VANCOUVER, British Columbia, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (“Glance” or the
“Company”) (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT) is proud to announce that in the almost 2 years since it launched the current
version of its proprietary fraud prevention technology, its platform has experienced less than 0.018% of its transactions being
fraudulent across all of its live locations (which includes even what is called ‘friendly fraud’ whereby users mistakenly identify
transactions as fraudulent). This represents less than one instance of fraud for every 5,500 transactions. Glance is not aware of
any payment firms that have had this level of success with card-not-present transactions, providing an additional key competitive
advantage.
“We believe payment platforms that can reduce or eliminate fraud will be best positioned to succeed in the long
run,” said Desmond Griffin, CEO of Glance Technologies. “That is why Glance has placed security and anti-fraud technology as its
highest priority and at the core of its platform. Our best-in-class performance on security has been an important differentiator
that has been key to us signing many of our merchant customers.”
Glance Pay has consistently demonstrated a high level of anti-fraud performance while other mobile payment
providers have struggled to combat fraud. For example, it was recently reported by the Wall Street Journal that PayPal-owned
Venmo’s transaction loss rate rose to 0.40% of overall Venmo transaction volume in March (which is more than 22 times higher than
Glance’s aforementioned 0.018% performance). According to the Wall Street Journal, in the first three months of 2018, Venmo
recorded an operating loss of about $40 million — nearly 40% larger than the loss for which the company had budgeted. Expenses
related to fraudulent transactions were reported to be a big factor for these losses.1 The Wall Street Journal article
also quoted a PayPal spokeswoman as saying that Venmo’s loss levels are lower than the overall average for PayPal and compare
favorably to the industry.
About Glance Technologies Inc.
Glance Technologies is the owner of Glance Pay and Glance PayMe, a pair of complementary smartphone payment applications that enable merchants to
provide their customers with quick secure payments, digital rewards, and a better customer experience.
For more information about Glance, please go to www.glance.tech.
For more information, contact:
Paola Ashton
VP Business Development
855-288-6044
investors@glancepay.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively
"forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically
identified by words such as: “may”, "believe", “thinks”, "expect", “exploring”, “expand”, “could”, "anticipate", "intend",
"estimate", “plan”, “pursue”, "potentially", “projected”, “should”, “will” and similar expressions, or are those, which, by their
nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other
things, the discussion of Glance’s business strategies and its expectations concerning future operations. Although Glance considers
these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect,
and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause
future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include,
among other things, risks that Glance’s software and applications may contain security problems, security vulnerabilities, or
defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its
software, and that there have been occurrences of fraud on the Glance Pay platform that are unknown to Glance. The forward-looking
information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs
and assumptions, including, among other things, that Glance will be able to achieve its business objectives, and that Glance will
be able to continue to have a low rate of fraud on its platform. For additional information with respect to these and other factors
and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the
most recent Annual Information Form and Prospectus of Glance, which may be accessed through Glance's profile on SEDAR at
www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future
results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance
should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations
upon which they are based will occur.
1 https://www.wsj.com/articles/venmo-caught-off-guard-by-fraudsters-1543068120
