New Auditor is already at work. Business Development at Pace
Vancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") announced its new auditor.
Lynx announces that it has been issued a cease trade order ("CTO") by the British Columbia Securities Commission by virtue of not filing the following periodic disclosure documents (the "Annual Filings") by the filing deadline of April 30, 2022.
The Company continues to operate normally without disruption and is working diligently and expeditiously with its new auditors to complete the Annual Filings as soon as possible. The cause of the delay is not material to the Company or its operations, and the Company is operating its businesses in its usual manner.
By way of explanation, Lynx management would like to communicate that the delay in the audit was caused by the shortage of resources in the audit industry in British Columbia and Canada as a whole. The Company's previous auditor resigned from Lynx very late in the process because they felt they did not have the resources to complete an audit that was both in the Philippines and in the financial services business. Further complications included the numerous acquisitions in foreign jurisdictions. After months of searching and meeting with several Audit firms we were very pleased to engage with Antares Professional Corporation, a firm that has experience in both our business and has affiliate representation in our primary markets, both factors which have been barriers to others we have approached.
The CTO, will prohibit the trading by any person of any securities of the Company, including trades in the Company's common shares made through the Canadian Securities Exchange. The Company expects the CTO to remain in place until such time as the Annual Filings and all continuous disclosure requirements have been filed and the Company receives an order from the OSC revoking the CTO.
The Company anticipates that it will complete the Annual Filings on or before July 15, 2022, and resume trading thereafter. Upon remedying the default within 90 days of the date of the CTO, the filing of the Annual Filings, including all other filings and certifications that subsequently become due, constitutes the application to revoke the CTO.
Business Development
Despite these setbacks Management is pleased to announce that its minority stake investment company, StyloPay is making great strides in its business plan. StyloPay operates in the "Payments as a Service" space. Grandview Research recently estimated that this business segment is already a $6 billion dollar market segment and is expected to grow at an annualized rate of 16.9% annually. [1]
This "division" of Lynx is now poised to:
Launch its new crypto-capable Payment-as-a Service platform that enables businesses to issue co-branded card programs tailored for their customers. The platform will now also enable:
- Issue USD and Crypto linked accounts to individuals and businesses anywhere in the world without the need of U.S presence
- Create a Crypto account under a regulated custodian service provider
- Offer cards linked with Crypto for the U.S market
Once commercially launched users will be able to:
- Receive payments from anyone
- Send payments to anyone
- Spend Crypto with or Visa card/Apple Pay/Google Pay to buy anything.
For all of the above services, StyloPay offers a fully managed service. Customers can simply take the StyloPay API and connect with their existing system or build a new front end for their users. The company is already in the process of onboarding its first customers.
To learn more about StyloPay please visit www.StyloPay.com.
About LYNX Digital Global Finance:
Lynx seeks to become a leader in financial technology solutions, and services for large-scale merchants, financial institutions and other B2B industry partners by way of integration to the Lynx digital payment platform. The Company's payment solutions are powered by a broad suite of payment technologies and services. The Company has targeted banking and fintech relationships in ASEAN and Oceania, a region with a population approaching 700 million, that can provide Lynx a financial network hub location to service and operate a global traditional and digital financial infrastructure. By working with selected banking and/or licensed EMI partners, the Company will be able to offer a digital payment platform with a full suite of payment solutions, which may include merchant acquiring solutions; card issuing; remittance and forex; and custodial digital asset services, including digital wallet services. The Company seeks organic growth while investigating potential strategic acquisitions that may contribute critical technology applications, additional services and revenue streams, and that can complement or enhance existing offerings and potentially increase or expedite the path to future profitability. While Lynx believes that significant near-term opportunities exist for the Company's strategic initiatives, there can be no assurance that goals and objectives will be reached or that any such underlying efforts or agreements will provide successful or positive outcomes should they be implemented.
For more information, please contact:
Lynx Global
Email: info@lynxglobal.io
[1]https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market#:~:text=The%20global%20payment%20as%20a,16.9%25%20from%202020%20to%202027.
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