From the Wires
First Global Data Limited Announces Acquisition of 48% of Jameson Investment Corporation
By: Marketwired .
Dec. 10, 2012 05:38 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/10/12 -- First Global Data Limited (the "Corporation") (formerly Rockstar Capital Corp.) (TSX VENTURE:FGD) is pleased to announce that its wholly owned subsidiary, First Global Data Corp. ("First Global"), has entered into a share purchase agreement dated December 5, 2012 (the "Agreement") with arm's length parties whereby the First Global acquired 48% of the issued and outstanding common shares ("Acquired Shares") of Jameson Investment Corporation ("Jameson").
Pursuant to the terms and conditions of the Agreement, First Global agreed to pay $5,119,004 for the Acquired Shares of which $2 million has been paid and the balance, being $3,119,003, was satisfied through the issuance of promissory notes, which are due in fourteen months. The Acquired Shares were sold by members of the Lau family.
Jameson is a private Ontario company whose sole business and asset is an aggregate of 11,343,149 common shares in the capital of Jameson Bank, a Schedule I bank, of which 7,109,727 Jameson Bank shares accrue to the benefit of Jameson's common shareholders. Through its acquisition of the Acquired Shares, First Global has an indirect beneficial interest in 3,412,669 common shares in the capital of Jameson Bank. The Lau family has retained 52% of the issued and outstanding common shares of Jameson. Jameson has no debt.
About First Global
First Global is a private Ontario company whose core focus is the delivery of International Money Remittances, Mobile Payments, and Mobile Financial Services Technology. First Global's current business is consumer-to-consumer money transfer services, which are provided under its Remitx(TM) brand. This service enables persons to send money from one country to a beneficiary in another country securely and in compliance with regulatory guidelines. The service also enables persons to send money to a beneficiary domestically within the same country.
First Global's customers are the senders of money. First Global's primary customers are expatriates and migrant workers in Canada and the United States who send money to their countries of origin, which money transfers are known as remittances. Other customers of First Global include individuals without traditional banking relationships, traditional bank customers in need of emergency money transfer services and tourists without local bank accounts.
First Global currently accepts funds only from customers in Canada and the United States, which funds are accepted at storefronts (in the form of cash or via point of sale devices (POS)) and online via electronic funds transfer and chequing services. Through its electronic transaction infrastructure, First Global is currently able to dispense such funds to approximately 49 countries worldwide via its third party agent and partner network.
First Global's technology platform allows it to deliver monies to the destination point quickly and in full compliance with legislative and regulatory guidelines.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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