Hybrid Paytech World Inc. Announces Q1 Results, Closes Private Placements
MONTREAL, May 28, 2014 /PRNewswire/ - Hybrid Paytech World (the "Company" or "Hybrid") (CSE: HPT) (OTC: FPOTF) a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
FILING OF INTERIM FINANCIAL STATEMENTS
The Company has filed its financial results today for the first quarter ended March 31, 2014. The management discussion and analysis and unaudited interim financial statements can be found on SEDAR (www.sedar.com).
Closing of $ 100,000 Financing
The Company has completed an additional $100,000 private placement out of the $4,000,000 authorized financing previously announced on April 7st, 2014 involving the issuance of unsecured convertible debentures totalling $100,000 (the "Debentures"). As of this date the Company has closed $1,600,000 of the authorized amount. The proceeds received from the private placement will be utilized to support project deployments of Company's solutions, for working capital and general corporate requirements. The Debentures will mature on September 30, 2016 (the "Maturity Date") and will accrue interest at a rate of 10% per annum. The Debentures shall be convertible at the option of the holder or the Company into common shares of the Company (the "Shares") on or prior to the Maturity Date. The conversion price is set at $1.00 per common share and will contain a ratchet provision discounting the conversion price by up to 25% of the Common Share issuance price or of conversion price of convertible debentures for any new future financings,. For each common share issued pursuant to the conversion, the holder shall be entitled to ¾ common share purchase warrants at an exercise price of $1.45 expiring twenty-four (24) months from their issuance. The Debentures and the common share purchase warrants will not be listed on the CSE, however the Common Shares issuable upon conversion will be listed and will be subject to a four month hold period from the date of closing.
ISSUANCE OF 375,000 SHARES
The Company also announces that on May 26, 2014 it closed private placement pursuant to which the Company has issued 375,000 common shares in the capital of the Company as settlement of amounts owed pursuant to the termination of an employment contract. The securities of the Company issued pursuant to the private placement are subject to a four-month hold period expiring September 27, 2014.
About Hybrid PayTech World Inc.
The Company develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7). The Company's subsidiary, First Equity Strategy LLC, markets itself with the DBA: HybridPaytech. Visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
HybridPaytech, based in Montreal, Canada, is a technology leader in the mobile payment space for 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. With its current banking and fund-transferring partnerships, HybridPaytech has market access to over three million merchants worldwide. For more information on HybridPaytech, please visit www.hybridpaytech.com / 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 press release does not constitute an offer to sell, nor is it a solicitation of an offer to buy, securities. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons unless an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and all applicable state securities laws is available.
SOURCE Hybrid PayTech World Inc.