MOBI724 Global Solutions Acts to Maintain Progress during Unprecedented Global Economic Slowdown
MONTREAL, March 19, 2020 (GLOBE NEWSWIRE) — Mobi724 Global Solutions Inc. (“Mobi724” or the “Company”) (TSX-V: MOS), a fintech company that offers a suite of integrated technology-agnostic, BI & AI powered card-linked offers & reward solutions announces today, that in light of the effects of COVID-19 pandemic on businesses around the world including in particular the retail, travel and banking sectors, Mobi724 is implementing a contingency plan, which involves a temporarily lay-off of members of its product customization team in Canada for 30 days.
The Company has made a strategic decision intended to optimize cash flows and to preserve long-term shareholder value. The Company’s existing portfolio of clients will continue to receive uninterrupted service as they will continue to be served by team members located in Montreal and Buenos Aires; all of whom are working remotely. Team members affected by this temporary lay-off will remain employees of Mobi724 and can be called back to work with 1-week prior notice. “As the situation with COVID-19 continues to evolve day-to-day in Canada, and across the globe, Mobi724 is focusing on protecting the health and safety of its team members and preserving and continue to work on enhancing long-term shareholder value,” stated Marcel Vienneau, CEO of Mobi724. “The extraordinary and necessary measures being implemented by relevant local authorities will detrimentally affect productivity levels across all sectors in the coming weeks. We keep serving our valued clients during these turbulent times, while in parallel continuing to advance business development efforts in multiple geographies.”About Mobi724 Global Solutions Inc.“Processing Smart Transactions Anywhere”Mobi724 Global Solutions Inc. (TSX-V: MOS) is a Fintech company headquartered in Montreal, Canada. The company offers a suite of integrated technology-agnostic, BI & AI powered card-linked offers & reward solutions that work with any digital payment method, at any point of sale, both online and in physical locations. Mobi724’s global processing platform enables card issuing banks, payment networks, merchants and loyalty program operators to generate incremental revenues by driving new commercial opportunities, while delivering seamless engaging and rewarding experiences to cardholders.Legal DisclaimerCertain statements in this document, including those which express management 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.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release does not constitute a solicitation to buy or sell any securities in the United States.For further information, please visit www.MOBI724.com or contact:Investor Relations:Eli Rozhansky
MOBI724 Global Solutions Inc.