Fintech Select Announces Settlement of Claim with Pace Savings & Credit Union Limited

TORONTO, March 10, 2022 /CNW/ - Fintech Select Ltd. ("Fintech Select" or the "Company") (TSXV: FTEC) is pleased to announce that it has reached a settlement with PACE Savings & Credit Union Limited ("PACE") regarding the Statement of Claim filed in the Ontario Superior Court of Justice (the "PACE's Claim") per the Company's news release on April 20, 2017, and a third-party claim brought by the Company against PACE in the Alberta Court of Queen's Bench (the "Third-Party Claim"). As part of the settlement, the two parties have agreed to exchange the dismissal of PACE's Claim and the Third-Party Claim on a without costs basis, and have also exchanged full and final releases in respect of the subject matter of these actions.

With the settlement being finalized, the Company will now remove the related shortfall amount from its book of liabilities as management continues its efforts to clean its balance sheet.

"The Company has strived to clean its balance sheet. We believe extinguishing the related amount of the shortfall in PACE's Claim will bring the Company's balance sheet to nearly zero. The management and directors of the Company are proud of this achievement, which will help the Company emphasize its business growth," stated Mohammad Abuleil, CEO and President of the Company.

About Fintech Select Ltd.

Fintech Select is a provider of robust and disruptive Pre-Paid Card programs and e-wallet payment solutions. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike. Fintech select also operates an international call centre that provides fulfillment and customer service support to customers across all the company's platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information: 
This news release contains "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements including the Company's ability to be successful in actually cleansing its balance sheet. The statements in this press release are made as of the date of this release. Fintech undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of its securities, financial or operating results (as applicable) or prospects as to the effective implementation of strategies or initiatives or future revenue levels. Fintech disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE Fintech Select Ltd.

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