Hybrid Paytech World Inc. (CNSX: HPT) (OTC: FPOTF) - Restatement of Consolidated Financial Statements
MONTREAL, Jan. 15, 2014 /PRNewswire/ - Hybrid Paytech World Inc. (the "Company" or "Hybrid Paytech" - formerly Freeport Capital Inc.), a leader on Mobile Credit and PIN Debit payment solutions, announces that it will restate and re-file the annual audited consolidated financial statements of the Company for the fiscal year ended December 31, 2012 and the condensed interim consolidated financial statements for the three- and nine-month periods ended September 30, 2013. The important modifications to the aforesaid financial statements will be as follows:
- Restatement of the value of the non-controlling interest and the acquired intangible assets with respect to the acquisition of Vault Acquiring Solutions LLC as at July 1, 2012;
- Management now considers that the intangible assets acquired through the acquisition of Vault Acquiring Solutions LLC as at July 1, 2012 are in fact definite-life intangible assets, therefore, an amortization expense will be reflected in the restated financial statements;
- Presentation of additional information with respect to the Company's Convertible Notes as at December 31, 2012;
- Accounting adjustments in order to reflect the modification of the functional currency of two of the Company's subsidiaries;
- Restatement of the of the Company's Consolidated Statements of Cash Flows as at December 31, 2012 in order to present properly the issuance of the 2012 Subscription Notes and the changes in the loans payable;
- Restatement of the information with respect to the Company's stock option plan as at December 31, 2012;
- Additional note disclosure with respect to Segmented Information as at December 31, 2012;
- Additional note disclosure with respect to Related Party Transactions as at December 31, 2012;
- Restatement of the presentation of the September 30, 2013 condensed interim consolidated statements of operations and comprehensive loss;
- Restatement to the Company's Management Discussion and Analysis as at December 31, 2012 and September 30, 2013 in order to reflect the above adjustments and to present additional information about related party transactions.
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 holding, First Equity Strategy LLC, markets itself with the DBA: Hybrid Paytech. Visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
Hybrid Paytech World Inc., 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, Hybrid Paytech has market access to over three million merchants worldwide. For more information on Hybrid Paytech, please visit www.hybridpaytech.com / www.hybridpos.com
The Canadian National Stock Exchange ("CNSX") 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.