TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO , June 18, 2018 /CNW/ - First Global Data Limited ("First Global" or the "Company") is pleased to announce that its wholly owned US subsidiary, First Global Money Inc, has entered into a strategic partnership agreement with Gemini Worldwide Inc. ("Gemini") with a focus to increase the Company's cross border remittance service transaction volume from Canada to the Philippines .
According to a World Bank report dated April 23, 2018 (http://www.worldbank.org/en/news/press-release/2018/04/23/record-high-remittances-to-low-and-middle-income-countries-in-2017) "Remittance inflows improved in all regions and the top remittance recipients were India with $69 billion , followed by China ( $64 billion ), the Philippines ( $33 billion ), Mexico ( $31 billion )…"
Gemini considers itself "The most trusted name in the Philippine Remittance Industry servicing Filipinos in Canada for 28 years". The Gemini Group is also well established in the Philippines with group companies that provide a variety of products and services across the Philippines .
Pursuant to the agreement Gemini will offer First Global Money™ cross border remittance services at all of its locations across Canada . In addition, Receive Money Remittance services in the Philippines will be provided by Gemini's affiliate Signed and Delivered Inc. through: A) one of the largest and widest door to door delivery networks In the Philippines B) Online deposit to any bank in the Philippines ; and C) Cash pick-up at physical locations across the Philippines . The companies will also collaborate on marketing initiatives and will share the cost of this marketing.
The Company is also pleased to announce that under this agreement, services have been launched and the company is already processing new transactions with this strategic partner.
"We are very pleased to be partners with First Global. We have been looking for a strategic partner for a while and we were impressed with First Global's cross-border remittance services and its commitment to providing a reliable and compliant process that complement Gemini's competitive strength. We look forward to expanding this partnership in other areas that are relevant to both our organizations.", said Dan de la Cruz , Gemini's CFO.
"We are honored that Gemini has chosen First Global as its strategic partner for cross border remittance services from Canada to the Philippines . Gemini was one of the largest money remittance companies in Canada in the past, has a highly respected and trusted brand in the Filipino community and will be taking an active role in expanding First Global's service delivery to this very important market", said Andre Itwaru , Chairman and CEO of First Global.
Gemini Worldwide Inc. is part of the larger Gemini Group of Companies ("GGC") GG is a conglomerate specializing in providing services ranging from remittance fulfillment to cash and document courier services to cash management: all designed to compliment the business of handling your most valued assets. A total business outsourcing group that specializes in providing relevant and effective business solutions for logistically-challenged cash management companies. We strive to develop new and revolutionary systems customized to meet the peculiar needs and requirements of our clients.
About First Global: (www.firstglobaldata.com)
First Global is an international financial services technology ("FINTECH") company. The Company's two main lines of business are mobile payments and cross border payments. First Global's proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer ("P2P"), Business to Consumer ("B2C"), and Business to Business ("B2B") payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
Neither TSX Venture Exchange Inc. ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. In particular, this press release contains forward-looking statements with respect to the Company's ability to finalize its 2017 Audit within the next two months, have trading resume once 2017 Audit has been filed, pursue DTC eligibility, and improve overall shareholder and market communications via sourcing professional IR support. There can be no assurance with respect to a favourable outcome with respect to any of the foregoing matters. Investors are advised that absent a favourable outcome with all of the foregoing matters, the business and market value of the Company, including the value of its common shares, may be adversely and materially affected. Although First Global believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward looking information are reasonable, undue reliance should not be placed on them because First Global can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. First Global undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of First Global, its securities, or financial or operating results (as applicable). First Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE First Global Data Limited
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