Zoompass Announces Completion of Continuance to British Columbia
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.
- Positions the Company to raise capital more readily in Canadian capital markets.
- Reduces administrative, legal, and regulatory burdens and costs.
- None.
VANCOUVER, BC / ACCESSWIRE / January 6, 2022 / Zoompass Holdings Inc. (Formerly OTCQB:ZPAS- Exempt) (the "Company" or "Zoompass") is pleased to announce that it has completed its plan to redomicile from Nevada and to continue as a British Columbia corporation (the "Continuance") effective December 30, 2021.
The Continuance was achieved by completing a plan of conversion from the State of Nevada to continue into the British Columbia by way of a shareholder resolution.
The Continuance has not resulted in or been accompanied by any material changes to the board, management, day-to-day conduct of the business of Zoompass or its strategy. Management hopes that the Contiuance will, among other things, reduce the Company's regulatory compliance costs, provide an enhanced ability to access the capital markets and increase to the number of potential investors. Completion of the Continuance has also reduced or eliminated certain U.S. resale restrictions on common shares previously issued by the Company in private placement transactions.
"The closing of the Continuance represents the start of the process of streamlining Zoompass' corporate structure, updating our financial reporting, making our financing more efficient, and is the logical next step in applying to list the Company's shares on a Canadian exchange," said Manny Bettencourt, CEO. "We thank our shareholders for their overwhelming support in the process.We have received input from shareholders and advisors of the Company that the move to Canada will open up increased access to capital and capital markets, reduce administrative costs, and be beneficial to the Company. We anticipate that this process and transition, will be seamless for the Company's shareholders."
Shareholders will continue to own the same shares in the Company and will not be required to take any steps to maintain their ownership positions.
Zoompass' Board of Directors believes that the potential benefits of the Continuance include the following:
- Positions the Company to raise capital more readily in the Canadian capital markets to accord with its current financing plans to fund its planned growth and operations.
- Reduce the administrate, legal, and regulatory burden and costs associated with ongoing public financial reporting in the US market place, and subsequent Canadian market place; and
For further details concerning the Continuance, please refer to the Company's website at www.zoompass.com.
About Zoompass
Zoompass operates as a technology and infrastructure provider (Platform as a Service - PaaS) to hasten crypto and fiat payment networks through our blockchain technology, 3rd party integrations and the development of strategic partnerships to connect various verticals in multiple markets to create a global ecosystem.
Zoompass Safe Harbor Statement
Certain statements contained within this release are considered to be forward-looking under the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties including, but not limited to, the risk that any projections or guidance, including revenues, margins, earnings, or any other financial results are not realized, the impact of changes in tariffs, adverse changes in the global economic conditions, significant volume reductions from key contract customers, financial stability of key customers and suppliers, and availability or cost of raw materials. Forward-looking statements can often be identified by words such as "anticipates, " "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expression, and variations or negatives of these words. These forward-looking statements are not guaranteeing of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Zoompass are contained in the Company's Form 10-k filing for the fiscal year ending in December 31, 2020, and other filings with the Securities and Exchange Commission.
Neither the SEC nor its Regulation Services Provider (as that term is defined in the policies of the SEC) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Additional information about the Company is available at www.zoompass.com.
For more information, please contact:
Investor Relations, ir@zoompass.com
SOURCE: Zoompass Holdings, Inc.
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https://www.accesswire.com/681311/Zoompass-Announces-Completion-of-Continuance-to-British-Columbia
FAQ
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