Business
Zoompass Announces Completion of Continuance to British Columbia
Zoompass Announces Completion of Continuance to British Columbia.
About this update from Zoompass Holdings Inc
[{"type":"text","content":"VANCOUVER, BC / ACCESSWIRE / January 6, 2022 / Zoompass Holdings Inc. (Formerly OTCQB:ZPAS- Exempt) (the "Company" or "Zoompass") is pleased to announce that it has completed its plan to redomicile from Nevada and to continue as a British Columbia corporation (the "Continuance") effective December 30, 2021.The Continuance was achieved by completing a plan of conversion from the State of Nevada to continue into the British Columbia by way of a shareholder resolution.The Continuance has not resulted in or been accompanied by any material changes to the board, management, day-to-day conduct of the business of Zoompass or its strategy. Management hopes that the Contiuance will, among other things, reduce the Company's regulatory compliance costs, provide an enhanced ability to access the capital markets and increase to the number of potential investors. Completion of the Continuance has also reduced or eliminated certain U.S. resale restrictions on common shares previously issued by the Company in private placement transactions."The closing of the Continuance represents the start of the process of streamlining Zoompass' corporate structure, updating our financial reporting, making our financing more efficient, and is the logical next step in applying to list the Company's shares on a Canadian exchange," said Manny Bettencourt, CEO. "We thank our shareholders for their overwhelming support in the process.We have received input from shareholders and advisors of the Company that the move to Canada will open up increased access to capital and capital markets, reduce administrative costs, and be beneficial to the Company. We anticipate that this process and transition, will be seamless for the Company's shareholders."Shareholders will continue to own the same shares in the Company and will not be required to take any steps to maintain their ownership positions.Zoompass' Board of Directors believes that the potential benefits of the Continuance include the following:Positions the Company to raise capital more readily in the Canadian capital markets to accord with its current financing plans to fund its planned growth and operations.Reduce the administrate, legal, and regulatory burden and costs associated with ongoing public financial reporting in the US market place, and subsequent Canadi...