Fintech Select Announces Settlement of Shares for Accrued Debt and Compensation for Directors and Officers
TORONTO, Dec. 31, 2021 /CNW/ – Fintech Select Ltd. (“Fintech Select” or the “Company“) (TSXV: FTEC) announces its settlement of accrued fees for directors as well as unpaid compensation to management in the aggregate amount of $297,000 (the “Debt“) through the issuance of 7,425,000 common shares of the Company to 4 different individuals at the market price of 4 cents ($0.04) per share (“Shares for Debt“) as of the closing of business on December 31, 2021. The Debt had accrued over multiple years pursuant to director services agreements and officer compensation approved by the Company’s Board of Directors. In issuing the Shares for Debt, the Company intends to preserve cash to better fund its operations and to continue cleaning its balance sheet. Finalization of the Shares for Debt remains subject to acceptance by the TSX Venture Exchange.
The Company has also granted 1,600,000 options exercisable at five cents ($0.05) to directors and management as well as an additional 560,000 options exercisable at seven and half ($0.075) cents to directors, with each such option granted expiring within 3 years of grant date.
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive Pre-Paid Card programs and e-wallet payment solutions. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike. Fintech select also operates an international call centre that provides fulfillment and customer service support to customers across all the company’s platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
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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.
Forward Looking Information:
This news release contains “forward-looking information” within the meaning of applicable securities laws. 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. Fintech undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of its securities, financial or operating results (as applicable) or prospects as to the effective implementation of strategies or initiatives or future revenue levels. Fintech 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 Fintech Select Ltd.
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