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Globalive Technology Exercising Call Right to Acquire Control of Flexiti
Globalive Technology Exercising Call Right to Acquire Control of Flexiti Canada Ne...
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[{"type":"text","content":"\n\n\n\nGlobalive Technology Exercising Call Right to Acquire Control of Flexiti\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, Jan. 9, 2019\n\n\n\nGlobalive Technology is exercising its previously-disclosed call right to acquire control of Flexiti, leveraging artificial intelligence and machine learning to optimize Flexiti's point-of-sale consumer financing solution. Flexiti is a leading fintech point-of-sale lender in Canada with over 1 million customers and more than $250 million in loan receivables.\n TORONTO, Jan. 9, 2019 /CNW/ - Globalive Technology Inc. (TSX-V: LIVE) (the \"Company\"), a technology company focused on developing innovative payment, billing and credit solutions for consumers and businesses, today announced it is exercising a previously-disclosed call right, from Globalive Capital Inc. (\"GC\") over GC's wholly-owned subsidiary, 2629331 Ontario Inc. (\"Flexiti Holdco\").\nFlexiti Holdco owns 41.0% of, and has 51% voting control over, the parent of Flexiti Financial Inc. (\"Flexiti\"), a leading point-of-sale consumer financing solutions company in Canada with over 1 million customers and a loan book of more than a quarter of a billion dollars.\nUpon closing, the Company would acquire 100% of, and amalgamate with, Flexiti Holdco (the \"Transaction\"). Consummation of the Transaction is subject to certain conditions, including the Company or Flexiti successfully raising equity financing, approval of the TSX Venture Exchange (\"TSX-V\"), and minority shareholder approval in accordance with Multilateral Instrument 61-101 (\"MI 61-101\"). The Company intends to raise approximately $10 million on a private placement basis, of which GC expects to provide a lead order of $4 million.\nThe Transaction is subject to MI 61-101 as GC owns Flexiti Holdco and GC is the controlling shareholder of the Company. As previously disclosed, Anthony Lacavera, the Company's Chief Executive Officer, controls GC. Upon completion of the amalgamation, as previously disclosed, the Company would assume $7.5 million in secured debt obligations of Flexit...