Fintech
Cuspis Capital Corp. Announces Results of Annual General and Special Meeting
Toronto, Ontario–(Newsfile Corp. – March 19, 2021) – CUSPIS CAPITAL CORP. (the “Company“) (TSXV: CUSP.P) is pleased to announce the results of its annual general and special meeting of shareholders held on March 9, 2021 (the “Meeting“).
As of the January 18, 2021, which was the record date for the Meeting, there were 15,000,000 common shares of the Company outstanding and entitled to vote at the Meeting. Of this amount, there were 5,359,215 common shares represented in person or by proxy at the Meeting, representing 35.73% of the total issued and outstanding common shares.
1. Election of Directors. Each of the nominees were elected as directors to serve until the next annual meeting of shareholders, or until their respective successors are elected or appointed.
The following table sets forth the vote of the shareholders at the Meeting with respect to the election of directors:
Nominee | For | Withheld | ||
Actual | Percentage | Actual | Percentage | |
William Ollerhead | 5,279,215 | 99.16% | 45,000 | 0.84% |
Grant McCutcheon | 5,279,215 | 99.16% | 45,000 | 0.84% |
Jack Schoenmakers | 5,324,215 | 100.00% | 0 | 0.00% |
C. Fraser Elliott | 5,324,215 | 100.00% | 0 | 0.00% |
2. Appointment of UHY McGovern Hurley LLP. The Company’s shareholders approved the appointment of UHY McGovern Hurley LLP as auditors of the Company to hold office until the close of the next annual meeting of shareholders of the Company, at such remuneration as may be fixed by the directors of the Company. The following table sets forth the vote of the shareholders at the Meeting with respect to the appointment of UHY McGovern Hurley LLP:
For | Withheld | ||
Actual | Percentage | Actual | Percentage |
5,304,215 | 99.62% | 20,000 | 0.38% |
3. Arrangement Agreement. The Company’s shareholders, by special resolution, approved the Arrangement Resolution, being the resolution as set forth in Schedule “A” to the management’s information circular of the Company dated February 4, 2021 (“Circular“), which sets out approval of the Arrangement under Section 182 of the Business Corporations Act (Ontario) pursuant to the terms of the Plan of Arrangement and the Arrangement Agreement. For further information please refer to the Arrangement Agreement and the Plan of Arrangement attached to the Circular as Schedule “C”, available at the Company’s profile on SEDAR at www.sedar.com. The following table sets forth the vote of the shareholders at the Meeting with respect to the approval of the Arrangement Resolution:
For | Against | ||
Actual | Percentage | Actual | Percentage |
5,324,215 | 100.00% | 0 | 0.00% |
4. Delisting of the Company’s Common Shares from the Exchange. The Company’s shareholders approved a resolution authorizing the Company to make application to the Exchange to de-list its common shares, in accordance with the terms of the Arrangement Agreement and as part of the Plan of Arrangement. Only disinterested shareholders were permitted to vote on this resolution. The following table sets forth the vote of the disinterested shareholders at the Meeting with respect to the applicable resolution:
For | Against | ||
Actual | Percentage | Actual | Percentage |
1,649,215 | 100.00% | 0 | 0.00% |
5. CPC Policy Update – Removal of 24 Month Restriction. The Company’s shareholders approved a resolution removing the applicability of section 14.13 of Exchange Policy 2.4 to reflect the Exchange’s recent updates to such Policy, thereby removing the requirement of the Company to complete a Qualifying Transaction within 24 months of its date of listing on the Exchange, and removing the associated consequences of not completing such requirement. Only disinterested shareholders were permitted to vote on this resolution. The following table sets forth the vote of the disinterested shareholders at the Meeting with respect to the applicable resolution:
For | Against | ||
Actual | Percentage | Actual | Percentage |
1,649,215 | 100.00% | 0 | 0.00% |
6. CPC Policy Update – Escrow Amendments. The Company’s shareholders approved a resolution which permitted the Company to seek amendments to the Company’s CPC escrow agreement dated February 11, 2019 (the “Escrow Agreement“) which included: (a) escrowed securities to be subject to an 18 month escrow release schedule, instead of the current 36 month escrow release schedule; (b) all incentive stock options (the “Options“) granted prior to the date the Exchange issues a final bulletin for the Qualifying Transaction (the “Final QT Exchange Bulletin“) to be released from escrow on the date of the Final QT Exchange Bulletin; and (c) all common shares issued upon exercise of any Options prior to the date of the Final QT Exchange to be released from escrow in accordance with the 18 month escrow release schedule. Only disinterested shareholders were permitted to vote on this resolution. The following table sets forth the vote of the disinterested shareholders at the Meeting with respect to the applicable resolution:
For | Against | ||
Actual | Percentage | Actual | Percentage |
899,215 | 100.00% | 0 | 0.00% |
7. Stock Option Plan. The Company’s shareholders approved the Company’s current stock option plan, in accordance with the requirements of the Exchange to approve such plans on an annual basis. Only disinterested shareholders were permitted to vote on this resolution. The following table sets forth the vote of the disinterested shareholders at the Meeting with respect to the applicable resolution:
For | Against | ||
Actual | Percentage | Actual | Percentage |
1,649,215 | 100.00% | 0 | 0.00% |
For further information:
William Ollerhead
Cuspis Capital Ltd.
[email protected]
Tel. (416) 214-4810
Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements relate, among other things, to: amending the Escrow Agreement, Exchange final approval of the matters described herein; director and regulatory approvals; and future press releases and disclosure. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive shareholder, director or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77956
Fintech
Central banks and the FinTech sector unite to change global payments space
The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.
Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.
Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).
At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.
The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.
As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.
Source: fintech.globa
The post Central banks and the FinTech sector unite to change global payments space appeared first on HIPTHER Alerts.
Fintech
TD Bank inks multi-year strategic partnership with Google Cloud
TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.
The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.
This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.
TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.
Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.
TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.
Source: fintechfutures.com
The post TD Bank inks multi-year strategic partnership with Google Cloud appeared first on HIPTHER Alerts.
Fintech
MAS launches transformative platform to combat money laundering
The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.
According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).
Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.
Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.
Source: fintech.global
The post MAS launches transformative platform to combat money laundering appeared first on HIPTHER Alerts.
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