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TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5
TORONTO, Aug. 30, 2017 /CNW/ - First Global Data ("First Global" or the "Company") is pleased to announce that it has released its Q2, 2017 financial statements.
Please note that financial statements are prepared in US dollars, while the Company's stock price and market cap as presented on the TSX Venture Exchange are reflected in Canadian dollars.
The Company continued to realize and increase in revenues. The three month ending June 30, 2017 revenues were $3,441,095 as compared to the three-month ending June 30, 2016 of $1,183,098.
Net income for Q2 showed a loss of $232,161 as compared to Q2, 2016 positive net income of US$ 119,951. This loss was attributed primarily to an increase in staffing and expenses related to licensing activity. The investment in additional staff was made in order for the Company to more effectively deploy the business deals already signed and to facilitate the closing of new opportunities. The Company also increased its activity toward obtaining new US State licenses and this contributed to the increase in expenses.
Profitability and Capital Position:
As at the six-month ending June 30, 2017, the Company maintained a positive net income and the capital position of the Company continues to be strong.
Balance Sheet Improvements:
The Company has continued its program to reduce debt with a reduction in current borrowings as at June 30, 2017 to $4,576,275 as compared to the year end 2016 of $7,585,834.
"We are pleased with our financial results for Q2, 2017. We decided to increase staffing levels to facilitate the deployment of business which has been backlogged and to also continue moving forward on new opportunities. Our focus on improving our balance sheet remains consistent while we also focus on growing revenues. We have not yet realized the positive impact of some of the strategic initiatives we have already announced, and expect to realize an increase in contribution to transactional revenues from these initiatives as they ramp up toward Q4 of this year", said Andre Itwaru, Chairman and CEO of First Global.
About First Global: (www.firstglobaldata.com)
First Global is an international financial services technology ("FINTECH") company. The Company's two main lines of business are mobile payments and cross border payments. First Global's proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer ("P2P"), Business to Consumer ("B2C"), and Business to Business ("B2B") payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
Neither TSX Venture Exchange Inc. ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information:
This news release contains "forward-looking information" within the meaning of applicable securities laws. Although First Global believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because First Global can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. First Global undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of First Global, its securities, or financial or operating results (as applicable). First Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE First Global Data Limited
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