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Globalive Technology Acquires Senior Debentures of Flexiti Financial's Controlling Shareholder
Globalive Technology Acquires Senior Debentures of Flexiti Financial's Controlling Shareho...
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[{"type":"text","content":"\n\n\n\nGlobalive Technology Acquires Senior Debentures of Flexiti Financial's Controlling Shareholder\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Oct. 18, 2018\n\n\n\nTORONTO, Oct. 18, 2018 /CNW/ - Globalive Technology (TSX-V: LIVE), a pioneer in emerging decentralized financial technology, announces that today it acquired $5.5 million aggregate principal amount of the $15 million of outstanding senior convertible debentures (the \"Debentures\") of 2629331 Ontario Inc. (\"Flexiti Holdco\"). The Debentures, which were acquired from third-party creditors of Flexiti Holdco, were purchased for an aggregate of $6.05 million in cash. Flexiti Holdco is the controlling shareholder of Flexiti Financial (\"Flexiti\"), a leading fintech company and private label credit card issuer in Canada.\nGlobalive Technology has previously described the Debentures in its Filing Statement dated May 29, 2018. Globalive Technology also holds a call right and a right of first refusal over Flexiti Holdco and is subject to a put right in respect of Flexiti Holdco under a previously disclosed agreement.  \nAs previously announced, Globalive Technology has entered into a technology development agreement with Flexiti, and expects to leverage Flexiti's $300 million loan portfolio, 1.1 million customers and related historical loan data to build artificial intelligence and blockchain platforms to optimize consumer financing at the point-of-sale. \n\"The acquisition of these senior debentures increases Globalive Technology's stake in Flexiti's growing business,\" said Anthony Lacavera, Globalive Technology's Chief Executive Officer. \"I expect this transaction will generate a favourable economic return and create efficiencies in future interactions between Globalive Technology and Flexiti.\"  \nIn June 2018, Flexiti acquired TD Financing Services' Canadian private label credit card portfolio, on which more than 2 million transactions valued at more than $3 billion have been facilitated. \nAbout Globalive Technology Inc.Globalive Technology is dedicated to building...