ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

FUT The Futura Loyalty Group Inc.

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
The Futura Loyalty Group Inc. TSXV:FUT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Futura Re-acquires Processing Division

21/08/2012 9:34pm

Marketwired Canada


The Futura Loyalty Group Inc. (TSX VENTURE:FUT) (the "Company") today announced
that it has re-acquired the assets of the processing division (the "Processing
Division") it had originally sold in December 2010 as described in a press
release dated January 4, 2011. At the time the Company sold the Processing
Division in December 2010, it also received an option to repurchase the
Processing Division at a later date and it has exercised that right. 


The Company originally sold the Processing Division for $8,000,000, less
transaction costs of $271,940 in an arm's length transaction and was comprised
of $855,000 in cash and the remainder via promissory notes due December 31,
2018. The Company has now repurchased the Processing Division for the same price
it sold it at, $8,000,000, plus transaction costs of approximately $15,000 in
two arm's length transactions, one comprising of a purchase of assets from three
individuals that held a 35% interest of the Processing Division for a total of
$2,800,000, and the other comprising purchase of units in a limited partnership
that held the remaining 65% interest in the Processing Division for a total of
$5,200,000. A portion of the purchase price was satisfied via the Company
issuing 17,100,000 common shares at a deemed value of $0.05 per share
representing the difference between the purchase price and the amount
outstanding on the promissory notes due December 31, 2018 which were previously
received by the Company. All of the securities issued are subject to
restrictions on resale until the date which is four months and one day after the
closing date, as prescribed under applicable securities laws and the policies of
the TSX Venture Exchange ("TSXV"). The acquisition was filed pursuant to rules
of the TSXV as an Expedited Acquisition which has been accepted by the TSXV.
After giving effect to the issuance of the common shares pursuant to the
acquisition, an aggregate of 202,015,651 Common Shares are issued and
outstanding.


About The Futura Loyalty Group

The Futura Loyalty Group Inc. is an industry-leading provider of integrated and
stand-alone loyalty solutions for Canadian and American businesses. The company
offers a comprehensive suite of loyalty products and services including access
to Aeroplan in Canada and four top frequent flyer programs in the United States.
Futura also develops custom programs for companies wishing to develop
proprietary loyalty solutions. Futura's loyalty services include member account
set up, management and reward redemption platform, a web-based program
transaction reporting interface for merchants, a robust offer management system,
retail POS Integration for card swipe issuance, loyalty analytics and a
proprietary web based reward issuance solution. For more information regarding
The Futura Loyalty Group, visit www.tflg.ca or www.futuraloyaltygroup.com.


Forward-Looking Statements

This news release includes certain forward-looking statements that are based
upon current expectations, which involve risks and uncertainties associated with
our business and the environment in which the business operates. Any statements
contained herein that are not statements of historical facts may be deemed to be
forward-looking statements, including those identified by the expressions
"anticipate", "believe", "plan", "estimate", "expect", "intend" and similar
expressions to the extent they relate to the Company or its management. The
forward looking statements are not historical facts, but reflect the Company's
current expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current expectations,
including any risks and uncertainties described herein, as well as the risks and
uncertainties detailed in our final long form prospectus dated November 29, 2005
filed with the regulatory authorities.


(R)Registered Trademark of The Futura Loyalty Group Inc. The TSX-Venture
Exchange does not accept responsibility for the adequacy or accuracy of this
release.


1 Year The Futura Loyalty Group Inc. Chart

1 Year The Futura Loyalty Group Inc. Chart

1 Month The Futura Loyalty Group Inc. Chart

1 Month The Futura Loyalty Group Inc. Chart