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Globalive Technology Provides Update on Previously Announced Exercise of Call Right to Acquire Control of Flexiti
Globalive Technology Provides Update on Previously Announced Exercise of Call Right to Acq...
About this update from Live Energy Minerals Corp
[{"type":"text","content":"\n\n\n\nGlobalive Technology Provides Update on Previously Announced Exercise of 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, Sept. 13, 2019\n\n\n\nGlobalive Technology is providing an update on its previously-disclosed exercise of a call right to acquire control of Flexiti Financial, subject to the satisfaction of certain conditions. \nFlexiti Financial is a leading fintech point-of-sale lender in Canada with over 1 million customers and approximately $225 million in loan receivables.\n TORONTO, Sept. 13, 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 provided an update on its previously-disclosed exercise of a call right to acquire 2629331 Ontario Inc. (\"262 Holdco\"), subject to the satisfaction of certain conditions. 262 Holdco owns approximately 41% of the common equity of, and exercises 51% voting control over, FLX Holding Corp. (\"FLX\"), 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 approximately a quarter of a billion dollars.\n\"As is clear from recent partner announcements from, for example, Birks, Bad Boy, Henry's, EQ3, and JYSK, together with its successful integration of the TD book, Flexiti continues to impress with its execution and growth,\" said Anthony Lacavera, the Company's Chief Executive Officer. \"We see a tremendous opportunity for Globalive Technology.\"\nAs announced on January 9, 2019 and February 20, 2019, the exercise of the call right is subject to various conditions, including approval of the TSX Venture Exchange (\"TSX-V\"), minority shareholder approval in accordance with Multilateral Instrument 61-101 (\"MI-61-101\"), and the Company or Flexiti successfully raising adequate equity financing. Since that time, as Flexiti has been exploring a more compreh...