SQID Technologies Announces that Athan Lekkas has been Appointed to the Board as a Director

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(TheNewswire)



  

February 24, 2020 – TheNewswire - Wacol, Queensland, Australia – SQID Technologies Limited (CNSX:SQID.CN)(“SQID or theCompany”) - The Company announces that Athan Lekkas has been appointed to The Board as a Director and has been appointed Chairman. Mr Lekkas is an investment expert, particularly in the technology sector. Mr Lekkas has many years of investment banking experience and has advised on numerous cross border transactions including capital raisings, funding and structuring of acquisitions, joint ventures overseas and participated in a broad range of business and corporate advisory transactions.

 

Mr Peter Hall has retired as Director and Chairman and the Board thanks Peter for his many years of dedicated service in this capacity. Furthermore, Peter Hall is working with the Company to finalize a consulting agreement post his retirement to assist the Company with key account management and operational support to the SQID business.

 

About SQID Technologies, in detail

 

SQID’s software platform enables merchants to receive debit or credit card payments online by providing a connection to an acquiring bank (“Acquirer”) which is a registered member of a card network such as Visa or MasterCard(“CardNetwork”).The“CardNetwork”connects“Acquirers”toacustomer’sbank(“IssuingBank”) so that a customer transaction can be verified. When a customer uses a debit or credit card for a purchase, the “Acquirer” will approve or decline the transaction based on the information the Card Network and Issuing Bank haveonrecordaboutthatcardholder’saccount.Themerchantsubmitsthepurchasetransactioninformationtothe payment processor (“SQID”) used by its “Acquirer” via a payment gateway SQID’s software) that facilitates the communication of transactioninformation.

 

SQID’stechnologyprovidesmerchantservicesandtransactionprocessingtobusinessmerchantsandecommerce customers across both ‘Business to Business’ (B2B) and ‘Business to Consumer’ (B2C) segments to bridge both retail and wholesale transactions through its platform. Its technology is powerfully structured to allow layered access to payment and merchant transaction data, and integrates these retail and wholesale layers (creating many separate customer nodes within the network), providing split settlements between each layer.Thisprovides a broad platform for commission structures and transaction-based rewards that are settled at the same time as the underlying transaction is settled. The business model is applicable to significant business channels including affiliate marketing, rewards programs, franchises, marketplace apps, agencies,etc.

 

Asa“PaymentProcessor”,SQIDhascontractswithmerchantstohandletransactionsfromvariouschannelssuch ascreditanddebitcards.SQIDreceivesamerchantfee,whichisapercentageofthetransactionvalueandalsoin some cases, a fee pertransaction

 

On behalf of the board of directors of

 

SQID TECHNOLOGIES LIMITED.

 

For more information contact:

John O’Connor – SQID Director / Athan Lekkas – SQID Chairman

 

Telephone: 1 604 594 5868 Email:[email protected]

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPTRESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

FORWARD LOOKING INFORMATION

 

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. The Company is providing cautionary statements identifying important factors that could cause the Company’s actual results to differ materially from those projected in these forward‐looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “may”, “anticipates”, “is expected to”, “estimates”, “intends”, “plans”, “projection”, “could”, “vision”, “goals”, “objective” and “outlook”) are not historical facts and may be forward‐looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward‐looking statements.Inmakingtheseforward‐lookingstatements,theCompanyhasassumedthatthecurrentmarketwill continueandgrowandthattheriskslistedbelowwillnotadverselyimpacttheCompany.Theseforward‐looking statements include, among other things, statements relating to the ability of the Company to generate revenue; useoffunds,intentionstofurtherdevelop,marketandpromoteitsoperationsbyexpansionofitsmerchantbase and industries served in Australia; strategy for customer retention, growth, service development, market positionandfinancialresults,thesuccessofmarketingandsaleseffortsoftheCompany,theCompany’sefforts tocontinuouslyupdateitssoftwaretomeetbusinessrequirements,futuresalesplansandstrategies,theeconomy andotherfutureconditions,thetimelinetofurtherdevelopandmarketfutureenhancements; unanticipatedcash needs and the possible need for additional financing and the adoption of governance policies, committees and practices.

 

By their nature, forward‐looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may bedelayed.Therisks,uncertaintiesandotherfactors,manyofwhicharebeyondourcontrol,thatcouldinfluence actual results include, but are not limited to: a downturn in general economic conditions; the ability of the Company to continue to generate revenue adequate to fund its business plans and operations; the ability of the Company to expand its operations in Australia; competitive conditions in the industry which could prevent the Company from continuing to be profitable; competition from other payment process providers who are well establishedwiththefinancialcapacitytooverwhelmtheabilityoftheCompanytooperateinAustralia,security risks, increasing costs of being a publicly traded company, the possibility that our services may become further regulated; the effectiveness and efficiency of advertising and promotional expenditures to generate market interest in the Company’s products and services; volatility of the Company’s share price; liquidity the inability tosecureadditionalfinancing;theCompany’sintentionnottopaydividendsinthenearfuture;claims,lawsuits andotherlegalproceedingsandchallenges;conflictofinterestwithdirectorsandmanagement;andotherfactors beyond the Company’scontrol.

 

Further, any forward‐looking statement speaks only as of the date on which such statement is made, and, except asrequiredbyapplicablelaw,theCompanyundertakesnoobligationtoupdateanyforward‐lookingstatementto reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward‐lookingstatement.

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