TORONTO, Jan. 22, 2019 /CNW/ - Globalive Technology Inc.
(TSX-V: LIVE) (the "Company"), a technology company focused on
developing innovative payment, billing and credit solutions for
consumers and businesses, today announced that the Company's
partner Flexiti Financial ("Flexiti"), a leading point-of-sale
consumer financing solutions provider for retailers, has signed a
long-term agreement with Bad Boy Superstore to implement its
platform. Bad Boy Superstore is a Canadian furniture and appliances
retailer with 10 locations across southern Ontario.
Bad Boy Superstores will now provide customers with a quick and
easy financing solution that makes big-ticket purchases fit more
manageably within their budget thanks to payment plans with 0%
interest options. The award-winning loan application process allows
customers to apply for Flexiti's private label credit card both
in-store and online in less than three minutes and receive credit
useable at more than 3,500 retail locations across Canada.
"Outstanding customer service and choice are two reasons why the
Bad Boy brand has become as well known as it has," said
Blayne Lastman, Chief Executive
Officer of Bad Boy. "Flexiti's solution offers us an innovative way
to improve the customer experience and we're excited to bring the
technology on board."
"Throughout its history, Bad Boy has always made improving
customer service through the use of technology a priority," said
Peter Kalen, Founder and Chief
Executive Officer of Flexiti. "Our platform will help the company
further that commitment and drive sales higher in a
rapidly-evolving retail landscape."
As previously disclosed, the Company has entered into a
technology development agreement with Flexiti and has exercised a
call right which, subject to satisfaction of certain conditions,
would result in the Company acquiring 41% of (and 51% voting
control over) Flexiti (the "Transaction"). Separately, depending on
market conditions and other factors, the Company is contemplating
acquiring the balance of Flexiti on terms acceptable to the Company
and to Flexiti's other existing shareholders. Discussions regarding
such an acquisition are only preliminary at this point and no
assurance can be provided that such a transaction or even an
agreement relating to such transaction will be reached. Further
details regarding the Transaction and the call right can be found
in the press releases of the Company dated January 9, 2019 and June
21, 2018 respectively and in its other SEDAR filings.
"We are impressed with Flexiti's rapid growth trajectory and
confident the company's technology will become the go-to solution
for retailers," said Anthony
Lacavera, Chief Executive Officer of Globalive Technology.
"Flexiti's ability to add high-quality partners like Bad Boy to its
network underscores the utility of its platform."
About Globalive Technology Inc.
Globalive Technology
is a next generation software company and venture partner
developing innovative solutions to disrupt traditional industries
by leveraging artificial intelligence and machine learning
technology stacks, with a particular focus on delivering innovative
payment, billing and credit solutions. Globalive Technology is
controlled by Globalive Capital Inc., which has founded and
co-founded 12 businesses over the past 20 years with six successful
exits ranging from $10M to
$1.3B USD. It has also made over 100
venture investments and has over 45 technology companies in its
portfolio. For more information, visit www.globalivetech.com.
About Flexiti Financial Inc.
Flexiti has reimagined
point-of-sale (POS) consumer financing to drive sales for retailers
in-store and online and is one of Canada's leading private label credit card
issuers. Through its award-winning platform, Flexiti delivers a POS
financing experience across any device that is customer-centric,
simple and intuitive. Without the need to integrate into existing
POS systems, retail partners can easily offer the same fast and
paperless financing solution across all retail locations and sales
channels to increase revenue and build loyalty through repeat
purchases. Flexiti's joint venture with Globalive Technology
demonstrates its commitment to innovation in the payments space
through the development of solutions leveraging artificial
intelligence. With high approval rates, innovative products and
services, flexible promotional offers and a partnership-first
approach, Flexiti is helping people improve their lives through
better financing. For more information, visit www.flexiti.com.
About Bad Boy Superstore
Lastman's Bad Boy Superstore
is a furniture and appliances retailer famous in southern
Ontario for its quality, value,
price, selection and service. The company was founded in 1955 by
Mel Lastman, who would go on to
become mayor of Toronto. With his
son Blayne, the trademark "Who's better than Bad Boy? NOOOBODY!'
slogan has drawn customers to their stores for decades. Lastman's
Bad Boy is active in community and has a long track record of
contribution and recognition. For more information, visit
www.badboy.ca.
For investor inquiries:
Melanie Barbeau
Account Manager, Renmark Financial Communications
InvestorRelations@globalivetech.com
For media inquiries:
Rob
Moysey
Communications Manager, Globalive
Media@globalivetech.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements relating
to Bad Boy's use of Flexiti's product to provide services to its
customers, Flexiti's product assisting Bad Boy in improving
customer service, Flexiti's product becoming the go-to solution for
retailers and whether Globalive Technology will complete a
transaction relating to the acquisition of Flexiti. Such
forward-looking statements are identified by terms such as "will"
and similar expressions. All statements, other than statements of
historical fact included in this release, including those noted
above, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from expectations include an inability for Bad Boy to
integrate Flexiti's product or its customers desire to use such
product, other matters that could affect Bad Boy's ability to
further customer service including difficulties or delays in using
Flexiti's product.
The reader is cautioned that assumptions used in the preparation
of any forward-looking information may prove to be incorrect.
Events or circumstances may cause actual results to differ
materially from those predicted as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of Globalive Technology, Flexiti and Bad Boy.
The can be no guarantee that any of the forward-looking statements
contained in this press release will occur as disclosed herein or
at all. The reader is cautioned not to place undue reliance on any
forward-looking information.
Such information, although considered reasonable by management
at the time of preparation, may prove to be incorrect and actual
results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will only
update or revise publicly the included forward-looking statements
as expressly required by Canadian securities law.
Neither the 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.
SOURCE Globalive Technology