TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
OTCQB: FGBDF
TORONTO, Oct. 18, 2018 /CNW/ - First Global Data Limited (the
"Company") would like to provide an update as to the status of its application for revocation of cease trade order (the
"Application"), which the Company (as previously disclosed on September 27, 2018) has been working
on with the Ontario Securities Commission ("OSC") pursuant to Part 4 of National Policy 12-202 and under section 144 of the
Securities Act (Ontario).
The Company has filed the Application and is in receipt of substantial comments (the "Comments") from the OSC related thereto.
In particular, the Comments focus primarily on the Company's continuous disclosure record (and any clarifications necessary
therein) including, among other things, the Company's 2017 audited year-end financial statements as well as its interim financial
statements pertaining to the 6 months ended June 30, 2018. The Company is currently working closely
with counsel in a concerted effort to respond to the Comments in a timely manner and anticipates being in a position to respond
formally (the "Response") in short order.
The Company is unable to speculate as to the satisfaction of the OSC with respect to the Response, including the absence of
any further comments. Further, upon receipt of a full revocation of the Cease Trade Order, the Company will still need to file an
application for reinstatement with the TSX Venture Exchange (the "Exchange") in order to resume trading. In any event, the
Company intends to continue providing updates as they become available until such time as trading has resumed.
About First Global Data Ltd. (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.
Caution:
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 have the Cease Trade
Order revoked and the trading of its securities resume. There can be no assurance with respect to a favourable outcome with
respect to the foregoing matters. Investors are advised that absent a favourable outcome with 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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