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Zoompass Announces the Acquisition of a Transportation Enablement Platform
Zoompass Announces the Acquisition of a Transportation Enablement Platform.
About this update from Zoompass Holdings Inc
[{"type":"text","content":"\n \n \n Zoompass Announces the Acquisition of a Transportation Enablement Platform\n \n \nZoompass Announces the Acquisition of a Transportation Enablement Platform\n \n TORONTO, ONTARIO--(Marketwired - May 30, 2017) - Zoompass Holdings Inc. (\"Zoompass\" or the \"Company\") (OTC PINK:ZPAS) is pleased to announce that it has entered into an agreement to acquire a Transportation Enablement Platform (the \"Platform\") which provides fully automated dispatching and bookings management built for taxi companies, limousine companies and ride-sharing service providers. The Platform gives customers an app based experience while the acquired cloud-based Platform, provides service providers a range of functions which include customer booking, accounts management, driver tracking, real-time notifications, auto dispatching algorithms, accounting and settlements, corporate account management as well as providing reporting and analytics. The Platform has also shown to have a direct application in the B2B space in providing corporations with a more efficient taxi chit solution to combat fraud and excessive administration costs. \n In exchange for the acquisition of the Platform from a private Canadian based company, the Company will be providing as consideration the equivalent of up to Cdn$1,000,000 in the form of non-registered shares in the common stock of the Company, based on a share price of the lesser of US$3.00 per share, or the share price on closing. The equivalent of Cdn$400,000 in Zoompass shares is payable on closing with Cdn$300,000 payable in shares on the first anniversary of the closing, subject to the satisfaction of certain milestones,, and an additional Cdn$300,000 payable in shares on the second anniversary of the closing, subject to the satisfaction of certain milestones. Closing is subject to certain closing conditions and is expected to occur in June 2017.\n The Company believes the continued development of the Platform can be leveraged into the Company's e-Wallet payment and prepaid card solutions. \n Rob Lee, Chief Executive Officer of the Company commented, \"We are extremely pleased to announce the acquisition of the Platform, and we believe that it fits well into our portfolio of solutions and will leverage in particular, our existing mobile money platform. It's these types of strategies that will continue to drive...