TORONTO, ONTARIO--(Marketwired - June 9, 2014) - First Global Data Limited (the "Corporation") (TSX VENTURE:FGD) announces that has signed a joint venture (the "JV") with RP Telebuy Skyshop (P) Ltd. ("Telebuy"). Pursuant to the JV, the Corporation will be launching its digital wallet payment technology in India and its suite of products and services offered.
Telebuy is a leading online shopping company in India. It offers lifestyle accessories, fitness and fashion and health products through direct response television and sells the products through multiple distribution channels across India. Telebuy has approximately 2.5 million customers and 60,000 merchants in its distribution network.
Pursuant to the JV, the Corporation and Telebuy will establish an Indian company (the "JV Company") whereby the Corporation will own 60% of the issued and outstanding securities of the JV Company.
"India is a very important market for First Global. Telebuy's business and existing base of millions of customers provides First Global with immediate penetration into one of the largest consumer markets in the world," stated Andre Itwaru, the President of the Corporation. "This is the first step in First Global's India strategy which includes continued expansion of our mobile payment products and services in India and across the region."
About RP Telebuy Skyshop
RP Telebuy Skyshop's vision is to become the leading marketer of innovative consumer products launched through direct response television and sold through multiple distribution channels across India. Telebuy is an associate of "DRTV" group and has exclusive marketing rights for over 500 innovative consumer products. Telebuy began operations in December 2006 and has achieved an impressive YOY growth of over 50% on annual basis. Telebuy's head office is in Chennai with 25 company owned branches across India.
About First Global
First Global Data Limited (TSX VENTURE:FGD) is an international payments company whose services are designed primarily for the domestic and international underbanked markets. Services include Mobile and Online Payments, Money Transfer, including Peer to Peer mobile and online transfers. First Global moves money domestically and internationally in full compliance with regulatory guidelines. First Global also enables its strategic partners and clients around the world with its leading edge financial services technology products. First Global maintains a strong focus on compliance and holds licenses to operate as a Money Service Business around the world. The Corporation's electronic transaction infrastructure currently extends to approximately 97 countries worldwide. First Global's goal is to become the global leader in the mobile money and online financial transaction services sector.
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.
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.