NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia and TORONTO, Feb. 12, 2020 (GLOBE NEWSWIRE) — Converge Technology Solutions Corp. (“Converge” or the “Company”) (TSXV: CTS) (FSE:0ZB) (OTCQX:CTSDF) is pleased to announce that it has entered into an amended agreement with Raymond James Ltd., acting as sole book-runner and lead underwriter on behalf of a syndicate of underwriters (collectively, the “Underwriters”) to increase the size of its previously announced offering of common shares (the “Offering”). Under the amended terms of the Offering, the Underwriters have agreed to purchase, on a “bought deal basis”, 5,769,231 common shares of the Company (“Offered Shares”) at a price of $1.30 per Offered Share (the “Issue Price”) for gross proceeds to the Company of $7.5 million. In addition, Converge has granted the Underwriters an option, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the financing, to purchase up to an additional 865,384 common shares of the Company solely to cover over-allotments, if any, and for market stabilization purposes. In the event the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be $8.625 million.
Converge intends to use the net proceeds from the Offering for acquisitions, working capital and for other general corporate purposes.
The Offering will be conducted in each of the provinces of Canada by way of a prospectus supplement to the Company’s short form base shelf prospectus dated July 8, 2019 (the “Prospectus Supplement”) and elsewhere on a private placement basis. Converge intends to file the Prospectus Supplement with the securities regulatory authorities in Canada, which will be available on SEDAR under the Company’s profile at www.sedar.com.
The Offering is scheduled to close on or about February 20, 2020 and is subject to customary closing conditions, including listing of the Offered Shares on the TSX Venture Exchange and any required approvals of the exchange and applicable securities regulatory authorities.
The Offered Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the Offered Shares may not be offered or sold within the United States, its territories or possessions, any state of the United States or the District of Columbia (collectively, the “United States”) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Offered Shares within the United States.
About Converge Technology Solutions Corp.
Converge Technology Solutions Corp. combines innovation accelerators and foundational infrastructure solutions to deliver best‐of‐breed solutions and services to customers. The Company is building a platform of regionally‐focused Hybrid IT solution providers to enhance their ability to provide multi‐cloud solutions, blockchain, resiliency, and managed services, enabling Converge to address the business and IT issues that public and private‐sector organizations face today.
For further information contact:
|Mary Anne Palangio
Chief Financial Officer
Converge Technology Solutions Corp.
|Virtus Advisory Group
This press release contains certain “forward‐looking information” and “forward‐looking statements” (collectively, “forward‐looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward‐looking statements. Forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. These forward-looking statements include, but are not limited to, statements relating to the timing and completion of the Offering, the satisfaction and timing of the receipt of required stock exchange approvals and other conditions to closing of the Offering and the intended use of the net proceeds of the Offering. Except as required by law, Converge assumes no obligation to update the forward‐looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward‐looking statements.
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s annual information form, which is available on SEDAR under the Company’s profile at www.sedar.com, and the consolidated financial statements of the Company for the years ended December 31, 2018 and 2017, together with the corresponding Management’s Discussion and Analysis for additional risk factors described under “Risks and Uncertainties”.
Neither the 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.
Cryptocurrency Market Report 2020: Technology, Applications and Implementation for Financial Services
TCS Positioned as a Leader in Capital Markets Operations by Everest Group
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix™ for Capital Markets Operations1.
In an assessment of 24 global service providers offering capital markets operations services, TCS was placed highest for Vision and Capability, as well as Market Impact. Additionally, it was named a Star Performer for having top quartile year-on-year improvement in its scores.
TCS’ strong position in the overall capital markets segment is attributed to consistent growth in its portfolio with multiple new wins. According to the report, the company has continuously worked on creating solutions backed with the latest technology to help its customers solve operational problems more efficiently. It mentions TCS BaNCS™ Cloud for Asset Servicing that automates the servicing of multiple asset classes across custodians, brokerages, asset managers, and investment banks. The report also highlighted a successful POC where TCS powered the world’s first cross-border securities settlement between two central depositories using Quartz™ Blockchain.
“With growing competition in the capital markets segment, customer preference for digital channels, and increasingly complex regulations, financial institutions are banking on innovative use of technology to stay ahead,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. “This recognition from an independent third-party research firm is a testament to our vision, capabilities, services offered, and market impact.”
TCS offers a comprehensive portfolio of services in the capital markets domain. Its customers include over 85 buy and sell side firms as well as market infrastructure firms and custodians. TCS’ in-depth domain solutions cover all functions and include:
- Front Office: Research and analytics, channel management support, para planning for wealth management customers
- Middle Office: Post trade processes including trade affirmation / confirmation, pricing and valuation, portfolio accounting and reconciliations
- Back Office: Settlements, reconciliation and fails management accounting including fund accounting, fund administration, and transfer agency
Guided by its Business 4.0TM thought leadership framework and the Machine First™ Delivery Model (MFDM™), TCS has made steady investments and developed frameworks, point solutions and showcases. These include the wealth and retirement platform on TCS BaNCS, a wealth advisory solution, robo advisor and event fusion solution, conversational agents powered TCS’ proprietary tool Conversa™, interactive customer reporting, X code, and distributed ledger technologies for corporate actions, among other blockchain, robotic process automation, platform modernization-based frameworks.
“In an environment shaped by changing user preferences and pressure from fintechs, it has become critical for financial institutions to connect their front- and back-office functions seamlessly,” said Manu Agarwal, Practice Director, BFS Business Process Services, Everest Group. “Supported by strong operational expertise and digital offerings, TCS enables its customers to deliver this superior experience.”
“Our rich experience in capital market services, regulatory knowledge, innovative offerings backed by the latest digital technologies, and deep contextual knowledge places us in a strong position to deliver exponential value to our capital markets customers,” added Krithivasan.
SOURCE Tata Consultancy Services
Huobi Token (HT) Reaches New High Amid Increased Adoption and Ongoing Ecosystem Development
Huobi Global today announced that Huobi Token (HT) has reached a new 12-month high amid the continued growth and development of the whole ecosystem. As of yesterday, HT was trading at a token price of $5.27 USD, a 92% increase since the close of 2019 – and nearly a 5X increase compared to this time last year.
As the native token of digital asset exchange Huobi Global, HT’s new milestone underscores the recent progress of Huobi’s global ecosystem. Last month, Huobi Global and Huobi DM experienced a strong start to 2020 with a 65% month-over-month spike in aggregate trading volume.
Huobi has also transitioned from quarterly to monthly token burns, which are based on a percentage of Huobi Global and Huobi DM’s revenues for each corresponding period. For Huobi’s first monthly burn, 4.057 million HT were repurchased and destroyed in January, which has a current market value of $21.4 million USD. A total of 45.838 million tokens have been burned to date.
“2020 is a pivotal year for Huobi as we enter new global markets and continue expanding our product line-up for both institutional and retail audiences,” said Ciara Sun, Vice President of Global Business at Huobi Group. “HT is a foundational part of the Huobi ecosystem, so we are deeply committed to its success.”
HT Product Roadmap
As part of a longer-term strategic roadmap for HT, Huobi has a number of upcoming initiatives planned that aims to further increase the token’s utility for the broader blockchain and crypto community.
Huobi DM’s new Perpetual Contract product, which is currently undergoing internal testing and nearing public launch, will be incorporated into the HT Token Burn Program. HT will also play an integral role in the ecosystem of Huobi Chain, a regulator-friendly financial blockchain that’s slated for testnet launch in the near future.
Additional features in development include HT margin trading with up to 2X leverage, which is expected to launch in March, and collateralized HT for peer-to-peer crypto lending and pledged loan contract assets.
HT Ecosystem Adoption
To further expand HT’s utility beyond the Huobi ecosystem, Huobi is accelerating efforts to integrate with third-party partners, including international credit cards, digital bank cards, blue-chip technology companies, and global entrepreneurship centers.
HT was recently accepted as a payment option for charitable donations to Project HOPE, a global nonprofit organization that has been providing health development and emergency relief since 1958. Last month, Huobi partnered with a leading crypto-friendly hotel booking platform to integrate HT as a preferred payment method on Travala.com.
SOURCE Huobi Group
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