VANCOUVER, British Columbia, March 22, 2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT) is pleased to announce that its licensee Euro Asia Pay Holdings Inc. has reached a new milestone, raising more than $5 million in equity funding to pursue its business opportunities in the mobile payments space.
Euro Asia Pay’s most recent investment round of $3.98 million was raised at a price of $0.18 per unit, with each unit consisting of one common share and one common share purchase warrant exercisable at a price of $0.48 per share for a period of 24 months. As part of Glance’s previously announced licensing and services agreement with Euro Asia Pay, Glance received 8.5 million common shares in Euro Asia Pay at a deemed price of $0.07 per share, in addition to cash fees for the provision of other services.
“From day one we have been impressed with what Morris Chen and his team are accomplishing, and we feel the funds they have raised to date provide another competitive advantage that will help make Euro Asia Pay a go-to platform in North America,” says Desmond Griffin, CEO of Glance Technologies. “The tremendous job they have done raising capital is a significant accomplishment and one of many feathers in their cap.”
Euro Asia Pay is in the process of leveraging the tools and security of the Glance Pay mobile payments platform to create a unique mobile payment system tailored to the needs and opportunities of international residents, students and tourists visiting North America from Europe and Asia. The company is positioning itself to take advantage of trends including the high adoption rates of mobile payments in places such as China, where the value of mobile payments has hit USD$5.5 trillion.1 In addition, recent research from Nielsen and Alipay has found that 93% of Chinese tourists would use mobile payments overseas if given the option, and that nearly as many say they would spend more freely if they could use mobile payments.2
1 iResearch (https://www.ft.com/content/00585722-ef42-11e6-930f-061b01e23655)
2 Nielsen, Alipay. “Outbound Chinese Tourism and Consumption Trends: 2017 Survey.” http://outbound-chinese-tourism-and-consumption-trends.softcx.cn/html/index_en.html
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards and interact with merchants. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in iOS (Apple) and Android formats, merchant manager apps, a large-scale technology hosting environment with sophisticated anti-fraud technology and lightning-fast payment processing. Glance has also recently purchased an end-to-end blockchain solution and is working on a rewards-based cryptocurrency intended to be integrated into the Glance Pay app.
For more information about Glance, please go to www.glance.tech.
For more information, contact:
investors@glancepay.com
1-866-258-1249
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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