Item 2.01 Completion of Acquisition or Disposition of Assets
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
As described in Item 1.01 above, effective August 22, 2016, the Company entered into the Agreement which resulted in Zoompass becoming the Company's wholly owned subsidiary.
Zoompass is a carrier-class transaction platform from run sa program services business that enables and manages prepaid, check replacement, remittance, retail branded ePayments as well as Incentive card programs. Its partners include Visa and a Canadian bank its customers include businesses and governments for which Zoompass runs a wide range of open loop prepaid programs, including gift cards, incentive cards, check replacement cards and online virtual card account programs. Our government social assistance card programs are engineered to replace monthly check issuance as well as open loop transit system cards. In addition, Zoompass turnkeys program management services including program concept, card design, card submission and approval, client portal design and development, administration management, reporting and customer service support. We can be found at our web site: www.zoompass.com which we are in the process of updating.
The Company's new management Team consists of:
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Rob Lee:
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Director and Chief Executive Officer
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Steve Roberts:
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Director, President
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Brian Morales:
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Chief Financial Officer
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Ted Yew:
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Director and Secretary
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Jon Tondeur:
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Director
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Rob Lee, Director and Chief Executive Officer: Since 2014, Mr. Lee has served as the Chief Executive Officer and Director of a private financial technology company. He has previously served as the President and CEO of various companies including Versatech Group Inc., a company listed on the NASDAQ and Toronto Stock Exchange up until the late 1990's. Since that time Mr. Lee has focussed on the financing and restructuring of various private entities in a wide variety of industries including manufacturing, construction, mining and retail.
Steve Roberts, Director and President: Mr. Roberts most recently served as Vice President, Mobility for Ingram Micro Canada, leading a team focussed on building and growing Ingram Micro's Canadian mobility market share and partnerships. He was responsible for overseeing and executing on Ingram Micro's overall strategic business plan for mobility in Canada, identifying and creating new greenfield growth opportunities, and securing and maintaining a leadership position for Ingram Micro in the Canadian mobility marketplace. With almost 30 years of experience in the telecommunications industry, Mr. Roberts has previously held senior positions with Fortune 500 companies Bell Mobility and Rogers Communications, where he served as the company's regional president in Ontario. In 2009, he was appointed to the CEO's Round Table at Rogers Communications, becoming part of a team of 40 top executives who helped develop strategy and direction for the telecom giant. Before joining Ingram Micro in 2014, Mr. Roberts held positions as President, Global Operations for Polar Wireless, a new telecom company developing state-of-the-art technology to eliminate roaming fees for international travelers, and as CEO, Global Operations for U.S.-based Forum Telecom. Roberts graduated from the University of Guelph with a double major in business management and economics, and completed the Ivey Executive Program.
Jon Tondeur, Director: Mr. Tondeur graduated from the School of Engineering at the University of Guelph in 1985. Until recently, Mr. Tondeur was a senior partner with Stevenson & Hunt Insurance, and was a driving force in growing the firm into one of Canada's largest insurance brokerages. Mr. Tondeur's clientele and area of expertise is primarily in the construction sector, whereby he manages the bonding and insurance requirements for some of the largest contracting firms in Canada. His business intelligence is currently focused on industry diversification and investment. Mr. Tondeur currently serves as a director of Rockex Mining Corporation.
Brian Morales, Chief Financial Officer: Mr. Morales is a CPA, CA and has most recently served as Chief Financial Officer and Corporate secretary of several publicly listed mining exploration development companies from 2010 to 2016, including companies which are or were listed on the TSX Venture Exchange, the Toronto Stock Exchange, the OTCQX and the AIM. Mr. Morales previously held a finance position with Kinross Gold Corporation from 2008 to 2010 and was employed in equity research with Credit Suisse Securities (Canada) Inc., covering the precious metals sector, from 2007 to 2008. Mr. Morales obtained his CA in 2004 and graduated with a BBA from the Schulich School of Business at York University in 2001.
Edward (Ted) Yew, Director and Secretary: Mr. Yew began his finance career at Credit Suisse Securities as an Equity Analyst and complemented his capital markets experience at three other boutique investment banking firms at various roles including Investment Banking, Compliance, and as a Fund Manager. Most recently, he has served as the CEO of a public mining company trading on the TSX and Frankfurt Stock Exchange. Mr. Yew earned an Electrical Engineering Degree from The University of Western Ontario and an MBA from Joseph L. Rotman, University of Toronto.