TORONTO, Jan. 28, 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 Henry's to implement Flexiti's platform.
Henry's is a well-known Canadian electronics retailer with 28
locations across the country.
Flexiti's industry-leading solution provides Henry's with a
quick and easy way to drive increased sales while making purchases
more affordable for customers through flexible payment plans with
0% interest options. The mobile, fully automated and 100% paperless
process allows customers to apply for Flexiti's private label
credit card both in-store and online and receive approval in
minutes. This credit is usable at the more than 3,500 retail
locations across Canada within the
Flexiti network encouraging repeat business and customer
loyalty.
"At Henry's, we're always looking to enhance the customer retail
experience using innovative technologies," said Gillian Stein, Chief Executive Officer of
Henry's. "Flexiti's financing solution will allow us to offer
customers easy access to payment options that suit their lifestyle
and their budget."
"We're excited to bring Henry's into the Flexiti family of
retailers," said Peter Kalen,
Founder and Chief Executive Officer of Flexiti. "We're confident
our award-winning platform will help the expert staff at Henry's
locations deliver even better service to their customers."
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.
"Flexiti's ability to bring well-established brands such as
Henry's into the fold only reinforces our optimism about the
company," said Anthony Lacavera,
Chief Executive Officer of Globalive Technology. "We're excited to
be working with Flexiti to develop and deliver best-in-class
technology that gives retailers a competitive edge."
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 Henry's
Henry's has long been known in the
Canadian photo and video industry as the source for the best and
newest products, informed Imaging Experts, award-winning customer
service and competitive pricing. Henry's, a Canadian family owned
and operated business, first opened its doors in 1909 and has
evolved into Canada's largest
independent photographic and digital imaging retailer. Henry's
carries over 15,000 products in stores across Canada and on www.henrys.com from such major
manufacturers as Canon, Nikon, Sony, Fuji, Olympus, Panasonic,
Blackmagic, Manfrotto, Sigma and many more. For more information,
visit www.henrys.com.
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 Henry's' use of Flexiti's product to provide services
to its customers that suit such customers' lifestyle and budget,
Flexiti's product assisting Henry's in improving customer service
and give retailers a competitive edge, and whether the Company 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 Henry's to
integrate Flexiti's product or its customers desire to use such
product, other matters that could affect Henry'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
Henry's. 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