Montreal, Quebec--(Newsfile Corp. - April 26, 2021) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-enhanced payment card-linked incentives issues an update (the "Update") on the status of both the Market Development Agreement (the "MDA") with Despegar (NYSE: DESP) ("Despegar") and the Regional Agreement with Promerica Financial Corporation ("Grupo Promerica") (the "Promerica Agreement"), a group that operates banks in 9 countries in Central and South America. Both agreements were announced via press release on June 5th, 2019.
Background to the Update: The MDA permits the Company's clients, banks, and other payment card issuers to use MOBI724's platform to access Despegar's ecosystem in order to enable their cardholders to purchase travel and entertainment products offered by Despegar, the leading online travel company in Latin America. Through the signing of the Promerica Agreement, Grupo Promerica was the first of Mobi724's client to rely on the benefits of the MDA to allow its cardholders ("Cardholders") to book & pay for Despegar products & services, while seamlessly using their loyalty points, through Grupo Promerica's websites or mobile apps as a part of Grupo Promerica customer rewards' strategy.
Mobi724 is issuing the following Update on the status of the MDA & the Promerica Agreement:
- Both the MDA & Promerica Agreement are moving into the production stage as the commercial operations are scheduled to be launched in Guatemala on the last week of April 2021.
- Grupo Promerica & Mobi724 (the "Parties") have identified Costa-Rica as the next country where commercial operations under the Promerica Agreement are to be launched followed by Panama, Honduras, and Ecuador.
- The Parties intend to gradually increase the scope of commercial operations under the Promerica Agreement over the coming quarters. The timing of the deployment in each country will be defined by the Parties based on business objectives and other commercial factors.
- The travel & entertainment ("T&E") offering supported through the MDA is a part of Club Promerica, which is the loyalty solution of Grupo Promerica. The T&E is accessible for Cardholders carrying debit & credit cards from both major global brands issued by Grupo Promerica.
Marcel Vienneau, CEO of Mobi724 said: "The commencement of commercial production under both these agreements is a true milestone for our Company. It reflects positively on our technological capabilities and our commitment to our clients & partners. We look forward to further expanding & monetizing these business relationships."
About Despegar.com
Despegar is the leading online travel company in Latin America. With over two decades of business experience and operating in 20 countries in the region, Despegar accompanies Latin American travelers from the moment they dream of taking a trip until they share their memories of that trip. Thanks to the strong commitment to technological development and customer service, Despegar offers a customized experience to more than 18 million customers.
Despegar's websites and leading mobile apps, offer products from over 270 airlines, more than 690,000 accommodation options, as well as more than 1,260 car rental agencies and approximately 200 destination services suppliers with more than 7,500 activities throughout Latin America. The Company owns and operates two well-recognized brands, Despegar, its global brand, and Decolar, its Brazilian brand. Despegar is traded on the New York Stock Exchange (NYSE: DESP). For more information, please visit http://www.despegar.com/.
About Grupo Promerica
Grupo Promerica is a large financial group domiciled in Panama, authorized to operate and supervised by the Superintendencia de Bancos de Panamá. In 2020, the company had consolidated assets of US$16.5 billion, customer deposits of US$12.5 billion and capital of US$1.4 billion. Grupo Promerica through its holding company Promerica Financial Corporation owns commercial banks, with over 2.4 million customers and 12,400 employees, in nine countries in Central and South America and the Caribbean, and it is the third largest financial group in Central America not owned by a foreign conglomerate. Grupo Promerica offers regional collections, regional accounts, centralized regional treasury, electronic factoring, securities or bank guaranties, commercial and personal loans, credit lines, credit cards, among other products and services. For more information, please visit www.grupopromerica.com.
About Mobi724 Global Solutions Inc.
Mobi724 Global Solutions Inc. (TSXV: MOS) is a fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients. For more information please visit https://www.mobi724.com/.
Legal Disclaimer
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute a solicitation to buy or sell any securities in the United States.
Investor Relations:
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com
Eli Rozhansky, Investor Relations Coordinator
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com
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