Vancouver, British Columbia–(Newsfile Corp. – April 1, 2021) – Euro Asia Pay Holdings Inc. (CSE: EAP) (“EAP” or the “Company“) is pleased to announce that the Company has signed a binding memorandum of understanding dated March 29, 2021 (the “MOU“) with MSH International (Canada) Ltd. (dba StudyInsuredTM) (“StudyInsured“) to provide StudyInsured with the ability to access EAP’s proprietary payment solution, SideKick. Through SideKick, StudyInsured will now be able to reimburse the insurance claims of its customers directly to a reloadable prepaid card, which includes both a web application for dispersing payments as well as a mobile application for customer use.
StudyInsured specializes in travel health insurance for international students in Canada, the United States and around the world. By making SideKick available as a payment method for customers, StudyInsured is aiming to assist international students without a local bank account in Canada who generally have difficulty depositing cheques or receiving electronic transfers.
Customers who choose to obtain their insurance claim payments onto a SideKick card will have access to a prepaid card issued by a major card company that is accepted almost everywhere. Customers can use their funds for in-store or online purchases in Canada or abroad, wherever SideKick cards are accepted.
“We are thrilled with this new collaborative business relationship with MSH, through their StudyInsured brand,” said Charles Newton Price, EAP’s Chief Executive Officer. “We look forward to helping international students obtain their claim payments in an easier and faster way, eliminating the necessity of receiving cheques or opening a bank account.”
StudyInsured customers will be able to upgrade their SideKick cards to receive funds from their overseas parents. “That means EAP will have access to a greater number of students currently enrolled in Canadian institutions that may use SideKick for their living expenses while they are in the country,” noted Mr. Newton Price.
“Since the creation of the StudyInsured brand in 2003, we’ve been modernizing the market of health care plans for international students in Canada and in the world,” declared Leon Dreff, Chief Financial Officer at MSH International (Canada) Ltd. “The partnership with Euro Asia Pay will support not only our financial team, but also provide a new option for thousands of students to receive their claims payments on a SideKick card.”
Pursuant to the MOU, StudyInsured will initiate a first phase test market for SideKick with its customers in one or more regions of Canada to be determined in consultation with EAP. The test market will continue for a period of six (6) months from the date of the MOU, and is expected to lead to the negotiation of definitive agreement between the parties.
About Euro Asia Pay Holdings Inc.
Euro Asia Pay Holdings Inc. is a developer of innovative financial solutions for the next generation of consumers. Its first product, SideKick™, enables parents to transfer, control and monitor payments to their children in a simple, intuitive manner. The product includes a student-facing mobile application, a prepaid student payment card and a parent portal, among other features.
To learn more about EAP’s products and services, visit www.euroasiapay.com.
About MSH International (Canada) Ltd.
MSH International, a subsidiary of SIACI SAINT HONORE, is a world leader in the design and management of international healthcare and death & disability insurance solutions for globally-mobile individuals. Its services are intended for employees of multinationals, SMEs and micro-businesses, workers in international organizations, individual expatriates and local high-net-worth individuals in need of international insurance coverage. Thanks to its decentralized structure, 4 regional head offices in Calgary, Paris, Dubai and Shanghai and 14 service offices across the globe, MSH INTERNATIONAL provides 24/7, round-the-clock assistance to its 2,000 corporate clients and over 300,000 insured members across almost 200 countries.
On Behalf of the Board of Directors
Charles Newton Price
Chief Executive Officer
For further information, please contact:
Charles Newton Price
Chief Executive Officer
Certain statements in this news release include forward-looking statements or information (collectively “forward-looking statements“) within the meaning of applicable Canadian securities legislation. The Company is providing cautionary statements identifying important factors that could cause its actual results to differ materially from those projected in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “may”, “anticipates”, “is expected to”, “estimates”, “intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective” and “outlook”) are not historical facts and may be forward-looking. The Company has based the forward-looking statements largely on its current estimates, assumptions and projections about future events and trends that it believes may affect its business, financial condition and results of operations.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed. The risks and uncertainties, many of which are beyond the Company’s control, include, but are not limited to: the ability of the Company to establish a market for its products; competitive conditions in the mobile payments industry which could prevent the Company from becoming profitable; the effectiveness and efficiency of advertising and promotional expenditures to generate interest in the Company’s products; dependency on continued growth in the adoption of mobile payment technology; volatility of the market price of the Company’s securities; the inability to secure additional financing; the Company’s intention not to pay dividends; claims, lawsuits and other legal proceedings and challenges; conflicts of interest with directors and management; and other relevant factors.
Factors that could cause the Company’s actual results to differ from the forward-looking statements include its history of losses from operations; technology risks; its ability to obtain the additional financing required to meet long-term goals; its dependence on key personnel, including its executive officers; and uninsured risks. These factors are not exhaustive.
Further, any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
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