Mobi724 Global Solutions Granted $1 Million Loan from the Government of Quebec to Accelerate the International Commercialization of Mobi724's Processing Platform
Montreal, Quebec--(Newsfile Corp. - November 19, 2020) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, is pleased to announce that it has finalized a $1 million loan agreement with the Government of Québec, via Investissement Québec's Innovation Program, for a 10-year term ("Loan") which is to be used to accelerate international commercialization of the Company's innovative processing platform in its target markets.
The secured Loan is subject to a floating rate of interest per annum equal to the prime rate (currently 2.45%) plus 0.25% and includes a 2-year moratorium on principal repayment commencing from the first disbursement date, after which the Loan shall be repaid in equal monthly instalments over an 8-year period. The Loan will be disbursed in tranches on a project-driven basis and is subject to compliance with certain covenants and warranties, customary to such transactions.
The Loan to Mobi724 is part of the Innovation Program (the "Program") which is designed to assist the efforts of companies to market innovative products or services that potentially break new ground in their respective industries. The Program is jointly administered by Investissement Québec, agent of the Innovation Program for the Government of Québec, and the Ministère de l'Économie et de l'Innovation - Québec ("MEI"). To be eligible to obtain the support offered through the Program, companies must demonstrate significant improvement to existing products or processes and submit commercialisation plans which:
- Offer a decisive advantage over national and international competitors;
- Have required research & development work to be undertaken prior to the submission, and;
- Have demonstrated commercial potential.
"Financial technologies are generating innovative solutions in industries as diverse as finance, transportation, retail and hospitality. By improving the consumer experience, Mobi724 facilitates and encourages business and banking transactions, especially online. In these times of economic recovery, we must accelerate the transition of companies to digital, and Mobi724 applications represent an interesting avenue for this purpose," underlined Pierre Fitzgibbon, Minister of the Economy and Innovation.
Marcel Vienneau, CEO of the Company, said: "The unique value of our technology platform, and the scale of the commercial potential of Mobi724 were validated by the Investissement Québec and MEI teams after a meticulous selection process to qualify our Company for this Loan. We greatly appreciate the trust and the financial backing from Investissement Quebec, a leading financial institution in Canada."
About Ministère de l'Économie et de l'Innovation
The Ministry's mission is to support the growth and productivity of businesses, entrepreneurship, research, innovation and its commercialization and investment. The MEI is coordinating the elaboration and the implementation of the digital strategy.
About Investissement Québec
Investissement Québec's mission is to actively participate in the economic development of Quebec by stimulating innovation in businesses, entrepreneurship and buyers, as well as the growth of investment and exports. Active in all administrative regions of Quebec, the company supports the creation and development of businesses of all sizes through investments and adapted financial solutions. Investissement Québec also supports businesses through consulting services and other support measures, in particular technological support offered by Investissement Québec - CRIQ. Thanks to Investissement Québec International, the company also supports companies in exporting matters and leads the prospecting of talent and foreign investments in Quebec.
About Mobi724 Global Solutions Inc.
Every Transaction is An Opportunity
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients.
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute a solicitation to buy or sell any securities in the United States.
For further information, please visit www.MOBI724.com or contact:
T : 514-394-5200
Investor Relations Coordinator
T : 514-394-5200
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