TORONTO, ONTARIO -- (Marketwired) -- 04/02/13 -- First Global Data Limited ("First Global" or the "Corporation") (TSX VENTURE: FGD) is pleased to announce that it has it has entered into a share purchase agreement (the "Agreement") with each of F1Soft International Pvt. Ltd., a private Nepalese company and F1Soft International Pte. Ltd., a private Singapore company (collectively, "F1Soft"), both of which are arm's length parties to the Corporation.
Pursuant to the terms of the Agreement, the Corporation will acquire 70% of the issued and outstanding securities of F1Soft for an aggregate purchase of USD $3.4 million of which USD $1.3 million will be satisfied through the issuance of an aggregate of 3,513,514 common shares in the capital of the Corporation at a deemed price of $0.37 per share. The founders of F1Soft will continue to own 30% of the company and will remain on with First Global to help manage and grow the business. The closing of the acquisition is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
"The acquisition of F1Soft is a significant step in First Global's objective of becoming a leader in mobile banking," says Andre Itwaru, Chairman, President and CEO of First Global. "F1Soft's powerful and proven mobile technology complements and strengthens First Global's capabilities. More than 70 companies, most of which are banks and telecom companies currently use F1Soft technology. The addition of the highly respected and recognized F1Soft team increases our ability to continuously enhance and rapidly deploy our technology solutions. Both of these are keys components to our achieving our current and future goals and objectives especially in the online and mobile money sectors. First Global now has a significant presence in Asia and the Asia Pacific regions opening up major distribution channels for First Global services. Our customer database is now closer to 1.5 million, and our volumes will climb to more than 300,000 transactions per month. I am very excited at the prospects for First Global with the addition of F1Soft to our group of companies."
F1Soft International is one of the world's leading companies for developing and deploying mobile and online financial transaction technology solutions and one of the world's largest mobile money deployers. More than 70 organizations across the world use F1Soft technology solutions, the majority of which are banks and telecom companies. The Company was established in 2004 and has a presence in Nepal, Singapore, Cambodia and India. F1Soft is highly recognized as a leader in the mobile payments industry and has been the recipient of numerous awards including the prestigious Red Herring Top 100 Asia award in 2012.
About First Global
The Corporation, through its wholly owned subsidiary, First Global Data Corporation, is in the business of delivering among other things, online and mobile money consumer services internationally. Services include international money remittance, mobile peer to peer transactions, mobile payments, online and mobile payroll and bill payment solutions. First Global also enables its strategic partners and clients around the world with leading edge financial services technology products. First Global's goal is to become the global leader in the mobile money and online financial services sector. First Global maintains a strong focus on compliance and holds licenses in the USA and other regions around the world. The Corporation's electronic transaction infrastructure currently extends to approximately 49 countries worldwide through its own and third party agent and partner network, with a focus on significant expansion globally.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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.
First Global Data Limited
Chief Executive Officer and President
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