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Zoompass Holdings announces significant management changes as it prepares for a public listing in Canada. Effective January 31, 2022, current CEO Manny Bettencourt will step down to pursue other opportunities, with COO Bharat Vivek appointed as the Interim CEO. The board will welcome new members, including Kris Partiban, Jerry Parmar, and Robert McGowan. These changes aim to enhance the board's independence and diversity, supporting the company's strategic direction towards expanding its blockchain and payment technology platforms.
Zoompass Holdings reported strong financial results for Q3 2021, with operating revenues rising 30% to $982,721 compared to $758,007 in Q3 2020. The gross margin improved to 52% from 47% year-over-year. Operating expenses decreased by 8% to $2,016,856. The loss before taxes narrowed to $(1,498,290), improving by 21%. Net cash used in operations also improved, reducing to $(161,881). CEO Manny Bettencourt noted ongoing challenges due to COVID-19 but maintained optimism for future growth and partnerships.
Zoompass Holdings has successfully redomiciled from Nevada to British Columbia as of December 30, 2021. This Continuance aims to enhance capital market access and reduce regulatory costs. Management believes this move will streamline the corporate structure and ease financial reporting processes. Shareholders will retain their ownership without extra actions needed. Key benefits include improved capital raising capabilities and decreased administrative burdens in ongoing public financial reporting.
Zoompass Holdings has announced non-compliance with Rule 15c2-11, resulting in its removal from the OTC market. Approximately 2,800 securities were similarly affected. To regain public quoting, Zoompass is evaluating options including engaging a market maker for a Form 211 filing or requesting an Initial Information Review from OTC Markets. The Company is also finalizing financial disclosures and exploring strategic alternatives for a Canadian public listing, expected to enhance funding opportunities. Zoompass aims to complete this process by the end of Q1 2022.
Zoompass Holdings (OTCQB:ZPAS) announced a milestone payment of $200,000 USD received from Rockwood Digital Assets as part of a $350,000 USD upfront fee. This payment is for the customization and implementation of protocols to launch the InfyDX Cryptocurrency exchange. Zoompass is also providing integration with settlement banking and investor onboarding services. The next milestone payment is expected within 30 days. CEO Manny Bettencourt emphasized the deployment of blockchain technology to enhance digital asset marketing.
Zoompass Holdings (OTCQB:ZPAS) announced a strategic partnership with Rockwood Digital Assets to launch a global cryptocurrency exchange named InfyDx. The initial focus will be on B2B solutions, providing a white label exchange platform, with a target launch in the EU later in 2021. Zoompass will receive a one-time fee of $350,000 and enter a 50/50 revenue share from the exchange. This partnership aims to deliver secure and compliant solutions for both B2B and B2C markets, facilitating significant Bitcoin transactions for high-net-worth clients.
Zoompass Holdings (OTCQB:ZPAS) announced that its subsidiary Virtublock OU has obtained approvals to launch a global cryptocurrency exchange in the European Union. This approval includes licenses for crypto and e-Wallet operations, corporate banking, and compliance support through partnerships. The launch aims to cater to institutional and retail investors and includes plans for a unique affiliate program. The exchange is currently in testing, ensuring compliance with KYC and AML protocols.
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