Toronto, Ontario–(Newsfile Corp. – July 21, 2022) – Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) (“Tenet” or the “Company”), an innovative AI service provider and operator of the Business Hub™, today announced the adoption of recommendations of an ad hoc committee (the “Special Committee”) comprised of independent members of the Board of Directors of Tenet (the “Board”) to adopt new compliance measures following an internal review conducted into securities-related matters (the “Review”).
In December 2021, the Company received a Demande de document/renseignement [Request for Documents/Information] (the “Request Letter”) from the Autorité des marchés financiers (the “AMF”), Quebec’s securities regulator. Since that time, the Company has been cooperating with the AMF in all respects and has provided the AMF with all documents and information requested. Tenet was bound by a confidentiality order of the AMF prohibiting the disclosure of the Request Letter or any related information.
In the course of collecting information to respond to the Request Letter, the Company identified potential compliance issues relating to certain past correspondence between Tenet CEO Johnson Joseph and certain former advisors. The Board created the Special Committee and Norton Rose Fulbright Canada (“NRF”) was mandated to carry out the Review. NRF submitted its final report to the Special Committee on July 19, 2022 and, at Tenet’s request, the AMF’s confidentiality order was then partially lifted to allow for this press release.
Based on the findings of the Review, the Special Committee concluded that inappropriate actions were likely to have occurred. The Special Committee further concluded that Mr. Joseph (i) was the only person at the Company who was a party to this correspondence, (ii) was transparent and cooperative throughout the Review process, (iii) believed he was acting in the best interests of the Company and its shareholders at all times, and (iv) has strongly denied any wrongdoing.
The Board has adopted the enhanced compliance measures proposed by the Special Committee following the results of the Review, including enhancing Board oversight over executive communications and interactions with financial and capital markets advisors and regular reporting by CEO Johnson Joseph to the Board on the same. These additional enhanced compliance measures demonstrate the Company’s ongoing commitment to ensuring its corporate governance meets the highest standards. These measures are in addition to important governance initiatives the Company has already recently undertaken, including: (i) the hiring of key internal compliance resources, such as a General Counsel and a Director of Human Resources, (ii) the adoption of revised human resources policies, and (iii) the adoption of new and revised governance policies, including a strengthened code of ethics.
“We recognize the seriousness of this matter and have adopted new compliance measures,” said Charles-André Tessier, Chairman of the Board and of the Special Independent Committee. “Over the last few years, Tenet has developed and implemented a successful business plan and is currently preparing to deploy its Business Hub concept globally. We remain confident that our expanded leadership team will continue to hit Tenet’s objectives moving forward.”
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, includes Tenet and all its subsidiaries. Tenet’s subsidiaries provide various analytics and AI-based services to businesses and financial institutions through various Business Hubs™ to create a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: http://www.tenetfintech.com
Forward-Looking Statements / Information:
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including “anticipate”, “believe”, “could”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “seek”, “should”, “will”, “would” and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.
For more information, please contact:
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
MZ Group – MZ North America
Mark Schwalenberg, CFA
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131601
NOVASPARKS EXPANDS ITS OPERATIONS IN ASIA-PACIFIC
NovaSparks™, the leading field programmable gate array (FPGA) market data company, is pleased to announce the appointment of Clément Pelletier as the new sales and marketing director, based in Bangkok, Thailand. Pelletier will report to Dr. Luc Burgun, CEO and president, beginning on December 1st, 2023.
“Clément possesses a wealth of experience that makes him unique in the industry,” said Luc Burgun, NovaSparks’ chief executive officer and president. “His thorough understanding of the sales process, particularly in the field of trading tools which he acquired over 20 years in Asia, makes him ideally suited to drive our sales and marketing initiatives in APAC. We are pleased to welcome Clément and look forward to his leadership in expanding our operations in Asia.”
Pelletier brings to NovaSparks solid experience in sales and marketing in Asia. Most recently, he served as sales director for the APAC office of Horizon Software, a global leader in electronic trading solutions and algorithmic technology. Prior to Horizon Software, he served as CEO of CPIT, an IT services and consulting, specialized in the Fintech industry, based in Hong Kong. Pelletier holds a Master of Engineering from INSA Lyon.
Broadridge Investment Management Technology Enhances Carlyle’s Private Credit and CLO Portfolio Management Operations
Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) announced today that its cloud-based solution, Sentry, has been implemented at global investment firm Carlyle in support of its private credit and collateralized loan obligation (CLO) portfolio management. The Sentry private credit and CLO portfolio management technology will enable Carlyle to more efficiently manage its deal pipeline, trade compliance and loan operations on a single platform, and scale operations as the platform grows.
“With increased demand in credit products and ongoing growth of our product offerings, we wanted the right technology that would enable us to scale up and achieve a platform approach,” said Jim Keogh, Carlyle’s Managing Director and Head of Operations for Global Credit. “Sentry has smoothly integrated with our technology stack and provides functionality that will improve our capabilities as we grow.”
“Working closely with Carlyle, we customized Sentry to specifically suit their portfolio management requirements, which emphasized the need to help manage all aspects of private credit and CLO administration,” said Mike Sleightholme, Broadridge’s president of international and head of asset management solutions. “This implementation really showcases the value of the flexibility and scalability our solution offers and how it helps position firms for growth.”
Broadridge’s Sentry PM is a scalable web-based solution that provides front-to-back-office functionality to both the private debt and syndicated loan markets to increase overall efficiency, including research and pipeline management, pre- and post-trade compliance, analysis of hypothetical trade scenarios, dynamic waterfall projections, loan administration, and data aggregation across strategies, portfolios and assets.
Nuvei enters global payments partnership with Microsoft
Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has partnered with Microsoft to deliver leading payment experiences for customers of its products, solutions, and services across many of its key markets.
Microsoft will start using Nuvei’s customizable and agile payments technology in the Middle East and the Africa region, while benefiting from Nuvei’s deep knowledge of local markets to optimize its payments for recurring billing and individual transactions across both its Office and Xbox product ranges.
Other benefits of Nuvei’s global payments capabilities Microsoft is harnessing include optimized authorization rates through local acquisition and superior risk management that minimize false declines, as well as Nuvei’s ability to offer all of the relevant local alternative payment methods (APMs) to each market through a single integration. Philip Fayer, Nuvei Chair and CEO said: “Enabling Microsoft to connect to its customers across a wide range of products is testament to our technology and dedication to world-class customer service. We’re excited to optimize payments for such a universal brand that is trusted and relied upon by so many people.”
“We’re pleased to extend our payment solutions to the Middle East and African region,” added Ajith Thekadath, Vice President Global Payments at Microsoft. “Whether it is a one-off purchase, software subscription, or in-game purchasing, payments are critical to our overall customer experience. Partnering with Nuvei enables our customers to pay wherever they are and whenever they want to.”
Extending the partnership across geographies and use cases
Nuvei and Microsoft are committed to extending this partnership across additional markets, as well as exploring new use cases to enhance the overall Microsoft experience. This includes Microsoft Dynamics 365, its business applications technology suite that drives operational efficiency and improved enterprise resource management.
Fayer commented: “As two innovative, technology-led businesses that provide solutions to many of the leading international brands across the globe, it makes sense to explore how we can work more cooperatively as we grow our commercial relationship.”
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