Zoompass Holdings Inc.

Zoompass Holdings Inc.

November 06, 2017 09:00 ET

Zoompass Provides Update on Its Mobility Solutions Program

TORONTO, ONTARIO--(Marketwired - Nov. 6, 2017) - Zoompass Holdings Inc. ("Zoompass" or the "Company") (OTCQB:ZPAS) is pleased to announce the following update on the Company's business and information objectives going forward.

The Company, through a wholly-owned subsidiary, has secured purchase orders and issued invoices valued at approximately C$740,000. Of this amount, approximately C$45,000 is expected to be recognized as gross revenue during the period ended September 30, 2017, with the balance to be recognized during the Company's fiscal fourth quarter(i). The purchase orders are subject to certain standard risks, including the delivery of mobile devices, which is expected to occur during the fourth quarter of 2017(ii). These are initial orders and the beginning of what the company expects to be a steady line of revenue within its mobility devices group. Collectively these orders are for approximately 4,875 units across the Company's various product offerings and to its various distribution partners, including iOnetek Inc., a Canadian private distributor of mobile devices.

Steve Roberts, President for Zoompass provided the following, "This is a great start and illustrative of how we can leverage our existing network and distribution partnerships in the mobility space."

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 cards, incentive 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. 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.

The Company discourages any and all promotional activity by non-Company actors, and encourages investors and potential investors to review the Company's public filings, its website and its press releases, and to discuss these matters with their personal legal and financial advisors. Non-Company newsletters/recommendations, websites or general stock symbols/classifications or other identifiers regarding our securities, whether positive or negative, should not be relied on because these items are simply opinions/policies of a third party. These third parties are, in many instances, paid by the publisher or other third parties and the Company believes that they profit from the publication of this literature and the results on the market. These materials should not be a substitute for investors' research and/or independent decision-making.

(i) All figures are unaudited.
(ii) Readers are urged to read the Company's most recently filed 10K, 10Qs and 8Ks for a discussion of the various risks the Company is subject to.

Contact Information

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