Hammer Fiber Optics Holding Corp. Announces Letter of Intent to Acquire a Controlling Stake of Mobile Finance Group Ltd ("Wallet Factory")

October 19, 2022 8:30 AM EDT | Source: Hammer Technology Holdings

Sarasota, Florida--(Newsfile Corp. - October 19, 2022) - Hammer Fiber Optics Holdings Corp d/b/a Hammer Technology Holdings (OTCQB: HMMR), announced today that it has entered into a non-binding letter of intent with shareholders of Mobile Finance Group Ltd trading under the brand name of Wallet Factory, a FinTech provider of digital finance services and enterprise-grade e-Wallet platforms. The LOI contemplates that the parties will enter into a definitive agreement pursuant to which HMMR will acquire a controlling interest in the outstanding common stock of Mobile Finance Group Ltd ("Wallet Factory").

Wallet Factory offers digital wallet software solutions such as all-in-one e-Wallets with B2B and B2C payment platforms and cloud-based customer reward programs to banks, wallet operators, telecoms and large retailers. Founded in 2016, Wallet Factory is presently operating more than 25 revenue-generating projects in 12 countries across 5 continents, boasting over 4.5M end customers worldwide, as well as garnering revenues rising at a steady CAGR of 40% since its inception.

Wallet Factory has taken a leading position in the Wallet-as-a-Service (WaaS) business within the global market place winning the GOLD Stevie® Award for Innovation in Technology Development in the Financial Services category of the third annual Middle East & North Africa Stevie Awards, sponsored by the RAK Chamber of Commerce & Industry (read article here). Wallet Factory CEO Mikhail Miro, a member of the Forbes Business Council, was recently featured in an article by Forbes (read article here) to discuss the benefits of the WaaS model. The company has also been featured in articles by The Fintech Times, FinExtra and other fintech publications relating to their efforts to drive digital financial inclusion.

Michael Cothill, Executive Chairman of HMMR, said, "With the announcement of the HammerPay platform coming to Africa this quarter our focus is now on strategic acquisitions and partnerships that will augment our FinTech initiative and open up new avenues of revenue. Adding Wallet Factory to our portfolio will allow us to rapidly expand into other lucrative unbanked markets such as Central and South America, East Asia and other international markets where Wallet Factory currently offer services. Wallet Factory acquisition will not only bring in revenues day-one, but it also creates a perfect synergy to expand the capabilities and distribution channels of the HammerPay platform."

Konstantin Vaysman, Executive Chairman and Co-Founder of Wallet Factory, said of the proposed deal, "This is the case of two companies having a perfectly aligned vision for the future of digital finance. Both our organizations view WaaS as the primary way for financial institutions and businesses to digitize their value chain through the seamless integration of various financial services embedded either within their existing platforms or as stand-alone offerings. It's a client-first approach that is going to have a major impact on banking and commerce in developing countries. HMMR and their HammerPay platform are certainly poised to take advantage of these opportunities but when you pair their offering with our suite of mobile point-of-sale, KYC/AML services and loyalty programs together, we can offer a vertically integrated product with a global reach that can fit any need."

Completion of the acquisition is subject to due diligence and approval of the stock purchase agreement between the parties which has been agreed upon by management but not ratified by the Board of Directors of the companies. As the transaction is finalized, HMMR will publicly disclose required information either through press releases or SEC filings, as appropriate.

About Hammer

Hammer Technology Holdings ["Hammer Fiber Optics Holdings Corp."] (OTCQB: HMMR) is a company investing in the future of technology. Hammer has broadened its strategy to focus on the rapidly evolving world of innovative technology and in an effort to keep pace, has restructured the group to allow for the creation of several related verticals. In addition to its "Everything Wireless" strategy which includes the deployment of high-speed fixed wireless service for residential and small business, Hammer has entered the Fintech industry which is rapidly becoming the mainstream technology powering today's telecommunication applications. For more information contact Investor Relations at info@hmmrgroup.com

About Wallet Factory

Wallet Factory makes reliable fintech solutions based on the WaaS model that empower valuable business for its clients worldwide. The company offers a wide range of software development services - from white-label eWallets and mobile payment services to neobanking and loyalty management. While improving financial inclusion, Wallet Factory helps clients create and integrate digital financial ecosystems across the globe.

Forward-Looking Statements

This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

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