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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.
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.
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