MONTREAL, Oct. 30, 2014 /CNW Telbec/ - Hybrid Paytech World (the "Company" or "Hybrid") (CSE: HPT) a leader on Mobile Credit and PIN Debit payment solutions and couponing, is pleased to announce that the Board of Directors have approved the terms of a financing according to which the Company would issue unsecured convertible debentures (Convertible Debentures) for proceeds of up to $3,000,000. The Convertible Debentures would mature on December 31, 2015 (Maturity Date) and will accrue interest at a rate of 10% per annum. The Convertible Debentures shall be convertible at the option of the holder into common shares of the Company on or prior to the Maturity Date at a conversion price of $0.35 per common share. The Convertible Debentures will be sold pursuant to exemptions from prospectus requirements to purchasers in Canada and will not be listed on the Canadian Securities Exchange (CSE). The common shares issuable upon conversion will be listed on the CSE and will be subject to a four month hold period from the date of closing.
In addition, the Company is pleased to announce that it has completed the first tranche of the private placement in the amount of $1,000,000 with a large institutional investor. The proceeds received will be utilized to support solution deployments as well as supporting the Company's working capital requirements.
Hybrid is currently working towards the completion of the acquisition of the remaining 49% of Solutions MOBI724 Inc which is expected to close sometime next week.
About Hybrid PayTech World Inc.
Hybrid PayTech based in Montreal, Canada, is a technology leader in the mobile payment space for EMV (certification level for credit and debit) & MSR (magnetic card reader) credit and debit acceptance. With a global footprint, Hybrid is an enabler of easily-deployable payment systems focusing on authentication, approved security and quick merchant adoption in Fleet, Delivery, Logistics and Retail.
For more information on our products and on Hybrid PayTech, visit www.hybridpaytech.com or www.hybridpos.com.
Certain statements in this document, including those which express management's expectations or estimations with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE Hybrid PayTech World Inc.
Please contact Mr. Marcel Vienneau: 514-394-5200Copyright CNW Group 2014