Mr. Andre Itwaru reports
FIRST GLOBAL PROVIDES CORPORATE UPDATE
First Global Data Ltd. is providing a corporate update.
The company has recently achieved the following milestones:
- Launched services in India which is world's second-largest smart phone market (370 million mobile Internet users) with Vijaya Bank that has 14 million active users;
- Balance sheet cleanup via debt conversion and debt forgiveness;
Delivered third consecutive profitable quarter;
- Closed a $3-million private placement that will enable the company to hire new talent to increase the pace of technology deployments and sales, and further deployment into international markets;
- Appointed Douglas Smith, former assistant secretary of U.S. Homeland Security, to the board of directors.
With Mr. Smith's appointment the company has added a more global profile to its board of directors. In addition, the company is establishing a world-class advisory board to give it bench strength and peripheral overview of one of the fastest-growing segments in the tech space.
The company is in negotiation and contract stage with two additional banks in India, a telecom company in Ethiopia and others, and if successful this will increase access to approximately 74 million users.
"We are pleased with our evolving business dynamics. We have reached a tipping point whereby our award-winning technology is set to intersect and converge on large enterprises with millions of users. To this end, it is our intent to grow our user base exponentially. The value of a financial technology user is higher than users in the social universe as it is based on a recurring and transactional revenue model," said Andre Itwaru, chairman and chief executive officer of First Global.
About First Global
First Global is an international financial services technology company. The company's two main lines of business are mobile payments and cross-border payments.
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