members. This program combines Zoompass' core competencies with its ability to facilitate the offering of credit facilities through its partners. The success of the launch hinged on the ability to offer "on-the-spot" quick credit approval for customers. This was accomplished utilizing Zoompass' mobile money platform in conjunction with Home Trust's credit and adjudication facilities. In total, consumers are on-boarded in under 5 minutes and are approved in under 20 seconds.
Zoompass is pleased to announce that it launched its new reloadable prepaid card during December of 2016. The Company shipped 15,000 prepaid cards to select retail locations in December 2016 and is currently in the process of delivering another 50,000 cards to retail locations.
Steve Roberts, President of the Company also commented, "We are extremely pleased to have entered into an array of agreements across our varied revenue streams. We look forward to working with our vendors, suppliers, customers and other stakeholders as we look to drive shareholder value in the coming months."
The Company will be providing an outlook for 2017 with the release of its audited financial statements which is expected to filed later in March.
In January of 2017, the Company received approval from FINRA to change the name from UVIC, Inc. to Zoompass Holdings Inc. and the Company's ticker was changed to ZPAS from UVVC. In February of 2017, FINRA approved a 3.5 forward split for shareholders of record on September 7, 2016. Both actions were approved by the majority of shareholders on September 7, 2016.
The Company also announces that its Board of Directors have approved the grant of 1,480,000 options to purchase common stock of the Company at an exercise price of C$1.50 and 460,000 deferred share units to certain directors, officers, employees and consultants of the Company. Of the grant, 562,000 options and 187,500 deferred share units vest immediately and are exercisable over a five year period from the date of grant. The remaining options and deferred share units vest ratably over a three year period and are exercisable over a five year period from the date of grant.
During the fourth quarter of 2016, the Company issued 1,471,659 warrants to purchase common stock of the Company at an exercise price of C$0.50 with each warrant exercisable into one share of the Company's common stock. Of the issuance 600,000 warrants expire on October 31, 2017 with the remaining warrants had their expiry extended to March 31, 2017.
During the fourth quarter of 2016, the Company issued 379,921 common shares at an exercise price of C$1.50 per share for gross proceeds of $569,887 through a series of private placements.
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, cheque 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.
Forward looking information:
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. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.