Mobi724 Partners with Keira Capital Partners Inc. to Accelerate the Development of Chilean Market
Montreal, Quebec--(Newsfile Corp. - March 19, 2021) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or "Company"), a fintech enabler of AI-enhanced payment card-linked incentives, announces that on March 18, 2021 ("Effective Date"), it signed a binding term sheet ("Term Sheet") with Keira Capital Partners Inc. ("Keira") to jointly implement a commercialization strategy ("Strategy") for the Chilean market. The Strategy includes incorporating a wholly owned subsidiary of Mobi724 in Chile ("Mobi724 Chile"), which will promote & sell Mobi724's solutions to payment card issuers & merchants in the country.
The Term Sheet sets forth the guiding principles that define the roles, responsibilities, and rights (the "Terms") of the parties relating to the joint Strategy. The parties have agreed on the Terms of the establishment, ownership, development, and operation of Mobi724 Chile, including on the manner in which the revenues, that are to be generated through Mobi724 Chile, are to be shared.
The parties are committed to preparing and signing any corollary agreements, which may be needed to finalize the Terms, by no later than April 30th, 2021, while in the interim, the parties will immediately begin working on the creation of Mobi724 Chile.
Through its partners, Keira has established an important presence in Chile, including business relationships with some of the country's leading financial institutions, processors and merchants. Mobi724 has been making progress entering the Chilean market through its own channels. The Parties will combine mutual synergies in order to accelerate the commercialization of Mobi724's processing platform in the country, a market of over 40 million payment cards, with over US$60B of associated spend on purchases annually.
Marcel Vienneau, CEO of Mobi724 said: "As previously announced, we remain committed to accelerating the commercialization of our AI-enhanced fintech platform through a growing network of partnerships. This agreement with Keira Capital Partners, with a presence in both Canada and Chile, will allow us to establish a 3rd hub in Latin America as we are already present in Argentina and Mexico."
Jean Desmarais, Managing Partner of Keira said: "After a thorough review of Mobi724's market offering and an analysis of the compelling economic potential of the Company, we are excited to be working together with Mobi724's team to execute their ambitious business plan in Latin America."
Partial Conversion of Debenture by Calgary based Wealth Management Firm ("WMF"):
The Company is pleased to announce that a $100,000 tranche of the convertible debenture issued on August 6, 2020 and totaling $350,000 (the "CD") was converted at the exercise price of $0.05 per share for a total of 2,000,000 common shares in accordance with the terms of the CD. For more information on the particulars of the convertible debenture, see Mobi724's press releases dated August 4, 2020 and August 7, 2020.
About Keira Capital Partners Inc.
Keira is a Canadian company providing financial advisory services to private and publicly traded companies. Keira is registered, regulated, and supervised by "Autorité des Marchés Financiers of Quebec" (AMF) as an Exempted Market Dealer. Keira is also registered in Ontario, Alberta and British Colombia. Keira is a global M&A firm, a Canadian exclusive representative of CDI Global (www.cdiglobal.com) with over 3,000 transactions completed around the World and offices in over 30 countries. For more information about Keira please visit https://keiracapital.com/.
About Mobi724 Global Solutions Inc.
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. For further information, please visit www.MOBI724.com.
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.
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