MONTREAL, Oct. 23, 2014 /CNW Telbec/ - Hybrid Paytech World (the "Company" or "Hybrid") (CSE: HPT) a leader on Mobile Credit and PIN Debit payment solutions and e-couponing, is pleased to announce that it has arrived at an agreement in principal with the shareholders of Solutions MOBI724 Inc. ("MOBI724") to acquire the remaining 49% as was stipulated in the Acquisition Agreement signed on July 12, 2013. Hybrid will issue from treasury 12,500,000 common shares to complete the acquisition and ultimately own 100% of MOBI724. The transaction is expected to close by November 5, 2014.
Hybrid also announces that it is undergoing a number of changes to its Board of Directors. To that end, the first change is that Mr. Louis Belanger-Martin has stepped down in order to take on additional management responsibilities abroad with the investment fund that he is managing. Mr. Stephane Boisvert will assume the role of Chairman of the Board and as such will be stepping down as CEO effective immediately. Over the last two and a half years, Mr. Boisvert has invested significant time and effort to launch Hybrid's payment solution as well as the e-couponing solution, provided by Hybrid's subsidiary MOBI724, to its full potential. Mr Boisvert is currently very involved with the Company's fund raising initiatives. To replace Mr. Boisvert, Mr. Marcel Vienneau has been appointed as the new CEO as Mr. Vienneau has been the CEO of MOBI724 since the latter's inception and has a great deal of experience and know how in bringing novel ideas to the market. "Marcel's deep knowledge of the payment and couponing industries will play a key role in Hybrid's and MOBI724's future successes and accomplishments" said Mr. Boisvert.
In addition, Mr. Frank Di Tomaso has also decided to leave the Company's Board of Directors due to increased board duties and responsibilities with other companies on whose boards he has recently been appointed. The Company has commenced the search to find a replacement for Mr. Di Tomaso. We thank Mr Di Tomaso for the instrumental role he played in the restatement of the 2012 audited financial statements.
Finally, the Company has completed the acquisition of the remaining 49% of Vault Acquiring Systems LLC ("Vault"). With the acquisition, Hybrid now owns 100% of Vault.
About Hybrid PayTech World Inc.
Hybrid PayTech based in Montreal, Canada, is a technology leader in the mobile payment space for EMV (certification level for credit and debit) & MSR (magnetic card reader) credit and debit acceptance. With a global footprint, Hybrid is an enabler of easily-deployable payment systems focusing on authentication, approved security and quick merchant adoption in Fleet, Delivery, Logistics and Retail.
For more information on our products and on Hybrid PayTech, visit www.hybridpaytech.com or www.hybridpos.com.
Certain statements in this document, including those which express management's expectations or estimations with regard to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE Hybrid PayTech World Inc.
Please contact Mr. Stéphane Boisvert: 514-394-5200.