January 25, 2017
First Global and Selectcore form JV to create a full suite FinTech business model
TORONTO -- First Global Data Limited ("First Global" or the "Company") is pleased to announce that it has entered into a Letter of Intent ("LOI") to create a Joint Venture ("JV") with Selectcore Limited ("Selectcore" TSX Venture Exchange: SCG).
The JV will combine the synergistic assets of both organizations to offer a full suite of payment services unmatched in the Canadian marketplace. This includes prepaid card, mobile, online and international payments.
The JV will be limited to the Canadian marketplace and will focus on providing governments, retailers, banks, telecom companies, and other strategic partners and clients with a wide spectrum of payment capabilities.
First Global will inject CDN $600,000 of float capital as required, and shall own 51% of the JV. Revenues will be shared between the two companies on a 50/50 basis.
"The combination of Selectcore's technology and ability to issue prepaid cards, their existing business with government organizations, along with First Global's international payments licenses, global reach, and mobile payment technology provides an unparalleled combination of abilities and opportunities in the Fintech sector. The combined strengths create a massive bandwidth of comprehensive Fintech payment services which are unequalled in Canada" said Andre Itwaru, Chairman and CEO of First Global.