Fintech
Gravitas Announces Closing of Previously Announced Transactions Regarding the Purchase of Notes and Debentures Issued Under the Trust Indentures for Cancellation
Toronto, Ontario–(Newsfile Corp. – May 6, 2020) – Gravitas Financial Inc. (CSE: GFI): Further to its April 21, 2020 announcement of its debt repurchase agreement (the “Debt Repurchase Agreement“) with the fiduciary acting on behalf of the beneficial holders of substantially all of Gravitas’ secured debt (the “Debtholder“), Gravitas Financial Inc. (“Gravitas“) announces that it has closed the transactions contemplated in the Debt Repurchase Agreement and acquired all of the 8% variable secured debentures issued pursuant to the trust indenture of Gravitas dated June 25, 2013 and the 3.5% secured notes issued pursuant to the trust indenture of Gravitas dated December 3, 2014 (collectively, the “Notes“) held by the Debtholder on behalf of the beneficial holders (collectively, the “Purchased Notes“). The purchase price paid for the Purchased Notes was $1,189,394.00, being an amount equal to all cash and cash equivalents of Gravitas as at the date of closing (other than the amount of $171,582.67 and certain further amounts that the Debtholder has approved for use to pay certain obligations of Gravitas, including transaction expenses and the Defeasance Amount (defined below)) (the “Transaction“).
Immediately upon completion of the Transaction, Gravitas paid to the remaining holders of Notes other than the Purchased Notes (collectively, the “Remaining Notes“) all amounts owing under such Remaining Notes, being $73,852.88 (the “Defeasance Amount“, with such transaction being the “Defeasance Transaction“).
As previously announced, in connection with the completion of the Transaction and the Defeasance Transaction, all outstanding Notes (being all of the Purchased Notes and the Remaining Notes) were cancelled. Gravitas has applied to have the Notes delisted from the Canadian Securities Exchange (“CSE“) in accordance with CSE policies, and it is anticipated that the Notes will be delisted effective at the close of business on May 6, 2020.
Gravitas also announces the resignation of Brent Houlden from the board of directors effective as at the close of business today. The board thanks Mr. Houlden for his contribution to Gravitas and intends to appoint a replacement director in due course.
Forward-looking Statement
Certain statements in this news release constitutes “forward-looking” statements. These statements relate to future events and can be identified by the use of words such as “anticipated”, “intents to” and “will” occur. Forward-looking statements include the timing and completion of the delisting of the Notes by Gravitas from the CSE and the board’s intention to appoint a replacement director in due course. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements reflect current expectations regarding future events and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of Gravitas believes are reasonable assumptions on the date of this news release, Gravitas cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties and other risks detailed from time-to-time in Gravitas’ ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. These forward-looking statements are made as of the date of this news release and Gravitas disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
ABOUT GRAVITAS FINANCIAL INC.
Gravitas Financial Inc. is a platform company that creates businesses in key traditional and emerging sectors with strong industry partners. Our industry focus includes financial services and fintech. We leverage our unique platform to develop a continuous pipeline of new ventures with significant blue-sky potential. Our platform is complimented by strong investment research and digital investment media groups.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Vikas Ranjan, President, Gravitas Financial Inc.
Email: [email protected]
Phone: 647-352-2666
NOT FOR DISSEMINATION IN THE UNITED STATES OR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55472
Fintech
Fintech Pulse: Your Daily Industry Brief (Pennant Technologies, MogoPlus, Stash, Kennel Connection, RedRover)
As the fintech world evolves, emerging technologies, strategic collaborations, and industry shifts continue to shape the financial landscape. Today’s briefing covers the intensifying AI race between fintechs and banks, transformative partnerships, executive changes, and industry-wide innovations, highlighting the crucial role of fintech in reshaping the future of finance.
The AI Race: Fintechs vs. Traditional Banks
The competition between fintech firms and traditional banks to dominate AI integration is heating up. Fintech companies are leveraging AI to enhance customer experience and streamline operations, whereas banks are adopting AI cautiously, balancing innovation with regulatory compliance. The dynamic is reshaping customer expectations, with fintechs pushing the envelope in personalization, risk assessment, and fraud prevention. Traditional institutions are adopting fintech-style agility to stay competitive.
Source: Yahoo Finance, Fintech Futures, Cointelegraph
Collaborations for Enhanced Services
Pennant Technologies and MogoPlus have joined forces in Australia to revolutionize the lending process. By integrating their technologies, they aim to streamline the value chain in lending, offering enhanced speed and efficiency to both institutions and borrowers. This partnership reflects a growing trend of fintechs collaborating to offer comprehensive solutions, expanding their reach and impact within traditional financial sectors.
Source: Fintech Futures
Leadership Shifts and Layoffs: Stash’s Turbulent Turn
Stash, a major player in the fintech space, is undergoing significant leadership changes and layoffs amidst acquisition speculations. The fintech industry is experiencing a wave of strategic realignments, with several firms reevaluating their business models in response to market pressures and investor demands. This reflects broader industry concerns about sustainability and scaling in a competitive, innovation-driven market.
Source: Fortune
Fintech Meets Pet Care: A Unique Philanthropic Move
Kennel Connection has made waves by contributing $5,000 to RedRover on Giving Tuesday, an amount doubled through impact matching. This innovative use of fintech in pet care philanthropy highlights how financial technology can facilitate social impact, offering seamless donation solutions and promoting corporate responsibility in niche markets.
Source: PR Newswire
The post Fintech Pulse: Your Daily Industry Brief (Pennant Technologies, MogoPlus, Stash, Kennel Connection, RedRover) appeared first on News, Events, Advertising Options.
Fintech
Revolutionizing Rewards: How ZBD and Finfare Connect Are Bringing Bitcoin to Everyday Spending
ZBD, a pioneer in merging gaming and payments through Bitcoin rewards, is taking a bold step beyond gaming with its new partnership with Finfare Connect. By offering instant Bitcoin cashback for everyday purchases at major retailers like Nike, Adidas, and Best Buy, ZBD is transforming how users engage with rewards. In this interview, Ben Cousens, CSO of ZBD, shares insights on the partnership, its impact on user loyalty, and how it’s shaping the future of Bitcoin adoption through seamless, real-world applications.
Q: ZBD has been a key player in merging gaming and payments through Bitcoin rewards. How does this new partnership with Finfare Connect enhance ZBD’s existing offerings, and what excites you most about giving users more ways to earn Bitcoin through everyday purchases?
Ben: The ZBD app has been used by millions of players to earn rewards instantly within games; a process made possible through our payments system. We’re constantly looking to provide new ways for users to earn rewards within the ZBD app, building upon the credibility and growth we’ve seen in the games industry. Our partnership with Finfare provides instant cashback through the ZBD app to customers in the USA, as they shop at brands and retailers like Nike, Adidas, and BestBuy. What’s exciting to me is we get to flex the power of our payment system even more – instant payments with no minimums are an amazing cashback mechanic.
Q: With the ability for ZBD users to link payment cards and accounts to earn Bitcoin rewards from brands like Nike, Adidas, and Best Buy, how do you see this partnership impacting user engagement and loyalty within your platform?
Ben: I see audiences behaving in two ways. The first are users who may come to the shopping section of the app often to check available deals, and purchase accordingly to take advantage of the discounts offered.
At the same time, other users will just link their accounts, shop as they normally would, and automatically receive rewards in the ZBD app without even thinking about it. I actually find this second segment more exciting, as it just seems such a seamless and, from a payments point of view, pretty futuristic solution.
We are doing this to provide a valuable service and delight our users. If we can succeed in that, which so far seems to be the case, then engagement and loyalty will increase. It’s about fulfilling the promise of being the best place for rewards with real value, paid out instantly and available for people to use instantly.
Q: ZBD is known for integrating Bitcoin rewards with gaming and social experiences. How do you envision this partnership with Finfare Connect helping ZBD extend its appeal beyond gaming and into more mainstream shopping and daily transactions?
Ben: Providing more use cases outside of gaming fits with our ethos of being a tech-first company focused on revolutionizing online payments. Once payment accounts are linked to Finfare, ZBD seamlessly provides cashback with no input required from the user. This perfectly aligns with why users come to ZBD – we are using payments to make digital experiences more rewarding.
We believe the partnership allows us to bring our users a feature they will love, but it might also bring a different type of user to ZBD: one that comes primarily for the shopping aspects and sees the gaming and entertainment features as less important. This is something the market will show us and we’ll adapt based on the users and usage we see, but it’s certainly exciting.
Q: The collaboration with Finfare Connect seems to make Bitcoin rewards more accessible for everyday users. How important is this accessibility to ZBD’s strategy, and how do you see it contributing to broader Bitcoin adoption in the long term?
Ben: ZBD is a payments company that plays heavily in the rewards space and the way we revolutionize payments is by using the Bitcoin lightning network as our underlying rail. This isn’t about pushing Bitcoin or making users aware of it, though I won’t lie, it can make user acquisition easier. It’s about laying groundwork and building out meaningful steps forward in online payment experiences, starting with rewards, and then going beyond.
It’s always our goal to make everything we do accessible to everyday users with no Bitcoin knowledge. We want the experience to be simpler, more seamless and faster than any other type of financial technology. The majority of our users are new to Bitcoin and find us through games. Our goal is to educate them a bit, but mostly to just give them products they can use intuitively and get value from even if they aren’t at all interested in Bitcoin. Now, we’re bringing this approach to shopping rewards.
Bitcoin adoption will happen if Bitcoin is used by a wide range of people as part of their everyday lives. Bitcoin will be used if it is useful, simple and solves a problem. So we aren’t ever thinking about Bitcoin adoption. We’re just doing what we do the best we can and adoption will take care of itself.
Fintech
Fintech Pulse: Your Daily Industry Brief (Axos Bank, Global Trading Network, Fonepay, Compass Plus Technologies, Instacoins)
Axos Bank Partners with Way.com to Address Rising Car Costs
Axos Bank has teamed up with Way.com to help customers mitigate increasing car expenses. This partnership focuses on vehicle refinancing and aims to offer savings through integrated digital solutions. By combining Way.com’s auto services with Axos’ financial products, users can streamline their vehicle-related expenses, from insurance to payments. This move reflects Axos’ strategy to enhance its consumer offerings by leveraging partnerships in niche sectors.
Source: Axos Bank.
Brazil’s Largest Drug Gang Under Investigation for Fintech Infiltration
Brazilian authorities are probing the country’s largest drug gang for using fintech platforms to launder money. This investigation highlights concerns over the growing use of digital financial tools by organized crime. The gang allegedly exploited fintech’s lack of stringent oversight compared to traditional banking, raising red flags about regulatory gaps in the digital financial landscape.
Source: Bloomberg.
GTN Appoints New CEO to Drive European Expansion
Global Trading Network (GTN) has appointed Christopher Gregory as CEO for Europe, marking a pivotal step in its strategic expansion across the continent. Gregory, known for his expertise in fintech and capital markets, is expected to lead GTN’s efforts in diversifying its product offerings and enhancing its market presence. This leadership shift underscores GTN’s commitment to capitalizing on Europe’s burgeoning fintech market.
Source: PR Newswire.
Fonepay and Compass Plus Launch Nepal’s First Virtual Credit Card
Nepal’s digital payments ecosystem takes a leap forward with Fonepay partnering with Compass Plus Technologies to introduce the nation’s first virtual credit card. This innovation aims to promote cashless transactions and enhance financial inclusion by offering secure, contactless payment options. This development aligns with Nepal’s digital transformation goals and is set to redefine consumer payment experiences in the region.
Source: Fintech Futures.
Instacoins Partners with Luxury Brands for Digital Payments
Instacoins is expanding its footprint in the luxury market by partnering with high-end brands to enable cryptocurrency payments. This initiative is designed to offer affluent customers a seamless digital payment option, blending traditional luxury shopping with modern fintech solutions. The partnership also reflects the increasing adoption of cryptocurrency in mainstream commerce.
Source: PR Newswire.
The post Fintech Pulse: Your Daily Industry Brief (Axos Bank, Global Trading Network, Fonepay, Compass Plus Technologies, Instacoins) appeared first on News, Events, Advertising Options.
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