VANCOUVER, British Columbia, Sept. 05, 2018 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE: VST, OTCQX: VSQTF, FWB: 6F6) is pleased to announce that one of its portfolio companies, PayVida Solutions Inc. (“PayVida”), an emerging global payment processor and card issuer, has become the exclusive partner and preferred vendor of British Columbia’s Alliance of Beverage Licensees (“ABLE BC”).
ABLE BC is the united voice of and a powerful advocate for British Columbia’s private liquor industry. Its 1000+ members include private liquor stores, pubs, bars, nightclubs and hotel liquor licensees.
“ABLE BC selected PayVida over other merchant service providers because of its instant application approval process and innovative payment technology,” said PayVida CEO Ryan Strauss. “We anticipate reducing transaction costs for our members, while growing our membership base through our new partnership.”
PayVida’s partnership with ABLE BC creates a direct channel into a network of BC’s private hotels and pubs. ABLE BC’s Executive Director Jeff Guignard recently completed a 10,000 kilometre, 20 city, 250 liquor licensee tour of BC. Discussions included recent and pending changes to BC’s liquor policies and the emerging licensing framework for cannabis retail stores.
“PayVida is more than a payment processing company,” said Guignard. “This is an opportunity for us to collaborate with an innovative financial technology company, giving our members point-of-sale integrations and same day funding.”
B.C. currently has 670 private liquor stores and 195 government locations, generating over $3 billion of alcohol sales and several billion dollars of indirect economic activity.
(Source: https://ablebc.ca/wp-content/uploads/2018/04/Member-Handbook-Updated-April-2018.pdf)
“ABLE BC is a hub to 1,000 thriving businesses that understand the importance and the power of a highly scalable FinTech and payment processing solution to accelerate their business growth. After reviewing other competitors, ABLE selected PayVida to partner with because of the value they place on leading solutions in the payments industry,” said Victory Square Technologies CEO Shafin Diamond Tejani.
Tejani continued, “PayVida is helping to innovate the FinTech community and Victory Square remains confident that they will continue to make significant strides in this industry and stands fully ready to help support and fuel their growth.”
In March 2018, the Company entered into an agreement to invest $1,900,00 CAD in total consideration in PayVida for a current equity position of 42.05%.
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies is an emerging technology accelerator. Victory Square portfolio companies are using Blockchain, Machine Learning, Artificial Intelligence and Virtual & Augmented Reality to disrupt established technology and create completely new industries. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally. For more information, please visit www.victorysquare.com.
ABOUT PAYVIDA SOLUTIONS INC.
PayVida Solutions Inc. is a global payment processing company that is revolutionizing the way commerce happens all around the world. PayVida’s proprietary payment platform allows business owners to sign up and have activated smart terminals within minutes. A true Omni-Channel provider, PayVida integrates seamlessly with leading point-of-sales systems, online and mobile payment solutions. It is also the first company to offer same-day funding to their merchants.
At PayVida, technology drives business. Learn more about PayVida’s credit card and payment processing solutions at http://www.payvida.ca.
For further information about the Company, please contact:
Investor Relations Contact - Prit Singh
Email: prit@victorysquare.com
Telephone: 905-510-7636
Media Contact - Howard Blank, Director
Email: howard@victorysquare.com
Telephone: 604-928-6066
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance by any portfolio company of the Company, the impact of any portfolio company’s performance on the Company, the strategic direction of the Company, and its goal of broadening its portfolio of interests in innovative companies. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical fact contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.