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Everyday People Financial Corp. Announces Completion of Qualifying Transaction

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Edmonton, Alberta–(Newsfile Corp. – September 2, 2022) – Everyday People Financial Corp. (TSXV: EPF) (formerly Justify Capital Corp., a capital pool company) (“Everyday People” or the “Company“), a Canadian-based financial technology and consumer financing company, is pleased to announce that, further to its comprehensive news release dated October 19, 2021, it has completed the acquisition of all of the issued and outstanding securities of Everyday People Financial Inc. (“Former EP“) constituting its “Qualifying Transaction” (within the meaning of the policies of the TSX Venture Exchange (the “TSXV“)) (the “Qualifying Transaction“). In connection with the completion of the Qualifying Transaction, the common shares in the capital of Everyday People (the “Everyday People Shares“) are expected to be listed on the TSXV under the ticker symbol “EPF”. It is anticipated that trading of the Everyday People Shares under the new ticker symbol will commence two business days following the date of issuance of the bulletin by the TSXV evidencing final acceptance of the Qualifying Transaction.

Everyday People offers consumer financing and payment products branded and targeted for specific credit markets through each of its distinct operating business lines across Canada and the United Kingdom.

“The closing of this transaction is a big step forward for the Company,” said Barret Reykdal, Chief Executive Officer of Everyday People. “We believe that our listing on the TSXV will allow existing and new investors to participate in the Company’s growth plans, new product and technology launches and continued geographic expansion.”

Details of the Qualifying Transaction

Prior to the completion of the Qualifying Transaction, the Company continued under the Business Corporations Act (Alberta) (the “Continuance“) under the name “Everyday People Financial Corp.”. The Continuance, including the name change, was approved by the shareholders of the Company at an annual and special meeting of shareholders held on November 24, 2021.

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The Qualifying Transaction was completed by way of a three-cornered amalgamation (the “Amalgamation“) pursuant to which, among other things, (i) Former EP amalgamated pursuant to the provisions of the Business Corporations Act (Alberta) with a wholly-owned subsidiary of the Company incorporated for the purposes of the Amalgamation; (ii) all of the outstanding Class “A” shares in the capital of Former EP (the “Former EP Shares“) were cancelled and, in consideration therefor, the holders thereof received Everyday People Shares on the basis of one Everyday People Share for each Former EP Share (the “Exchange Ratio“) at a deemed price of $1.00 per Everyday People Share; and (iii) the amalgamated corporation became a wholly-owned subsidiary of the Company.

In addition, at the effective time of the Amalgamation, outstanding options to purchase Former EP Shares, outstanding warrants to purchase Former EP Shares and outstanding broker warrants to purchase Former EP Shares were exchanged for options to purchase Everyday People Shares (“Everyday People Replacement Options“), warrants to purchase Everyday People Shares (“Everyday People Replacement Warrants“) and broker warrants to purchase Everyday People Shares (“Everyday People Replacement Broker Warrants“), respectively, on the basis of the Exchange Ratio.

Immediately following the completion of the Amalgamation, the Company granted an aggregate of 2,772,000 restricted share units of the Company (“Everyday People RSUs“) to the new independent directors of the Company and 200,000 Everyday People RSUs to a consultant, in each case pursuant to the omnibus share incentive plan of the Company. The Everyday People RSUs granted to the new independent directors of the Company vest equally every 12 months over a three-year period and the Everyday People RSUs granted to the consultant vest equally every 12 months over a two-year period. The Company also granted 300,000 options to purchase Everyday People Shares (“Everyday People Options“) to an investor relations service provider pursuant to the omnibus share incentive plan of the Company. The Everyday People Options vest equally every three months over a one-year period.

As of the date hereof, there are 111,775,054 Everyday People Shares outstanding, of which 108,415,054 Everyday People Shares, representing approximately 97% of the currently outstanding Everyday People Shares, are held by the former shareholders of Former EP. In addition, an aggregate of 13,553,994 Everyday People Shares have been reserved for issuance upon the exercise of Everyday People Replacement Options, Everyday People Replacement Warrants, Everyday People Replacement Broker Warrants, Everyday People RSUs, Everyday People Options, pre-existing stock options of the Company and pre-existing broker warrants of the Company.

Following completion of the Qualifying Transaction, the directors of the Company are:

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  • Barret Reykdal;
  • Remo Mancini;
  • Nitin Kaushal;
  • Rob Pollock;
  • David Robinson;
  • Scott Sinclair; and
  • Amy ter Haar.

The senior management team of the Company is comprised of:

  • Barret Reykdal – Chief Executive Officer;
  • Mayank Mahajan – Chief Financial Officer;
  • Allan Scullion – Chief Technology Officer;
  • Graham Rankin – President of BPO;
  • Ryan Watt – President of Climb;
  • Renata Berlingo – Senior Vice President of Operations and Corporate Secretary;
  • Morgan Russell – Senior Vice President of EP Homes;
  • Darren Wagner – Senior Vice President;
  • Taylor Inglis – Senior Vice President; and
  • Adelhardt Glombick – Vice President of Finance.

For further information regarding the Qualifying Transaction, Everyday People and Former EP, please see the filing statement of the Company dated July 27, 2022 (the “Filing Statement“), which is available on SEDAR at www.sedar.com.

Conversion of Outstanding Convertible Debentures of Former EP

Immediately prior to the completion of the Qualifying Transaction, the principal amount of the outstanding convertible debentures of Former EP (the “Former EP Convertible Debentures“) and the accrued interest thereon converted into Former EP Shares at a conversion price of $1.00 per Former EP Share. Additionally, upon conversion of the Former EP Convertible Debentures, payment (the “Make-Whole Payment“) was made to the holders of the Former EP Convertible Debentures equal to the interest amount that the holders of the Former EP Convertible Debentures would have received in respect of the converted principal amount of the Former EP Convertible Debentures if such amount remained outstanding from the conversion date until the maturity date. The Make-Whole Payment was payable in Former EP Shares at an issue price of $1.00 per Former EP Share. The Former EP Shares issued upon the conversion of the Former EP Convertible Debentures participated in the Amalgamation and the holders thereof received Everyday People Shares on the basis of one Everyday People Share for each Former EP Share.

Completion of Unsecured Medium Term Note Financing by Former EP

Further to the disclosure in the Filing Statement, on August 12, 2022, Former EP closed an additional tranche of the unsecured medium term note financing consisting of the sale of $150,000 aggregate principal amount of unsecured medium term notes to EAM Enterprises Inc. on a non-brokered private placement basis, bringing the total proceeds of the completed tranches of the financing to $2,650,000. The notes have an interest rate of 12% per annum and a two year maturity date.

Change of Auditor

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In connection with the completion of the Qualifying Transaction, Davidson & Company LLP will resign as auditor of the Company and RSM Alberta LLP, auditor of Former EP, will be appointed as auditor of the Company. In the opinion of the Company, no “reportable event” (as such term is defined in National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102“)) has occurred. The Company is relying on section 4.11(3)(a) of NI 51-102 for an exemption from the change of auditor requirements within section 4.11 of NI 51-102.

About Everyday People Financial Corp.

Everyday People is a financial technology and consumer financing company founded on the belief that everyone deserves access to credit, instant payments and the opportunity for homeownership. Through our technology driven ecosystem, our alternative and specialty credit financing programs offer credit and payment cards, prepaid card programs, homeownership facilitation, consumer lending, and credit collection services. Our Mission is to help our clients be their best financial self and our goal is to offer the kinds of credit products and services that help everyday people add extraordinary value to their everyday lives. For more information visit: www.everydaypeoplefinancial.com.

For further information, please contact:

Barret Reykdal
Chief Executive Officer
[email protected]
1 888 825 9808

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Caroline Sawamoto
Investor Relations
[email protected]
1 888 825 9808

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing for the commencement of trading and the business, plans and operations of the Company after giving effect to the Qualifying Transaction. 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, expectations and assumptions concerning the Company as well as other risks and uncertainties, including those described in the Filing Statement. 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 forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Not for distribution to United States news wire services or for dissemination in the United States

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135779

Fintech

How to identify authenticity in crypto influencer channels

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Modern brands stake on influencer marketing, with 76% of users making a purchase after seeing a product on social media.The cryptocurrency industry is no exception to this trend. However, promoting crypto products through influencer marketing can be particularly challenging. Crypto influencers pose a significant risk to a brand’s reputation and ROI due to rampant scams. Approximately 80% of channels provide fake statistics, including followers counts and engagement metrics. Additionally, this niche is characterized by high CPMs, which can increase the risk of financial loss for brands.

In this article Nadia Bubennnikova, Head of agency Famesters, will explore the most important things to look for in crypto channels to find the perfect match for influencer marketing collaborations.

 

  1. Comments 

There are several levels related to this point.

 

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LEVEL 1

Analyze approximately 10 of the channel’s latest videos, looking through the comments to ensure they are not purchased from dubious sources. For example, such comments as “Yes sir, great video!”; “Thanks!”; “Love you man!”; “Quality content”, and others most certainly are bot-generated and should be avoided.

Just to compare: 

LEVEL 2

Don’t rush to conclude that you’ve discovered the perfect crypto channel just because you’ve come across some logical comments that align with the video’s topic. This may seem controversial, but it’s important to dive deeper. When you encounter a channel with logical comments, ensure that they are unique and not duplicated under the description box. Some creators are smarter than just buying comments from the first link that Google shows you when you search “buy YouTube comments”. They generate topics, provide multiple examples, or upload lists of examples, all produced by AI. You can either manually review the comments or use a script to parse all the YouTube comments into an Excel file. Then, add a formula to highlight any duplicates.

LEVEL 3

It is also a must to check the names of the profiles that leave the comments: most of the bot-generated comments are easy to track: they will all have the usernames made of random symbols and numbers, random first and last name combinations, “Habibi”, etc. No profile pictures on all comments is also a red flag.

 

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LEVEL 4

Another important factor to consider when assessing comment authenticity is the posting date. If all the comments were posted on the same day, it’s likely that the traffic was purchased.

 

2. Average views number per video

This is indeed one of the key metrics to consider when selecting an influencer for collaboration, regardless of the product type. What specific factors should we focus on?

First & foremost: the views dynamics on the channel. The most desirable type of YouTube channel in terms of views is one that maintains stable viewership across all of its videos. This stability serves as proof of an active and loyal audience genuinely interested in the creator’s content, unlike channels where views vary significantly from one video to another.

Many unauthentic crypto channels not only buy YouTube comments but also invest in increasing video views to create the impression of stability. So, what exactly should we look at in terms of views? Firstly, calculate the average number of views based on the ten latest videos. Then, compare this figure to the views of the most recent videos posted within the past week. If you notice that these new videos have nearly the same number of views as those posted a month or two ago, it’s a clear red flag. Typically, a YouTube channel experiences lower views on new videos, with the number increasing organically each day as the audience engages with the content. If you see a video posted just three days ago already garnering 30k views, matching the total views of older videos, it’s a sign of fraudulent traffic purchased to create the illusion of view stability.

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3. Influencer’s channel statistics

The primary statistics of interest are region and demographic split, and sometimes the device types of the viewers.

LEVEL 1

When reviewing the shared statistics, the first step is to request a video screencast instead of a simple screenshot. This is because it takes more time to organically edit a video than a screenshot, making it harder to manipulate the statistics. If the creator refuses, step two (if only screenshots are provided) is to download them and check the file’s properties on your computer. Look for details such as whether it was created with Adobe Photoshop or the color profile, typically Adobe RGB, to determine if the screenshot has been edited.

LEVEL 2

After confirming the authenticity of the stats screenshot, it’s crucial to analyze the data. For instance, if you’re examining a channel conducted in Spanish with all videos filmed in the same language, it would raise concerns to find a significant audience from countries like India or Turkey. This discrepancy, where the audience doesn’t align with regions known for speaking the language, is a red flag.

If we’re considering an English-language crypto channel, it typically suggests an international audience, as English’s global use for quality educational content on niche topics like crypto. However, certain considerations apply. For instance, if an English-speaking channel shows a significant percentage of Polish viewers (15% to 30%) without any mention of the Polish language, it could indicate fake followers and views. However, if the channel’s creator is Polish, occasionally posts videos in Polish alongside English, and receives Polish comments, it’s important not to rush to conclusions.

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Example of statistics

 

Wrapping up

These are the main factors to consider when selecting an influencer to promote your crypto product. Once you’ve launched the campaign, there are also some markers to show which creators did bring the authentic traffic and which used some tools to create the illusion of an active and engaged audience. While this may seem obvious, it’s still worth mentioning. After the video is posted, allow 5-7 days for it to accumulate a basic number of views, then check performance metrics such as views, clicks, click-through rate (CTR), signups, and conversion rate (CR) from clicks to signups.

If you overlooked some red flags when selecting crypto channels for your launch, you might find the following outcomes: channels with high views numbers and high CTRs, demonstrating the real interest of the audience, yet with remarkably low conversion rates. In the worst-case scenario, you might witness thousands of clicks resulting in zero to just a few signups. While this might suggest technical issues in other industries, in crypto campaigns it indicates that the creator engaged in the campaign not only bought fake views and comments but also link clicks. And this happens more often than you may realize.

Summing up, choosing the right crypto creator to promote your product is indeed a tricky job that requires a lot of resources to be put into the search process. 

Author Nadia Bubennikova, Head of agency  at Famesters

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Nadia Bubennikova, Head of agency at Famesters

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Fintech

Central banks and the FinTech sector unite to change global payments space

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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).

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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.

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Fintech

TD Bank inks multi-year strategic partnership with Google Cloud

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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.

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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.

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