First Global Data Limited Reports Delay in Filing Financial Statements

First Global Data (TSXV:FGD), an international financial services technology company that focuses on mobile payments and cross border payments announced that it will be unable to file its annual audied financial statements by April 30, 2018.

As quoted in the press release:

The delay is due to a revenue recognition issue that was first press released by the Company on April 17, 2018. The process for addressing such issue will include working with existing licensees to amend license agreements, where possible, to address revenue recognition concerns. The Company will also be changing from its current auditor to a national audit firm. The entire process will require the Company additional time to work with both existing licensees as well as the new auditor in order to complete the audited consolidated financial statements. The Company anticipates having its 2017 Financial Disclosure as soon as possible and anticipates, in any event, filing such by the end of June, 2018.

Accordingly, the Company proposes to apply for a management cease trade order effective April 30, 2018 preventing all insiders of the Company from trading, directly or indirectly, in the securities of the Company (except as otherwise authorized by applicable securities regulators), which will remain in place until the above-noted documentation has been filed, in accordance with the provisions of National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP-12-203“). Until its annual consolidated financial statements, MD&A and related Certifications are filed, the Company intends to satisfy the provisions of the Alternative Information Guidelines set out in NP-12-203.

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