Vancouver, British Columbia--(Newsfile Corp. - October 17, 2017) - Glance Technologies GET GET GJT GLNNF has entered into a definitive licensing agreement with Euro Asia Pay Holdings, receiving approximately $1 million in cash and securities. Glance Technologies' subsidiary, Glance Pay, has developed a mobile payment system, consisting of proprietary technology, which includes a number of user apps, currently available for free downloads in Apple and Android formats.
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Glance Pay is positioned to provide payment services that are similar to the ones in China and Europe using its Glance Pay Anywhere technology, which allows users to initiate and send payments to merchants from any location. Euro Asia will use the customized app to target residents, students and tourists in North America, that come from Asia and Europe.
Morris Chen, Director of Euro Asia Pay Holdings, stated: "I have watched the mobile payments industry grow and evolve in Asia, North America and globally. Of all my ventures, I'm most excited about this one. There is no question that mobile payments are the future, they are already dominant in China and it is only a matter of time until the rest of the world follows."
Mobile payments in China have exploded over the last few years. According to consulting firm iResearch, in 2016, China's mobile payments industry hit US$5.5 trillion, roughly 50 times the size of America's US$112 billion. Alibaba's Alipay, and WeChat Pay together control more than 90% of the Chinese market, leaving Apple Pay struggling to make inroads.
According to Kantar TNS, of the largest research agencies worldwide, in the Asia Pacific region, over half (53%) of connected consumers use mobile apps for payment at point of sale. In Singapore, for example, 57% of connected consumers have used mobile payment, with approximately 27% doing so on a weekly basis, facilitating everything from taxi bookings to eCommerce sales. The compares to 33% in North America and 35% in Europe.
This trend is continuing to move beyond China to destinations such as Canada and the U.S., creating an opportunity to provide an alternative for visitors and new residents from China. Chinese visitors contribute more than $1 billion annually to the Canadian economy, and Canada is ranked at the 7th most popular academic destination for Chine students.
Desmond Griffin, Glance CEO, stated: "Visitors and new residents from the Asia Pacific region are already accustomed to mobile payments, which are overtaking cash and credit cards abroad, and we believe the trend is set to accelerate in Canada and the US as well. We believe we are well positioned to serve this growing market."
Under the terms of the agreement, Euro Asia Pay Holdings will make the following payments totalling $1 million to Glance Pay, in both cash and securities.
$405,000 in cash for licensing, with $250,000 already received, and $175,000 payable within 60 days, as well as another $210,000 payable by way of 3 million shares of Euro Asia at a deemed price of $0.07 per share.
$175,000 for the design of a custom app, payable within 60 days by the issuance of 2.5 million shares of Euro Asia.
$210,000 for marketing and advertising of the new app, payable by the issuance of 3 million shares of Euro Asia.
Upon completion of the issuance of a total of 8.5 million shares, which will be escrowed, Glance will own approximately 30% of Euro Asia Pay.
Glance Pay has entered into significant licensing agreements to access the cannabis and fitness and wellness industries through Active Pay Distribution Inc. and Cannapay Financial Inc. Through its licensing strategy, Glance is diversifying its holdings by acquiring equity positions in emerging high growth companies.
Glance shares are trading at $0.63, and with 110.5 million shares outstanding, the company is capitalized at $69.6 million.
For more information please visit the company's website www.glance.tech or contact Christina Rao, Vice President, Investor Relations, at 604-723-7480 or email investors@glancepay.com.
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