TORONTO, ONTARIO--(Marketwired - May 7, 2015) - First Global Data Limited (TSX VENTURE:FGD) ("First Global" or the "Company") is pleased to announce that, further to its press releases of February 12 and July 31, 2013, the Company and the institutional investors (the "Investors") have executed a settlement agreement dated as of April 30, 2015 (the "Agreement") to settle all amounts owing under the Series "A" 10% senior secured debentures and Series "B" 10% senior secured debentures (collectively, the "Debentures").
The Company issued an aggregate of $8 million in Debentures on February 12 and July 31, 2013. Pursuant to the terms of the Agreement, the Company will pay an aggregate of $2.5 million (the "Settlement Payment") to the Investors in full and final settlement of all amounts owning under the Debentures. The Company is required to forward the Settlement Payment to the Investors on or before May 31, 2015 (the "Payment Date"). In the event that the Settlement Payment is not paid on the Payment Date, all amounts owing under the Debentures will immediately become due and payable.
"We are pleased with the outcome of the negotiations with the Investors. The Investors were understanding and supportive and the Company is thankful for their current and historical support," said Andre Itwaru, the Company's President and CEO. "As this matter is finalized, the existing security agreements filed against the Company will discharged, the Company's debt servicing will be reduced and its balance sheet will be strengthened. The settlement of the Debentures provides the Company with stability and removes any uncertainty with respect to the financial condition of the Company."
About First Global
First Global Data Limited, is an international financial services technology company operating in the payments sector. First Global's services are designed primarily for the domestic and international unbanked and under banked markets. Our two main lines of business are mobile payments and international money transfers. First Global's leading edge technology core enables Mobile and Online: Payments, Money Transfers, Shopping and Peer to Peer services.
First Global enables our strategic partners and clients around the world with our leading edge financial services technology platform. We facilitate the movement of money domestically and internationally in full compliance with regulatory guidelines, maintain a strong focus on compliance and hold licenses to operate as a Money Service Business in 23 US States and elsewhere around the world, with a reach that extends to approximately 97 countries worldwide.
First Global's objective is to become a global leader in ubiquitous mobile money payment and money transfer services.
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.