MONTREAL, March 10, 2014 /PRNewswire/ - Hybrid Paytech World Inc. (the "Company") a leader on Mobile Credit and PIN Debit payment solutions, announces the following:
As previously announced in the press release dated December 12, 2013, a judgment was rendered December 4th, 2013 by the Quebec Superior Court against the Company in connection with a third-party garnishment effected to execute a judgment rendered on January 27, 2012 against Messrs. Massimo Barone and Paolo Continelli as well as a company controlled by Messrs. Barone and Continelli. The Company has decided to settle the judgment by being assigned the rights of the Plaintiff in the December 4th, 2013 judgment and the January 27, 2012 judgment for an amount of $1,000,000 CDN. The Company has recently effected a payment in the amount of $ 250,000.00 towards the assignment, the balance of which is due by April 28, 2014. The Company underlines that the assignment is not an assumption of liability.
In order to compensate the cost of the assignment, the Company is in the process of finalizing an agreement with Messers Barone and Continelli as well with Variance Strategy LLC ("Variance") a company also controlled by Messers Barone and Continelli. The terms of the agreement are such that 1,100,000 shares of the Company held by Variance are to be relinquished in favour of the Company as well as other considerations which are also in the process of being finalized.
The Company is working diligently in order to ensure that the compensation received is sufficient to cover the cost of the assignment.
About Hybrid Paytech World Inc. (formerly Freeport Capital 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: 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 news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE Hybrid PayTech World Inc.