TORONTO, June 15, 2018 /CNW/ - Globalive Technology
(TSX-V: LIVE), an artificial intelligence and blockchain technology
commercialization firm and Flexiti Financial ("Flexiti"), a leading
private label credit card issuer in Canada, are pleased to announce a joint
venture to build and commercialize software utilizing artificial
intelligence ("AI") and blockchain technology.
Globalive Technology will leverage Flexiti's $300 million loan portfolio, 1.1 million
customers, and related historical loan data to build an AI platform
that analyzes consumer purchase and credit history. The software
will allow merchants to create value-added transactions at the
point-of-sale and reduce bad debt by predicting loan outcomes using
machine learning. The joint venture will also build blockchain
infrastructure for loan funding, merchant supply chain management,
and loyalty programs.
"We're excited to be working with a leading fintech firm like
Flexiti, that has built a substantial ecosystem of customers,
merchants and a loan funding and servicing platform," said
Anthony Lacavera, Founder, Chairman
and CEO of Globalive Technology. "We are executing on our plan to
develop a first mover advantage in commercializing AI and
blockchain infrastructure through joint ventures with carefully
selected strategic partners like Flexiti."
"We are thrilled to partner with Globalive Technology," said
Peter Kalen, Founder and CEO of
Flexiti. "Building and operationalizing industry-leading software
will strengthen our competitive advantage and further differentiate
us in the marketplace with AI-driven solutions that help our
merchant partners drive more and larger sales."
Once this platform is operational at scale, Globalive Technology
intends to license the technology to other fintech companies
through a transaction-based software licensing model. This will
allow Globalive Technology to participate in revenue growth and
cost savings created by the blockchain-based platform.
Flexiti recently acquired TD Financing Services' Canadian
private label credit card portfolio, on which more than 2 million
transactions valued at more than $3
billion have been facilitated.
Globalive Capital holds a controlling stake in both Globalive
Technology and Flexiti Financial.
About Globalive Technology Inc.
Globalive Technology
is a next generation software company and venture partner that is
developing and investing in innovative solutions to disrupt
traditional industries using AI, IoT and blockchain technology. The
company forms partnerships with leading high growth companies to
co-develop artificial intelligence and blockchain technology
stacks. It is controlled by Globalive Capital Inc. which has
founded and co-founded 12 businesses over the past 20 years with 6
successful exits ranging from $10M to $1.3B USD. It
has also made over 100 venture investments and has over 45
technology companies in its portfolio. For more information, visit
www.globalivetech.com.
About Flexiti
Flexiti has reimagined point-of-sale (POS) consumer financing to
drive sales for retailers in-store and online, becoming one of
Canada's leading private label
credit card issuers. Through our award-winning platform, we deliver
a POS financing experience across any device that is
customer-centric, simple and intuitive. Without the need to
integrate into existing POS systems, retail partners can easily
offer the same fast and paperless financing solution across all
retail locations and sales channels to increase revenue and build
loyalty through repeat purchases. With high approval rates,
innovative products and services, flexible promotional offers and a
partnership-first approach, Flexiti is helping people improve their
lives through better financing. For more information,
visit www.flexiti.com.
For press and media inquiries:
Tanya Sardana
Communications Officer, Globalive Technology
Media@globalivetech.com
For investor inquiries:
Laura
Welsh
Account Manager, Renmark Financial Communications
InvestorRelations@globalivetech.com
Forward-Looking Statements:
This news release contains forward-looking statements
relating to Globalive leveraging certain aspects of Flexiti's
business, benefits of its software for merchants, the joint venture
building blockchain infrastructure for various applications,
Globalive's plan to develop a first mover advantage, the ability of
the joint venture to strengthen Flexiti's competitive advantage,
Globalive's intention to license the technology to others and the
resulting participation in revenue growth and cost
savings. Such forward-looking statements are identified by
terms such as "will", "intends" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, those noted above are forward-looking
statements that involve risks and uncertainties. There can be
no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could
cause actual results to differ materially from Globalive's
expectations include software not functioning as expected,
competitors in the space, third parties not using the software or
licensing the technology as expected, economic conditions making
the technology or licenses not as attractive as expected and other
risks as set out in the Filing Statement filed by Globalive on
May 29, 2018 and available on its
SEDAR page at www.sedar.com.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Globalive. As a result,
Globalive cannot guarantee that any of the forward looking
statements contained in this press release will occur as disclosed
herein or at all. The reader is cautioned not to place undue
reliance on any forward-looking information.
Such information, although considered reasonable by
management at the time of preparation, may prove to
be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in
this news release are expressly qualified by this cautionary
statement. The forward-looking statements contained in this news
release are made as of the date of this news release and
Globalive will only update or revise publicly the included
forward-looking statements as expressly required by Canadian
securities law."
SOURCE Globalive Technology
