Lynx Global Digital Finance Corporation (CSE: LYNX) (OTC Pink: CNONF) (FSE: 3CT0) ("Lynx" or the "Company") announced the appointment of John Schaub as its Chief Product Officer. Having an expertise in building financial services solutions while having held senior roles in core banking, payments fraud prevention, insurance, compliance, and analytics, John will be instrumental in building out the Company's single payment platform infrastructure.
"As we complement our acquisition strategy with progress towards building our single payment platform, we are delighted to have John Schaub on board to focus on successful implementation and execution. We are confident that with his in-depth knowledge and industry experience, he will expertly steer and lead the Company, thereby contributing significantly towards the development of our platform."
- Michael Penner, Chief Executive Officer, Lynx Global Finance
John brings with him a wealth of experience backed by his significant experience in the Canadian Credit Union system. Also, during his professional journey, he has led various significant projects including the creation of the largest fraud management services bureau delivery in Canada in partnership with Everlink Payment Services Inc. Most recently Mr. Schaub served as CEO of CUPP Insurance (a Central 1 subsidiary).
"I look forward to the opportunity to build solutions that extend digital banking to new underserved markets. Massive potential markets remain untapped, and working with existing and new partners to deliver seamless integration of our payment infrastructure to the new digital economy is an incredible opportunity."
- John Schaub, Chief Product Officer, Lynx Global Finance
Furthermore, the Company is pleased to announce that it has completed the final tranche of a non-brokered private placement (the "Offering"). In connection with the closing of the Offering, the Company issued an aggregate of 3,923,200 units (the "Units") at a price of CDN$0.25 per Unit for gross proceeds of CDN$980,800.00. Each Unit consists of one common share in the capital of the Company (a "Share") and one whole transferable common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.50 per Share until September 17, 2023. Lynx intends to use the net proceeds of the Offering for development of the Company's business and general working capital. The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring January 18, 2022.
ABOUT LYNX DIGITAL GLOBAL FINANCE
Lynx seeks to become a leader in financial technology, solutions, and services for large-scale merchants, financial institutions and other B2B industry partners by way of integration to the Lynx digital payment platform. The Company's payment solutions are powered by a broad suite of payment technologies and services. The Company has targeted banking and fintech relationships in ASEAN and Oceania, a region with a population approaching 700 million, that can provide Lynx a financial network hub location to service and operate a global traditional and digital financial infrastructure. By working with selected banking and/or licensed EMI partners, the Company will be able to offer a digital payment platform with a full suite of payment solutions, which may include merchant acquiring solutions; card issuing; remittance and forex; and custodial digital asset services, including digital wallet services. The Company seeks organic growth while investigating potential strategic acquisitions that may contribute critical technology applications, additional services and revenue streams, and that can complement or enhance existing offerings and potentially increase or expedite the path to future profitability.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation, including the goals and objectives of Lynx. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be", or variations of such words and phrases or statements that certain actions, events, or results "will" occur. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lynx to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures, other costs, or implied future forecasts. The Company further again cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Lynx will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.