- The Target provides payment gateway integration allowing merchants to seamlessly accept payments from consumers in real-time, without having to deal with the movement of funds from one currency to another – including Bitcoin and other digital currencies
- The Target processed over US $30M in merchant transactions over the past 12 months
- Globally, mobile payment growth is far outpacing traditional credit card usage
- In Korea, Japan, and China, consumers use mobile payment solutions far more than credit cards – this trend is common in most developed Asian countries
VANCOUVER, British Columbia, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Vinergy Capital, Inc. ("Vinergy" or the "Company") (CSE:VIN, OTCQB:VNNYF) today announces that the Company has entered into a binding letter of intent (“LOI”) to acquire 33% (thirty-three percent) of a payment gateway platform (the “Target”). The Target is an integrative global payment processing company powered by blockchain. The Target’s novel technology is currently deployed in Australia and multiple countries in Asia. In the last twelve (12) months the Target has processed over US $30M in merchant transactions across the aforementioned jurisdictions – accounting for over 992,000 transactions.
The Target is built on financial technology that supports a network to allow easy global payments - without the use of credit cards - by integrating various local currencies. The technology has been successfully deployed in Australia and several countries in Asia, which are emerging and rapidly growing e-commerce markets.
“This investment represents a major step forward as Vinergy establishes itself as an allocator of capital in high-growth fintech and digital currency opportunities. We are very pleased to have sourced this investment and look forward to providing additional details after closing in the coming weeks,” said Mr. Alnoor Nathoo, CEO of Vinergy.
Terms of the Investment
Vinergy will be issued 33% of issued and outstanding shares in the Target (the “Shares”) in exchange for a subscription price of CAD$1,000,000. On closing, the investment will represent a 33% equity ownership on a fully-diluted basis. The purchase price for the investment is to be paid in full on / about November 15, 2021 (the anticipated closing date). Additionally, Vinergy will be granted the right to participate in future equity financings of the Target up-to its pro-rata equity interest.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Vinergy Capital Inc.
Alnoor Nathoo, Chief Executive Officer
Email: investors@vinergycapital.com
Cautionary Statement Regarding "Forward-Looking" Information
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information, including Target supplied information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
