TORONTO, March 10,
2022 /CNW/ - Fintech Select Ltd. ("Fintech
Select" or the "Company") (TSXV: FTEC) is pleased to
announce that it has reached a settlement with PACE Savings &
Credit Union Limited ("PACE") regarding the Statement of
Claim filed in the Ontario Superior Court of Justice (the
"PACE's Claim") per the Company's news release on
April 20, 2017, and a third-party
claim brought by the Company against PACE in the Alberta Court of Queen's Bench (the
"Third-Party Claim"). As part of the settlement, the two
parties have agreed to exchange the dismissal of PACE's Claim and
the Third-Party Claim on a without costs basis, and have also
exchanged full and final releases in respect of the subject matter
of these actions.
With the settlement being finalized, the Company will now remove
the related shortfall amount from its book of liabilities as
management continues its efforts to clean its balance sheet.
"The Company has strived to clean its balance sheet. We believe
extinguishing the related amount of the shortfall in PACE's Claim
will bring the Company's balance sheet to nearly zero. The
management and directors of the Company are proud of this
achievement, which will help the Company emphasize its business
growth," stated Mohammad Abuleil,
CEO and President of the Company.
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 including the Company's ability to be successful in
actually cleansing its balance sheet. 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.
