Fintech
Usewalter Signs Binding Agreement to Sell Key Subsidiaries
Montreal, Quebec–(Newsfile Corp. – September 15, 2021) – GOLO Mobile Inc. doing business as Usewalter (TSXV: WLTR) (“Usewalter” or the “Company”) is pleased to announce that, further to the press release issued on August 27, 2021, the Company has entered into a binding share purchase and sale agreement dated September 15, 2021 (the “Agreement“) with an arm’s length party, N. Harris Computer Corporation (the “Purchaser“) pursuant to which the Company has agreed to sell 100% of the issued and outstanding shares of GOLO Inc. and Walter Innovations Inc., two wholly owned subsidiaries of the Company (the “Subsidiaries“) which sale includes the Company’s software platform, customer relationships and the Usewalter brand (the “Transaction“).
Under the terms of the Agreement, the Purchaser will pay an aggregate cash purchase price of $500,000 for the Subsidiaries, subject to certain adjustments, and will assume the Company’s premises lease obligations of approximately $400,000.
Benefits of the Transaction
The Company has incurred significant operating losses and negative cash flow from operations since inception, and in the current environment, the Company does not believe that it has the ability to successfully market its SaaS-based smart building technology or raise the additional capital required to develop its business on acceptable terms. The Transaction is expected to provide the Company’s shareholders with greater value for the assets of the Company than would otherwise have been obtained in connection with the voluntary dissolution and winding up of the Company (the “Dissolution“) announced on August 10, 2021.
In the event that the Transaction is completed according to the terms of the Agreement, the Company will not have any active business operations or material assets other than cash. The Company expects to be delisted from the TSX Venture Exchange (the “TSXV“) and to proceed with the Dissolution following the completion of the Transaction. The Company intends to distribute the net proceeds of the Transaction and the Company’s remaining cash (after payment of Transaction costs, Dissolution costs and payment of all liabilities and obligations of the Company) to shareholders of Usewalter (“Shareholders“) in one or more installments. The Corporation will provide shareholders with further updates with respect to the proposed distributions upon completion of the Transaction.
Completion of the Transaction, Shareholder Meeting and Dissolution
The Transaction is subject to customary closing conditions for a transaction of this nature, including: (i) the receipt of resignations and releases from certain officers and directors of the Subsidiaries; (ii) minimum customer revenue billing; (iii) the receipt of the approval of the TSXV; and (iv) the approval of the Transaction by not less than 66 2/3% of votes cast by Shareholders in person or by proxy at a special meeting of shareholders (the “Meeting“). At the Meeting, Shareholders will also vote to approve the Dissolution and proposed delisting (the “Delisting“) of the Usewalter shares from the TSXV. The Dissolution must also be approved by not less than 66 2/3% of the votes cast by Shareholders in person or by proxy. In addition, approvals must be received by a majority of the votes cast by the Shareholders, excluding those votes cast by persons who are to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, as adopted by Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSXV. Approval of the Delisting must be received by a majority of the votes cast by the Shareholders, excluding those votes cast by persons whose votes are to be excluded pursuant to Policy 2.9 – Trading Halts, Suspensions and Delisting of the TSXV. The Meeting will be held on October 19, 2021 in Montreal, and it is expected that the closing of the Transaction will occur shortly thereafter. The outside date under the Agreement to satisfy all conditions and close the Transaction is November 15, 2021.
Details of the Transaction and the Dissolution process will be set out in greater detail in the proxy materials, comprised of the notice of meeting, management information circular (the “Circular“) and instrument of proxy which will be mailed out on or about September 27, 2021. Shareholders of the Company are encouraged to read the Circular as well as the Agreement. Copies of the Circular and the Agreement will be available under the Company’s profile on SEDAR at www.sedar.com.
The board of directors of Usewalter (the “Board“) has unanimously determined that the Transaction is in the best interests of the Company and fair to Shareholders, and the Board recommends that the Shareholders vote in favour of the Transaction at the Meeting. Shareholders holding approximately 64.7% of the outstanding Usewalter shares have signed voting support agreements in support of the Transaction.
FORWARD-LOOKING STATEMENTS
This news release may contain statements which constitute “forward-looking information” under applicable Canadian securities laws, including statements regarding plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company or with respect to the Agreement, the Transaction, the Dissolution, the likelihood that the Transaction will be consummated. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, the Subsidiaries or their management, may identify such forward-looking information. Investors are cautioned that any such forward-looking information is not a guarantee of future business activities and involves risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking information as a result of various factors, including, but not limited to, fluctuations in market prices, risks relating to the terms of the Transaction, the inability of the parties to satisfy the conditions precedent set out Agreement, the ability of the Company to satisfy the Purchaser’s closing conditions, success of the operations of the Subsidiaries, continued availability of capital and financing, the ultimate liquidation, Dissolution and delisting of the Company and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
For Further Information:
Peter Mazoff, Chief Executive Officer
1-855-465-6515
[email protected]
Cindy Gray
5 Quarters Investor Relations, Inc.
(403) 231-4372
[email protected]
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96741
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As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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