Fintech
Usewalter Announces Completion of the Sale of Its Operating Subsidiaries, Change of Officers and Transfer of Listing to NEX
Montreal, Quebec–(Newsfile Corp. – October 26, 2021) – GOLO Mobile Inc. doing business as Usewalter (TSXV: WLTR) (“Usewalter” or the “Company”) is pleased to announce that, further to its press release issued on September 15, 2021, its previously announced transaction (the “Transaction“), whereby N. Harris Computer Corporation (the “Purchaser“) agreed to purchase 100% of the issued and outstanding shares of GOLO Inc. and Walter Innovations Inc., Usewalter’s only active operating subsidiaries, has closed.
Change of Officers
The Company further announces that Philippe Dufour has resigned as Chief Financial Officer and Corporate Secretary of the Company. Peter Mazoff, the Chief Executive Officer of the Company, has been appointed interim Chief Financial Officer and Brahm Gelfand, Chair of the Board, will act as interim Corporate Secretary. The Board thanks Mr. Dufour for his efforts on behalf of the Company. Mr. Dufour has agreed to act as a consultant for the Company as it considers and implements the Dissolution or an alternative transaction.
Dissolution, Delisting and Exploration of Strategic Alternatives
As announced on October 19, 2021, at the special shareholders meeting where shareholders (the “Shareholders“) of the Company approved the Transaction, the Shareholders also approved the voluntary dissolution and winding up of the Company (the “Dissolution“) and the proposed delisting (the “Delisting“) of the Usewalter shares from the TSX Venture Exchange (the “TSXV“).
Notwithstanding the receipt of shareholder approval of the Dissolution, the Company’s board of directors (the “Board“) retains the discretion not to proceed if it determines that the Dissolution is no longer in the best interests of the Company and Shareholders. Given the Company’s difficult financial situation, the distributions to shareholders on a per share basis will be minimal and the Board will have to weigh the benefit of considering an alternative transaction against the costs, including those associated with the Company’s continuous disclosure obligations. If, prior to its Dissolution the Company receives an offer for a transaction that may, in the view of the Board, provide some potential value to the Shareholders, taking into account all factors that could affect valuation, including timing and certainty of payment or closing, proposed terms and other factors, the Dissolution could be abandoned in favour of such a transaction. The Board is currently exploring strategic alternatives to ensure that Dissolution remains a superior option to alternative transactions and intends to provide an update in that regard as soon as practicable.
As the completion of the Transaction resulted in the sale of substantially all of the Company’s operating assets, the Company will no longer meet the Tier 2 listing requirements of the TSXV and will be moved to the NEX board of the TSXV effective on or about October 29, 2021. While the Board considers strategic alternatives, the Company intends to take the necessary steps to maintain a listing on NEX. The Company’s trading symbol will change from “WLTR” to “WLTR.H”. The Company’s shares are expected to remain halted until the Company publishes a further update. There will be no change in the Company’s name and no change in its CUSIP number.
If the Board decides to proceed with the Dissolution, the Shareholders will receive any amount available for distribution under the liquidation of the Company. The amount of the distributions will be determined by the Board following review of the Company’s tax and other potential liabilities, and its then cash on hand. The Company cautions investors that no distributions or returns of capital have been declared by the Board at this time.
The Company is a reporting issuer in the provinces of Alberta, British Columbia and Ontario. As the Delisting has been approved by the Shareholders, unless the Board exercises its discretion not to proceed with the Dissolution as described above, the Company will take the appropriate steps to voluntarily delist from the TSXV and following the Dissolution will submit the certificate of dissolution to the Alberta Securities Commission, the British Columbia Securities Commission and the Ontario Securities Commission causing it to cease to be a reporting issuer.
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 and/or with respect to the Dissolution, distributions associated with the Dissolution, the likelihood that a superior alternative to Dissolution will be identified and consummated and the maintenance of a listing on the NEX board of the TSXV. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company or its 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 any alternative transaction identified, the inability of the parties to satisfy the conditions precedent for closing of any such transaction, including TSXV approval and any other required approvals, the ability of the Company to maintain a listing on NEX and to graduate to Tier 2 in connection with any potential transaction, 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.
403-705-5076
[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
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.
-
Fintech5 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech PR5 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech6 days agoSPAYZ.io prepares for iFX EXPO Dubai 2025
-
Fintech6 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech PR4 days agoPresident Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
-
Fintech PR2 days agoGCL Energy Technology and Ant Digital Technologies Launch First Blockchain-Based RWA Project in Photovoltaic Industry
-
Fintech PR4 days agoStay Cyber Safe This Holiday Season: Heimdal’s Checklist for Business Security
-
Fintech PR5 days agoMedicilon Appoints Dr. Lilly Xu as Chief Technology Officer