VANCOUVER, British Columbia, Feb. 06,
2018 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET.CN)
(CSE:GET.WT) (OTCQB:GLNNF) (FKT:GJT) is pleased to provide this
update.
Dear Shareholders of Glance
Technologies Inc.,
A lot has happened since our
previous letter six months ago. Given the importance and rapid pace
of these developments, we thought an update on our recent progress
and plans for 2018 would be helpful.
Capitalization
A key objective for Glance has
been to raise sufficient capital to execute our
plan. On December 27, 2017 we
announced the closing of an $11 million bought deal
financing. We also announced that the Company's cash balance
at that time exceeded $17.4 million. This strong cash
position gives us a clear runway to acquire new customers, expand
into other geographic markets such as the US, pursue new licensing
deals, acquire new technologies, expand our development resources
and continue adding significant innovations to our technology such
as a rewards-based cryptocurrency. We believe our cash reserve
gives us a competitive advantage, especially if venture funding
becomes more difficult in the future.
Technology
During our first year of
operations, we focused on developing and enriching the user
experience through the Glance Pay
App. We're now devoting significant resources to
enhancing the Glance Merchant App. This
latest innovation will give our merchants access to advanced data
analytics that inform sophisticated promotions and loyalty
programs-all aimed at repeatedly bringing customers back to our
merchants' establishments. We plan to expand this technology
into online purchases and e-commerce by leveraging our anti-fraud
technology for online merchants suffering high fraud rates. We also
plan to reach further into cities across North America, increasing
our merchant base beyond restaurants to all types of businesses as
we add services that enable various other verticals. We are very
excited about our technology roadmap for this year. With sufficient
capital in the bank, we're confident we can achieve our goals and
continue to build out our technology platform.
Revenue
In addition to establishing a
significant base of merchants and users and expanding our market,
we've also explored and tested different monetization strategies
for our products. We've had a strong start to 2018 for
merchant signings including a number of US locations. We're
working closely with restaurants and merchants to determine pricing
models and services or add-ons we could implement to monetize our
products. As a result, we added a number of services and features
to our platform that could be used to earn additional
revenue. We believe we have an opportunity to provide
services which can compete with companies like Square (whose
current market cap exceeds $16 billion) without requiring special
hardware to combat fraud. Additionally, we have been
exploring other opportunities to license our
technology. In the last nine months, we have signed licensing deals
with deemed values totaling $9 million. On December 6,
2017 we announced the acquisition of the BlockImpact cryptocurrency
and blockchain platform to accelerate our blockchain development.
We are also exploring licensing opportunities of this technology
beyond our rewards token initiative.
Blockchain
& Cryptocurrency
We believe blockchain and
cryptocurrencies are fundamentally transformative
technologies. According to Coinschedule.com, over $3.7
Billion USD was invested in cryptocurrency ICOs in 2017. That large
influx of investment should accelerate the advance of fundamental
blockchain platform technology as well as applications and more
widespread adoption of the technology in the next few years.
We also announced that we are
building a decentralized loyalty marketplace using blockchain
technology. This development will utilize a rewards token that
allows Glance Merchants to reward and provide deals and incentives
to customers. Our plan is to provide a loyalty mechanism that
allows Glance Users to spend accumulated rewards within a larger
marketplace. We also anticipate that by rewarding Glance Users with
our token, we will enable everyday individuals to get involved in
the cryptocurrency and hopefully encourage widespread
adoption. We are working diligently on our crypto technology
and assembling what we believe to be a strong team on this
front. This blockchain-based rewards platform will allow
flexible reward and loyalty structures to meet merchant needs based
on smart contracts. Our recent trip to Davos, Switzerland to speak
at a blockchain conference validated the opportunity for our
planned rewards-based token. The conference also provided a great
networking opportunity for potential partners, customers, and
investors.
Proprietary
Anti-Fraud Technology
Fraud is a serious issue for many
merchants, and unfortunately most payment methods pass the fraud
risk onto the merchant. That is why we designed important
innovations in fraud prevention that were implemented just over a
year ago. Since that time we have
experienced zero payment fraud on our platform in over 13 months
across all of our live locations. Fraud
prevention may be one of the most important features of our
intellectual property to date, and we intend to leverage this
advantage in various markets including cryptocurrency and
blockchain, online e-commerce, mobile payments and in-store
purchases. We believe our anti-fraud technology represents a
significant accomplishment and market edge, and we are working
towards making this feature a distinct product. Based on recent
announcements by credit card firms, fraud is also emerging as a
major issue in the crypto space, and our technology could offer an
important weapon against it.
Summary
By establishing the usability of
our technology, expanding our target market to a broader array of
merchants, improving capacity for monetization with more products,
raising significant capital, eliminating fraud and strengthening
our product offering, we feel Glance has embarked on a strong and
fruitful path. We firmly believe that mobile devices are the
future of payments and consumer engagement, and we believe
blockchain is a fundamentally transformative technology.
According to iResearch, mobile payments are the dominant form of
payment in China, where annual payments already amount to trillions
of USD annually. We believe Glance is well positioned to take
advantage of these technological trends as we continue to build our
technology and expand our network of merchants and consumers. Every
year mobile phones advance significantly, accelerating the
transition to mobile payments and giving us even more tools for
innovation.
We value all our merchants, users,
and shareholders, and we thank you for your support. I know I
speak for everyone at Glance when I say we're excited and grateful
to have you with us as we continue to grow.
Sincerely,
Desmond Griffin
CEO
Glance Technologies Inc.
About Glance Technologies
Inc.
Glance Technologies owns and
operates Glance Pay, a streamlined payment system that
revolutionizes how smartphone users choose where to shop, order
goods and services, make payments, access digital receipts, redeem
digital deals, earn great rewards & interact with merchants.
Glance offers targeted in-app marketing, geo
targeted digital coupons, customer feedback, in-merchant
messaging and custom rewards programs. The Glance Pay mobile
payment system consists of proprietary technology, which includes
user apps available for free downloads in IOS (Apple) and Android
formats, merchant manager apps, a large scale technology hosting
environment with sophisticated anti-fraud technology and lightning
fast payment processing. Glance Pay has entered into
licensing agreements with deemed values totalling $9,000,000 to
date. It also owns an end to end blockchain solution for a rewards
based cryptocurrency which is currently being integrated into the
Glance Pay app.
For more information about Glance, please go
to www.glance.tech.
For more information,
contact:
Christina Rao
Vice President, Investor Relations
(604) 723-7480
investors@glancepay.com
Neither the
Canadian Securities Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the Canadian Securities
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking
Statements
This press
release contains forward-looking information or forward-looking
statements (collectively "forward- looking information") within the
meaning of applicable securities laws. Forward- looking information
is typically identified by words such as: "may", "believe",
"thinks", "expect", "exploring", "expand", "could", "anticipate",
"intend", "estimate", "plan", "pursue", "potentially",
"should", "will" and similar expressions, or are those, which, by
their nature, refer to future events. These statements, which
involve risks and uncertainties, relate to the discussion of
Glance's business strategies and its expectations concerning future
operations, margins, sales, new products, new licensing
arrangements, potential acquisitions, use of proceeds, expenses,
profitability, liquidity and capital resources and to analyses and
other information that are based on forecasts of future results and
estimates of amounts not yet determinable. A complete discussion of
such risk factors and their potential effects which may be accessed
through the Glance's profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking
information provided by Glance is not a guarantee of future results
or performance, and that actual results may differ materially from
those in forward-looking statements. Undue
reliance should not be placed on such forward-looking information,
as there can be no assurance that the plans, intentions or
expectations upon which they are based will occur. In particular,
Glance may not be successful in building its planned cryptocurrency
or there may not be sufficient support for the cryptocurrency to
make it a success.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Glance Technologies Inc. via Globenewswire
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