LOS ANGELES, CALIFORNIA--(Marketwired - July 21, 2014) - First Global Data Limited ("First Global" or the "Corporation") (TSX VENTURE:FGD) is pleased to announce that it has entered into a services agreement dated July 16, 2014 (the "Agreement) with Blue Money Inc. ("Blue Money"), an arm's length party based out of the United States of America.
Pursuant to the Agreement First Global shall be the exclusive provider of mobile payments and peer-to-peer transactions solutions to Blue Money and its various 'cause-oriented' affinity groups. Blue Money will white label the customized solutions provided by First Global and market such solutions across its network of affinity groups located in the United States, Latin America (including Mexico), Africa, India, Europe and Asia.
The Corporation will operate the customized platform and provide its services to the Blue Money customers. Services will include, but not be limited to, merchant payments, domestic and international money remittances, bill payments, purchasing of online coupons, and purchasing of goods and services including mobile minutes. Blue Money will market the Corporation's services to its customer base.
The term of the Agreement is for an initial term of three (3) years with the option to renew for an additional two (2) one (1) year extensions. First Global has agreed to issue to Blue Money an aggregate of 5 million compensation warrants (the "Warrants"). Each Warrant will entitle Blue Money to acquire one (1) common share in the capital of First Global at an exercise price of $0.50 per common share for a period of three (3) years from date of issuance. The Warrants will be placed into escrow and shall be released from escrow on a quarterly basis. The number of Warrants to be released from escrow shall be based on one (1) Warrant for every two (2) active clients (as such term is defined in the Agreement) that utilize the services provided by the Corporation pursuant to the Agreement.
"We are excited about the relationship with Blue Money as it will allow First Global to extend services to more than 10 million potential new clients," stated Andre Itwaru, the CEO and Chairman of First Global. "First Global's payment technology and services, and our global reach are perfectly suited to deliver services to these new clients who are located in the US, Canada and around the world."
About Blue Money
Blue Money Inc. is a consumer-based, sales and marketing company specializing in niche segmentation of targeted affinity groups. Blue Money's affinity group relationships comprise a potential customer reach in excess of ten million. What makes Blue Money unique is that all of its services provide a direct benefit to transformative causes around the world, many of which are in developing countries. Blue Money's team boasts top tier marketers in their respective fields with notable strengths in Content and Affiliate Marketing, Influencer and Multi-Channel Marketing, SEO and SEM, Social Media, Advertising, PR, Radio, Video and TV.
About First Global
First Global Data Limited (TSX VENTURE:FGD), through its various subsidiaries, 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.