Fintech
BuzBuz Capital Corp. Provides Further Details on Its Proposed Qualifying Transaction with Inolife R&D Inc.
Toronto, Ontario–(Newsfile Corp. – December 24, 2020) – As previously announced on October 2, 2020, BuzBuz Capital Corp. (TSXV: BZBZ.P) (“BUZ” or the “Company“) and Inolife R&D Inc. (“Inolife“) have entered into a definitive business combination agreement dated October 1, 2020 (the “Agreement“) whereby BUZ will acquire all of the securities of Inolife by way of a three-cornered amalgamation (the “Transaction“), to form the resulting issuer (the “Resulting Issuer“).
Proposed Management of the Resulting Issuer
Upon completion of the proposed Transaction, the board of directors of the Resulting Issuer is expected to be comprised of Michael Wright, Derek Lindsay, Karen Dunlap, John Leumbruno and William Cleman.
Upon completion of the proposed Transaction, all existing officers of the Corporation shall resign and be replaced with officers appointed by the new board of directors. The following sets out the names and backgrounds of all persons who are expected to be directors, officers and insiders of the Resulting Issuer as the case may be upon closing of the proposed Transaction:
Michael Wright – President, Chief Executive Officer & Director
Mr. Wright is an entrepreneur with over 20 years of experience as a corporate executive. Mr. Wright studied at Concordia University and continued along his progressive Executive MBA program at Harvard University specializing in launching new ventures, which, collectively, contribute to his managerial and intellectual force. With over 25 years experience in the financial industry, Mr. Wright served many commercial industry leaders as well as traditional financial and institutional credit grantors. In addition, he was a Member of the Canadian Credit Institute and of the Credit Managers Association of Canada; his firm was licensed by the Consumer Protection Agency and the Access to Information Commission. Finally, Mr. Wright has strongly contributed to the Children’s Wish Foundation of Canada, where he has served as a volunteer for over 20 years, including 7 years as the Foundation’s President and Chairman of the Board for which he was awarded the Queen Elizabeth II Diamond Jubilee Medal of honor.
Veronique Laberge – Chief Financial Officer
Mrs. Véronique Laberge began her career in an accounting firm in 2005. She then participated in various certification mandates for private companies. Mrs. Laberge then chose to pursue her career in a management position in the field of professional services, an experience that will allow her to acquire solid expertise in the business world. In 2018, Mrs. Laberge returned to professional practice as a self-employed practitioner. Specializing in certification mandates, general accounting and as a consultant for public and private companies, she wishes to support companies in their financial management. Also a chartered professional accountant and holder of the title of auditor, she now has more than 12 years of experience in professional practice.
Nicky Canton – Chief Operating Officer
Mr. Nicky Canton has a background in industrial design engineering as well as business administration with more than 10 years of experience in product manufacturing, development, and regulatory compliance of healthcare products, and more particularly, the needle-free injection systems. As a problem solver and a critical thinker with a combination of strong analytical and creative skills, Nicky is the Chief Production Officer responsible for R & D and manufacturing activities of EPG B.V. As such, Mr. Canton developed a background and acquired an expertise in product development, risk management and regulatory compliance, and supplier management including but not limited to, manufacturing processes, injection molding, assembly of medical devices, sterile packaging and sterilization. Throughout his career, Mr. Canton has filed and obtained a number of patents related to technology of needle-free injection systems in China, Europe and the United States and is therefore knowledgeable with the regulatory procedures to obtain intellectual proprietary rights.
Derek Lindsay – Director
Derek Lindsay is a seasoned financial executive with extensive international experience. Mr. Lindsay has a proven track record raising equity/debt capital, and completing restructurings, acquisitions and buy-outs. He possesses a strong operational finance background, particularly in improved financial performance, cash management, reporting/ budgets, and internal controls. Derek also excels in improving risk management and relations with investors and other key stakeholders. He has a solid record of achieving objectives through innovative thinking and an effective management style. He has experience in the life sciences, fintech, software (SaaS), telecom and media sectors.
He is founder and managing partner of Sierra Financial Group, a consulting firm providing financial advice to high growth small and mid-sized companies. He has acted as CFO/CEO/ CRO. He was CFO of two public SAAS software companies that were sold to private equity firms as well as a public medical device company sold to a health care multinational. He has been the CFO of 7 public companies on the TSX, NASDAQ, or TSXV. Derek also brings wide experience from various senior financial roles at Aeroplan, BCE, Imasco and CIBC Wood Gundy. Mr. Lindsay is a board member of Quetzal POS, a B2B SAAS company focused on specialty retail. As well, he was an investor and board member of select emerging software and telecom companies. Derek holds an MBA from the Tuck School at Dartmouth College (USA).
Karen Dunlap – Director
Karen has retired from Sol-Millennium Medical, Inc., effective December 31, 2017, as Corporate Director, and President/COO. Sol-Millennium Medical was launched in North America through an acquisition of assets Karen had arranged from another syringe manufacture, which enabled Sol-Millennium to immediately go to market on the conclusion of this acquisition. In order to open other markets, Karen completed a Joint Venture in Brazil and immediately went to market and subsequently opened offices in the EU and UK. Karen’s background specializes in start-up companies bringing new technology to market, working together with end-users, manufacturing, marketing and sales on developing and design of safe medication delivery systems to meet the demands of the market. Karen has extensive experience in both domestic and international health care management covering all facets of business, including product development, manufacturing, operations, P & L, sales, marketing and strategic planning for a number of emerging medical technology companies. Along the way, Karen has developed strong relations within Distribution worldwide including Pharma on the launch of new products and has extensive knowledge and experience of the medical technology market, both clinically, and meeting the demands of a global market.
John Leombruno – Director
Dr. John Leombruno is a graduate of the University of Toronto Pharmacy Program and practiced several years as both a hospital and retail pharmacist. Dr. Leombruno then moved into the Pharmaceutical industry and held various roles of increasing responsibility, culminating in the position of Vice President, Medical Affairs. In 2007, Dr. Leombruno co-founded one of the first Specialty Pharmacies in Canada. The Specialty Pharmacy business grew to include a Patient Support Program division and a pharmaceutical importing and distribution business and was acquired by a multinational corporation. Dr. Leombruno has an excellent understanding of the regulations, marketing, distribution and sales of pharmaceuticals and medical devices.
William Cleman – Director
M. William Cleman is an experienced operating and financial executive in the retail and real estate sectors. Mr. Cleman is a corporate director and consultant. He retired as Chairman and Chief Executive Officer of Bouclair Inc., a Montreal-based retail chain in the home furnishings sector, in 2003. Previously, Mr. Cleman had held senior positions at Bouclair since 1994. From 1989 to 1994, he was a partner in Cleman Ludmer Steinberg Inc., a merchant bank. From 1971 to 1989, Mr. Cleman had a successful career at Steinberg Inc., a major food retailer and real estate company. His title at the time of his departure in 1989 was Executive Vice President, Steinberg and Chairman and Chief Executive Officer of Ivanhoe Inc. He holds a bachelor of commerce degree from McGill University (1970) and a Masters of Business Administration degree from the University of Western Ontario (1972).
Loan
As previously announced on August 7, 2020, the Company has agreed to make a loan of up to $225,000 to Inolife prior to completion of the Transaction upon approval of the TSXV (the “Loan“). Inolife intends to use the proceeds from the loan for ongoing operational costs, additional staffing, market and inventory.
In connection with the Loan, Inolife has agreed to grant a security interest in all of its assets and undertaking to the Company as evidenced by a general security agreement providing for a charge over all of Inolife’s assets, subject to customary permitted encumbrances, and guarantees executed by each subsidiary of Inolife. The security interest shall be a first ranking charge on the assets of Inolife having a marketable value of at least $300,000.
The Loan will be evidenced by a promissory note and bears an interest rate of 10% per annum, compounded and calculated monthly, and payable beginning on the 3rd month following the effective date. The principal amount of the Loan shall be repaid in full on the earlier of: (i) closing of the qualifying transaction between the Company and Inolife; (ii) termination of the qualifying transaction or the Agreement by either the Company or Inolife; and (iii) six months from the effective date of the Loan, subject to the terms and conditions of the loan agreement. Inolife shall have the right at any time to repay all or any part of the monies outstanding, without notice, bonus or penalty.
Filing Statement and Caution
Further details about the Transaction and the Resulting Issuer will be provided in the filing statement of BUZ to be prepared and filed in respect of the Transaction. Investors are cautioned that, except as disclosed in the filing statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a Capital Pool Company should be considered highly speculative.
Trading in the BUZ Shares
Trading in the common shares in the capital of BUZ (the “BUZ Shares“) will remain halted pending the review of the proposed Transaction by the TSX Venture Exchange. There can be no assurance that trading in the BUZ Shares will resume prior to the completion of the Transaction.
Forward-Looking Information
This press release contains forward-looking information based on current expectations. Statements about the closing of the Transaction, expected terms of the Transaction, the number of securities of the Company that may be issued in connection with the Transaction, the ownership ratio of the Company’s shareholders post-closing, and the parties’ ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the Transaction will occur or that, if the Transaction does occur, it will be completed on the terms described above. The Company and Inolife assume no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Cautionary Statements
Completion of the transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable pursuant to TSX Venture Exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Richard Buzbuzian
President and CEO
BuzBuz Capital Corp.
[email protected]
(647) 501-3290
Michael Wright
President and CEO
Inolife R&D Inc.
[email protected]
(514) 992-9484
Chris Brown
Global Capital Markets
Inolife R&D Inc.
[email protected]
(604) 603-5255
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71005
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The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.
Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet
Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.
This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.
Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.
Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital
Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.
Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.
Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.
India’s Yubi Plans a Fundraising Push
Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.
India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.
Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.
Provenir and Hastings Financial Services Win Global Recognition
Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.
Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.
Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.
Microf and Quantum Financial Technologies Forge New Alliances
Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.
This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.
Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.
Key Takeaways for the Fintech Ecosystem
- Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
- Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
- Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
- The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
- Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.
Looking Ahead: Challenges and Opportunities
The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.
This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.
The post Fintech Pulse: A Daily Dive into Industry Innovations and Developments appeared first on News, Events, Advertising Options.
Fintech
Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub
The Fintech Latvia Association has launched the latest edition of its annual publication, Fintech Pulse 2024, unveiling insights and resources that position Latvia as a thriving hub for European fintech.
Announced at this year’s Fintech Forum, the magazine is now available in digital format, offering a comprehensive guide for fintech professionals and entrepreneurs navigating the Latvian market and exploring its advantages.
This issue covers essential topics, from support tools provided by Latvijas Banka and newcomer roadmaps to Riga’s investor resources and fintech education opportunities. Readers will find the latest fintech news from Latvia, coverage of this year’s key industry events, and member insights on the future of fintech. The Fintech Landscape section provides a comprehensive overview of the Latvian fintech ecosystem.
Tina Lūse, Managing Director of Fintech Latvia Association, expressed excitement about the ecosystem’s growth: “We are excited to unveil the third annual edition of Fintech Pulse. This year has been pivotal for our ecosystem, and together with public sector stakeholders, we are enhancing financial inclusion, democratizing investments, and driving innovation throughout the sector. This is a testament to Latvia’s emergence as a fintech hub, establishing itself as an equal partner in innovation and support within the Baltic region.”
Minister of Finance Arvils Ašeradens highlighted Latvia’s fintech potential in the magazine, stating: “Latvia has already made strides in adapting its regulatory framework to support a stable financial system. Now, we encourage financial market players to invest in modern technologies to meet the growing demand for inclusive financial services and solidify Latvia’s position in the fintech landscape. We are confident that with the combined offer of the government, Latvijas Banka and Riga city, we are a great place to start your next scalable European FinTech!”
Minister of Economics Viktors Valainis expressed Latvia’s ambition in the magazine, stating: “Latvia wants to become a WEB 3.0. innovation hub and solidify itself as one of the leaders of a newly regulated EU crypto-asset market. We welcome international companies to choose Latvia, a flexible and fast-paced country, where you can obtain a MICA license in just 3 months. Open your office in Latvia, receive a MICA license and serve the whole EU market!”
The Fintech Latvia Association brings together fintech and non-banking financial service providers to represent their interests at both the national and international levels. It promotes sustainable development in Latvia’s financial sector by fostering reliable, responsible, and long-term industry practices that earn trust from consumers and regulatory authorities. The association is committed to supporting innovation and growth opportunities within the fintech landscape.
The post Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub appeared first on News, Events, Advertising Options.
The World Economic Forum (WEF) has released a pivotal white paper in collaboration with the Financial Conduct Authority (FCA), titled “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”. This January 2024 publication underscores the urgent need for global cooperation as the financial sector transitions from a digital economy to a quantum economy, highlighting both the immense opportunities and cybersecurity challenges posed by quantum computing.
Quantum: A Double-Edged Sword for Finance
Quantum computing offers transformative benefits for the financial sector, such as accelerated portfolio optimization, enhanced fraud detection, and improved risk management. Yet, it simultaneously threatens the very foundation of cybersecurity. With quantum’s ability to break traditional encryption methods, sensitive data and financial transactions face significant risks. The white paper warns that such vulnerabilities could erode trust in the financial system and destabilize global markets.
The urgency to prepare is evident, with some quantum threats, such as “Harvest Now, Decrypt Later” attacks, already emerging. Governments and regulators, including the United States with its National Security Memorandum on Quantum (2022), have begun advocating for quantum security readiness by 2035. However, as noted in the paper, transitioning to a quantum-secure infrastructure is a monumental task requiring unprecedented coordination between regulators, industry leaders, and technology providers.
A Collaborative Framework: Four Guiding Principles
To address the complex challenges posed by quantum technologies, the WEF and FCA have proposed four guiding principles to inform global regulatory and industry approaches:
- Reuse and Repurpose: Leverage existing regulatory frameworks and tools to address quantum risks, rather than creating entirely new systems.
- Establish Non-Negotiables: Define baseline requirements for quantum security, ensuring consistency and interoperability across organizations and jurisdictions.
- Increase Transparency: Foster open communication between regulators and industry players to share best practices, strategies, and knowledge.
- Avoid Fragmentation: Prioritize global collaboration to harmonize regulatory efforts and avoid inconsistencies that could burden multinational organizations.
These principles aim to create a unified, forward-looking strategy that balances innovation with security.
A Four-Phase Roadmap for Quantum Security
The white paper introduces a phased roadmap to help the financial sector transition toward quantum security:
- Prepare: Raise awareness of quantum risks, assess cryptographic infrastructure, and build internal capabilities.
- Clarify: Formalize engagement between stakeholders, map current regulations, and model the cost and complexities of transitioning to quantum-safe systems.
- Guide: Address regulatory gaps, translate technical standards into actionable frameworks, and develop industry-wide best practices.
- Transition and Monitor: Implement cryptographic management modernization and adopt iterative, adaptable regulatory approaches to remain resilient in the quantum economy.
This roadmap emphasizes adaptability, encouraging stakeholders to continuously refine their strategies as quantum technologies evolve.
The Path Forward: Collaboration as a Catalyst
The transition to a quantum-secure financial sector is not merely a technological shift but a comprehensive rethinking of how industries and regulators approach cybersecurity. The interconnected nature of global finance means that collaboration between mature and emerging markets is crucial to avoid vulnerabilities that could undermine the entire system.
Regulators and financial institutions must act with urgency. As Sebastian Buckup, Head of Network and Partnerships at the World Economic Forum, notes in the report:
“The quantum economy era is fast approaching, and we need a global public-private approach to address the complexities it will introduce. We welcome this opportunity to collaborate with the FCA to chart the roadmap for a seamless and secure transition for the financial services sector.”
Similarly, Suman Ziaullah, Head of Technology, Resilience, and Cyber at the FCA, emphasizes:
“Quantum computing presents considerable opportunities but also threats. The financial sector relies heavily on encryption to protect sensitive information, the exposure of which could cause significant harm to consumers and markets. Addressing this requires a truly collaborative effort to transition to a quantum-secure future.”
Global Impact: Ensuring Resilience in an Evolving Landscape
As quantum technologies mature, they will redefine the landscape of cybersecurity. The financial sector, as one of the most sensitive and interconnected industries, must prioritize preparedness to ensure stability, protect consumers, and maintain trust.
The Quantum Security for the Financial Sector: Informing Global Regulatory Approaches white paper offers an essential foundation for continued dialogue and action. By adhering to the guiding principles and roadmap outlined in the report, stakeholders can navigate this transformation with foresight and cooperation.
The full report, published by the World Economic Forum, highlights the need for a unified global approach to quantum security, serving as a rallying call for industry and regulatory leaders alike.
Source: World Economic Forum, “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”, January 2024.
The post Quantum Security and the Financial Sector: Paving the Way for a Resilient Future appeared first on News, Events, Advertising Options.
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