SAN JOSE, CA and VANCOUVER,
BC, April 17, 2017 /CNW/
- PayPal Holdings, Inc. ("PayPal") (Nasdaq: PYPL) and TIO
Networks Corp. ("TIO") (TSXV: TNC), a cloud-based multi-channel
bill payment processing and receivables management company, today
announced that the previously announced transaction, pursuant to
which PayPal will indirectly acquire all of the issued and
outstanding shares of TIO by way of a court-approved plan of
arrangement (the "Arrangement") was approved today by a final order
of the Supreme Court of British
Columbia.
Completion of the Arrangement remains conditional on obtaining
regulatory approvals and certain other closing conditions. Assuming
that the conditions to closing are satisfied and the necessary
regulatory approvals are obtained, it is expected that the closing
of the Arrangement will be completed in the second half of
2017.
Further information about the Arrangement is set forth in the
information circular and proxy statement in respect of the
shareholder meeting which has been filed under TIO's profile on the
System for Electronic Document Analysis and Retrieval (SEDAR) at
http://www.sedar.com as well as on TIO's investor relations
website at http://corporate.tionetworks.com/.
About PayPal
Fueled by a fundamental belief that having access to financial
services creates opportunity, PayPal is committed to democratizing
financial services and empowering people and businesses to join and
thrive in the global economy. Our open digital payments platform
gives PayPal's nearly 200 million active account holders the
confidence to connect and transact in new and powerful ways,
whether they are online, on a mobile device, in an app, or in
person. Through a combination of technological innovation and
strategic partnerships, PayPal creates better ways to manage and
move money, and offers choice and flexibility when sending
payments, paying or getting paid. Available in more than 200
markets around the world, the PayPal platform, including Braintree,
Venmo and Xoom, enables consumers and merchants to receive money in
more than 100 currencies, withdraw funds in 56 currencies and hold
balances in their PayPal accounts in 25 currencies. For more
information on PayPal, visit https://www.paypal.com/about. For PYPL
financial information, visit https://investor.PayPal-corp.com.
About TIO Networks
TIO is a cloud-based multi-channel bill payment processing and
receivables management provider, serving the largest telecom,
wireless, cable, and utility bill issuers in North America. TIO integrates with the back
office of billing systems to accept, validate, and collect payments
via self-service kiosk, retail walk-in, mobile, and web solutions.
With approximately 60 million transactions processed in fiscal 2016
and a processing network that serves more than 10,000 billers, TIO
symbolizes fast, convenient, and secure access to expedited bill
payment services.
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Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
This announcement contains "forward-looking" statements within
the meaning of applicable securities laws. Forward-looking
statements and information relate to future events and future
performance and reflect PayPal's and TIO's expectations regarding
the timing of the closing of the Arrangement. Forward-looking
statements may be identified by words such as "seek", "believe",
"plan", "estimate", "anticipate", expect", "intend", and statements
that an event or result "may", "will", "should", "could", or
"might" occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which
may cause actual results to differ materially from the statements
made. Factors that could cause or contribute to such differences
include, but are not limited to, the timing and possible outcome of
regulatory approvals in connection with the Arrangement, the
possibility that the Arrangement may not close, the reaction to the
Arrangement of TIO's customers and business partners, the reaction
of competitors to the Arrangement, the retention of TIO employees,
PayPal's plans for TIO, economic and political conditions in the
global markets in which PayPal and TIO operate, the future growth
of PayPal's and TIO's businesses and the possibility that
integration following the Arrangement may be more difficult than
expected. More information about these and other factors can be
found in PayPal Holdings, Inc.'s most recent Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K
and other filings with the Securities and Exchange Commission (the
"SEC"), and its future filings with the SEC, and in TIO's
Management's Discussion and Analysis for the quarter ended
January 31, 2016 filed under TIO's
SEDAR profile at www.sedar.com.
There are no assurances PayPal and TIO can fulfill
forward-looking statements and information. Such forward-looking
statements and information are only predictions based on current
information available to the respective management teams as of the
date that such predictions are made; actual events or results may
differ materially as a result of risks facing PayPal and TIO, some
of which are beyond PayPal's and TIO's control. Although PayPal and
TIO believe that any forward-looking statements and information
contained in this press release are based on reasonable
assumptions, readers cannot be assured that actual outcomes or
results will be consistent with such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and information.
Neither PayPal nor TIO accept any responsibility for any
financial or operational information contained in this press
release relating to the business, results of operations or
financial condition of the other. Each of PayPal and TIO expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained herein to
reflect any change in the expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based.
SOURCE TIO Networks Corp.