MOBI724 (TSX-V; MOS) Announces Launch of Travel & Entertainment Offering With Promerica Financial and Despegar (NYSE; DESP)

MONTREAL, June 05, 2019 (GLOBE NEWSWIRE) -- MOBI724 Global Solutions Inc. (“MOBI724” or the “Company”) (TSX-V:MOS), a global Fintech company, announces that on May 17^th, 2019, its wholly owned subsidiary, MOBI724 Smart Transactions Inc., signed a 3-year regional agreement with Promerica Financial Corporation (“Grupo Promerica”), a group that operates commercial banks in 9 countries in Central and South America, and the Caribbean, to enable cardholders of Grupo Promerica banks to use their accumulated points to purchase travel and entertainment products offered by the Despegar.com platform (“Despegar”), the leading online travel company in Latin America, through MOBI724’s fintech platform.

Under the terms of the commercial agreement, Grupo Promerica’s cardholders will be able to use MOBI724’s white label platform to access Despegar’s ecosystem, thereby allowing them to use their loyalty points to book and pay for Despegar products and services directly through Grupo Promerica’s websites or mobile apps.  MOBI724 will generate booking fees from the sales processed through the Company’s platform. The commercial agreement extends to all countries where Grupo Promerica operates.

Grupo Promerica is the first client to benefit from the Market Development Agreement between MOBI724 and Despegar, which will permit the Company’s clients, banks and other payment card issuers, as part of their loyalty reward strategy, to use MOBI724’s platform to access Despegar’s ecosystem. MOBI724 will generate booking fees from the sales processed through its platform. The Market Development Agreement extends to all 20 countries where Despegar operates.

Adolfo Rosales, Executive Vice President at Grupo Promeria, said: “We are committed to delivering best-in-class benefits to our clients, and working with visionary innovators and market leaders is a part of our strategy”.

Pablo Montivero, Regional Distribution Director at Despegar, said: “This is in line with our aim to bring innovation to our ecosystem and provide an improved travel experience to cardholders, by enabling them to seamlessly redeem their points when purchasing for leisure products and services in our platform”.

Marcel Vienneau, CEO of Mobi724, said: “Our goal is to offer payment card issuers an all-in-one comprehensive, seamless and complete loyalty solution. To this end, signing these agreements with Despegar and Grupo Promerica, true market leaders, are remarkable milestones, and we are very proud of the confidence placed in us.”

About Promerica Financial Corporation

Grupo Promerica is a large financial group domiciled in Panama, authorized to operate and supervised by the Superintendencia de Bancos de Panama. As of November 2018, the company had consolidated assets of US$14.0 billion, deposits of US$10.6 billion and capital of US$1.3 billion. Grupo Promerica is the majority shareholder in commercial banks, with over 2 million customers and 10,000 employees, in nine countries in Central and South America and the Caribbean, and it is the third largest financial institution in the region. For more information, please visit www.grupopromerica.com

About Despegar.com

Despegar is the leading online travel company in Latin America. With over two decades of business experience and operating in 20 countries in the region, Despegar accompanies Latin American travelers from the moment they dream of taking a trip until they share their memories of that trip. Thanks to the strong commitment to technological development and customer service, Despegar offers a tailor-made experience to more than 18 million customers.
Despegar’s websites and leading mobile apps, offer products from over 300 airlines, more than 520,000 accommodation options, as well as approximately 1,100 car rental agencies and approximately 240 destination services suppliers with more than 8,700 activities throughout Latin America. The Company owns and operates two well-recognized brands, Despegar, its global brand, and Decolar, its Brazilian brand. Despegar is traded on the New York Stock Exchange (NYSE: DESP). For more information, please visit www.despegar.com.

About Mobi724 Global Solutions Inc.

“We enable smart transactions anywhere.”

MOBI724, a global Fintech company, offers a fully integrated suite of multiple Card-Linked Offers and Rewards, Digital Marketing and Business Intelligence and Payment Solutions (including a mobile EMV compliant payment platform), which work with any payment card, on any mobile device and at any Point of Sale. MOBI724 provides turnkey solutions for card associations, card issuers, banks, retailers, manufacturers, offer providers, to create, manage, deliver and track and measure incentive campaigns worldwide in real time. The company captures value from big data to deliver seamless and personalized user experiences for the benefits of all parties in the ecosystem. MOBI724 headquarters are in Montreal, Canada, and the company presently has operations in North and Latin America, the Caribbean and Asia Pacific.

Legal Disclaimer

Certain statements in this document, including those which express management expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to the Company or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute a solicitation to buy or sell any securities in the United States.

For further information, please visit www.MOBI724.com or contact:

Investor Relations:

Marcel Vienneau
President/CEO
MOBI724 Global Solutions Inc.
T: 514-394-5200; E: ir@mobi724.com