TORONTO, Dec. 31, 2021 /CNW/ - Fintech Select Ltd.
("Fintech Select" or the "Company") (TSXV: FTEC)
announces its settlement of accrued fees for directors as well as
unpaid compensation to management in the aggregate amount of
$297,000 (the "Debt") through
the issuance of 7,425,000 common shares of the Company to 4
different individuals at the market price of 4 cents ($0.04) per
share ("Shares for Debt") as of the closing of business on
December 31, 2021. The Debt had
accrued over multiple years pursuant to director services
agreements and officer compensation approved by the Company's Board
of Directors. In issuing the Shares for Debt, the Company intends
to preserve cash to better fund its operations and to continue
cleaning its balance sheet. Finalization of the Shares for Debt
remains subject to acceptance by the TSX Venture Exchange.
The Company has also granted 1,600,000 options exercisable at
five cents ($0.05) to directors and management as well as an
additional 560,000 options exercisable at seven and half
($0.075) cents to directors, with
each such option granted expiring within 3 years of grant
date.
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive
Pre-Paid Card programs and e-wallet payment solutions. Fintech
Select has enabled these core assets which operate through separate
divisions to work together harmoniously to create a new and
ubiquitous environment for consumers and businesses
alike. Fintech select also operates an international
call centre that provides fulfillment and customer service support
to customers across all the company's platforms. Our mission is to
provide customers with choice, convenience and cost-effective ways
to facilitate traditional and crypto financial
transactions.
Follow us on:
https://www.facebook.com/FintechSelect
https://twitter.com/fintech_select
https://www.instagram.com/fintechselect
https://www.linkedin.com/company/fintechselect/
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.
Forward Looking Information:
This news release
contains "forward-looking information" within the meaning of
applicable securities laws. 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. Fintech undertakes no obligation to comment
on analyses, expectations or statements made by third-parties in
respect of its securities, financial or operating results (as
applicable) or prospects as to the effective implementation of
strategies or initiatives or future revenue levels. Fintech
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 Fintech Select Ltd.
