Mobetize to Effect Dividend of Subsidiary’s Stock to Its Stockholders
BURNABY, British Columbia, April 17, 2020 (GLOBE NEWSWIRE) -- Mobetize Corp. (OTC:MPAY) today announced that its Board of Directors has approved a dividend of one hundred percent (100%) of the outstanding shares of its wholly owned subsidiary Mobetize Canada, Inc. to Mobetize Corp. stockholders (“Dividend”). The Dividend will be payable at the open of business on May 1, 2020, to Mobetize Corp. stockholders at the close of business on March 31, 2020 (“Dividend Date”). The Dividend is part of a restructuring plan to consolidate the focus of its business on Mobetize Canada, Inc. in an effort to build stockholder value by improving the allocation of available capital.
Stockholders of Mobetize Corp. are entitled to receive the Dividend pro rata that provides for one (1) share of Mobetize Canada, Inc.’s common stock for every one (1) share of Mobetize Corp. common stock owned on the Dividend Date. Registered stockholders are not required to do anything to receive the Dividend. Stockholders in “street name” will need to instruct their respective banks, brokers or nominees to contact Mobetize Canada, Inc. in order to receive the Dividend.
On completion of the Dividend, Mobetize Corp. will be without an operating business. Stockholders with a majority of Mobetize Corp.’s common stock have authorized management to file a Certificate of Dissolution with the Nevada Secretary of State (“Dissolution”). Thereafter, FINRA will be advised of the Dissolution and a request made to remove “MPAY” from quotation on the OTC Pink platform. Mobetize USA, Inc. will also be dissolved in a like manner.
An Information Statement concerning the Dividend and the Dissolution is being furnished to Mobetize Corp.’s registered holders as of the Dividend Date. Holders of Mobetize Corp. common stock in “street name” should contact their nominee to obtain a copy of the Information Statement.
About Mobetize Corp. –
Mobetize Corp. challenges the conventional model of how financial services are delivered and consumed, by offering next-generation banking through conventional financial institutions or other digital participants as a financial technology company (Fintech). FinTech is an umbrella term for describing disruptive technologies involved in the provision of financial services that are transforming the way money is managed in almost every financial activity. Mobetize Canada, Inc. provides modern frictionless white-label digital banking applications focused on payment and lending solutions for financial institutions, money service businesses, and telecommunications organizations. While Mobetize Canada, Inc. continues to see success in Fintech with financial institutions starting to adopt its products, efforts to expand into global markets has proven a difficult challenge given the financial limitations that constrain our development model. The challenge has become even more difficult recently with the economic malaise that continues to grip world markets as the result of the Covid-19 virus.
Contact:
Shareholder Relations
202-4555 Kingsway
Burnaby, British Columbia V5H4T8
