MONTREAL, QUEBEC--(Marketwired - Dec. 29, 2014) - Hybrid Paytech World (the "Company" or "Hybrid") (CSE:HPT) a leader on Mobile Credit and PIN Debit payment solutions and couponing, announces that it shall be holding its Annual General Meeting for the fiscal year ended December 31, 2013 on January 15, 2015 at 257 Sherbrooke Street East, 3rd floor, at 10 AM. The Company also announces the following:
ISSUANCE OF 432,377 SHARES
The Company also announces that on December 23, 2014 it closed private placement pursuant to which the Company has issued 432 377 common shares in the capital of the Company at a price per share of $0.35 as settlement of amounts claimed pursuant to the legal proceedings as well as the extinguishment of debts to various creditors. The securities of the Company issued pursuant to the private placement are subject to a four-month hold period. Creditors who have accepted common shares have satisfied the purchase price for the common shares by way of set-off of an amount equal to $151,332. The Company is extinguishing debts through the issuance of common shares as a means to reduce the level of account payable while preserving cash. The Company is in negotiation with other creditors the same type of settlement agreements.
CHANGES TO LEADERSHIP TEAM
Mr. Edwin Lun has decided to leave the Company's Board of Directors due to other personal and professional commitments abroad. The Company has presented a new slate of board members in its Information Circular for shareholder approval on January 15, 2015. In addition, Joey Trombino has stepped down as CFO of the Company effective immediately and will be replaced by Marc Chartrand on an interim basis until a replacement has been found. Marc was a partner of an accounting firm and has over 25 years of experience in accounting and auditing.
About Hybrid PayTech World Inc.
Hybrid PayTech World based in Montreal, Canada, is a technology leader in the mobile payment space for EMV (certification level for credit and debit) & MSR (magnetic card reader) 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.
For more information on its products and on Hybrid PayTech World, visit www.hybridpaytech.com or www.hybridpos.com.
About Mobi724 Solutions
Mobi724 is a leader in "mobile Digital Incentives Gateway" (coupons, gift-cards and rewards) which enables retailers, manufacturers of consumer-packaged goods, loyalty providers, mobile operators and payment card issuers to create, manage and deliver incentives to their customers base on ANY mobile device worldwide. Users are able to redeem offers at ANY Point of Sale or online, in a seamless transaction process that provides instant gratification for both the customer and the retailer. Mobi724 focuses on mobile carriers, loyalty operators, payment card portfolios and large retailers to enhance their offering with our end to end solution. Mobi724 has partnered with several international brands to operate their white label offering.
For more information on its products and on Mobi724, visit www.mobi724.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.
Contact Information:
Mr. Marcel Vienneau
514-394-5200