TORONTO, Jan. 27, 2022 /CNW/ - Fintech Select Ltd.
("Fintech Select" or the "Company") (TSXV: FTEC)
announces that, in reference to its News Release dated December 31, 2021, the proposed settlement of
debt ("Shares for Debt Transactions") on account of
fees for directors and compensation to management in the aggregate
amount of $297,000 (the
"Debt") through the issuance of 7,425,000 common
shares (the "Settlement Shares") to 3 different
creditors (as opposed to 4, as previously disclosed) has been
approved by TSX. With the above settlement, the accrued Debt has
been extinguished from the Company's books as a liability.
No new control person of the Company was created pursuant
to any of the Shares for Debt Transactions. Each Shares for
Debt Transaction to Directors constitutes a "related party
transaction" as defined by Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
("MI 61-101"). However, the Company was exempt from the MI
61-101 valuation and minority approval requirements for related
party transactions in connection with the Shares for Debt
Transactions under sections 5.5(a) and 5.7(1)(a) of MI 61-101
as neither the fair market value (as determined under MI 61-101) of
the subject matter of, nor the fair market value of the
consideration for any of the transactions exceeds
25% of the Company's market capitalization (as determined under MI
61-101).
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, such as those arising from the above settlement of
the Debt and its impact on the Company's financial health 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.
