VANCOUVER, BC / ACCESSWIRE / April 11, 2019 / 1169032 B.C. LTD. (the "Company") is pleased to announce that it has entered into a letter of intent to acquire PayVida Solutions Inc. ("PayVida").
The proposed terms of the acquisition subject to completion of due diligence and closing on a definitive agreement are as follows:
- The Company will issue up to 60 million shares from its authorized share capital through a share purchase and sale agreement to acquire 100% of PayVida.
- The transaction is described as a reverse takeover of the Company by PayVida for it to complete a going-public transaction with planned listing on the Canadian Securities Exchange (CSE).
- The parties intend to close on the definitive agreement and acquisition on or before June 30, 2019.
PayVida is a private corporation that was originally federally incorporated and continued into British Columbia from the jurisdiction of Canada January 15, 2016. PayVida is a Vancouver-based millennial-driven FINTech company that will simplify consumer and business transaction engagement combining the world's largest payment methods into "One Payment Platform".
PayVida will exclusively provide qualified business owners a "Same Day Pay" transaction settlement service never before offered to merchants, expediting payouts to businesses in cash flow sensitive industries. PayVida's platform and mobile app will enable businesses to accept the most adopted international methods of payment including AliPay®, WeChatPay®, Visa®, MasterCard®, China UnionPay®, American Expresss®, Discover®, JCB®, ACH and cryptocurrencies alongside PayVida's unique Pre-Paid MasterCard®.
PayVida's Pre-Paid MasterCard® will not require a credit check for approval and may be used to send money, pay bills, receive money and make purchases anywhere MasterCard® is accepted. PayVida's payment platform will enable businesses and consumers to finally use One Payment Platform to facilitate and finance on-demand loans and guarantee payments, online, in-store and at mobile locations. The PayVida Card will be available for use in the PayVida Wallet and in Plastic form anywhere MasterCard® is accepted.
For further information please contact:
Ron Ozols, V.P. Communications
E-mail: [email protected]
Cautionary Note Regarding Forward Looking Information
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) the inability to complete the Arrangement; and (ii) other factors beyond the Company's control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE: 1169032 B.C. LTD.