Globalive Technology Reports Results for Third Quarter of 2019

TORONTO, Nov. 20, 2019 /CNW/ - Globalive Technology (TSX-V: LIVE) (the "Company"), a technology and software commercialization firm developing and investing in innovative solutions to disrupt traditional industries, including retail consumer finance, today announced its financial and operational results for the third quarter of 2019 (the "Financial Period").

For a summary of the financial results, see the Selected Q3 Financial Highlights set out below as well as more detailed information contained in the Company's interim financial statements and related management discussion and analysis quarterly highlights which are available on the Company's SEDAR page at www.sedar.com.

SELECTED Q3 OPERATIONAL HIGHLIGHTS

Key operational developments for the Company in the third quarter of 2019 included:

• Interest in FLX Holding Corp. / Flexiti Financial Inc.: On January 9, 2019 and February 20, 2019, the Company announced it is exercising its call right to acquire 2629331 Ontario Inc. ("262 Ontario"), the controlling shareholder of FLX Holding Corp. ("FLX"), under a put, call and right of first refusal agreement dated June 21, 2018, subject to certain conditions precedent, including the Company's satisfaction that adequate financing can be obtained to fund FLX and Flexiti Financial Inc. ("Flexiti"). The Company has continued to work with FLX, Flexiti and their stakeholders throughout the Financial Period to see if these conditions can be satisfied. Further to an announcement made on September 13, 2019, the Company is also considering, in addition or in the alternative to the exercise of the call right, negotiating a business combination transaction that would result in the Company owning all or a substantial portion of the common equity of Flexiti on terms acceptable to the parties and their respective stakeholders. The negotiation and implementation of such a business combination is now the Company's primary focus in relation to Flexiti, however, those negotiations are still preliminary and there can be no assurance that such a transaction, or even an agreement relating to such a transaction, will be reached.
  
  
• Blockchain/Cryptocurrency Business Ventures: The Company has substantially ceased its active operations in the blockchain and cryptocurrency space. During the Financial Period the Company sold its interest in Globalive BIG Dev Inc. ("GBD"), its business venture with Business Instincts Group Inc. ("BIG"), to BIG and took back a debenture from BIG in the principal amount of $1,250,000.
  
  
• Investments:The Company has made and continues to make strategic investments in existing and potential future collaborators and other strategic partners. During the Financial Period the Company allocated a small amount of capital into Civic Resource Group International Inc. and fulfilled its second $250,000 USD ($331,125 CAD) commitment to invest in the University of Toronto Creative Destruction Lab's Blockchain and Artificial Intelligence Fund. After the Financial Period, the Company also invested a small amount of capital into Acorn Biolabs, Inc. The details of these investments and their valuations are described in the Financial Statements.

SELECTED Q3 FINANCIAL HIGHLIGHTS

Key financial characteristics of the Company for its four most recently completed quarters were:

The Company's gains for the most recently completed quarter were driven primarily by the realization of one of the Company's private equity investments for a gain of $1,310,116 and the disposition of the Company's interest in GBD for a gain of $183,978. Please refer to the Company's interim financial statements and corresponding management discussion and analysis for further details.

ABOUT GLOBALIVE TECHNOLOGY

Globalive Technology is a next generation software company and venture partner that is developing and investing in innovative solutions to disrupt traditional industries, with a particular focus on the retail consumer finance industry. The company forms partnerships with leading high growth companies to develop and commercialize software solutions using optimal technology stacks. It is controlled by Globalive Capital Inc. which has founded and co-founded 12 businesses over the past 20 years with six successful exits ranging from $10M to $1.3B USD, has made over 100 venture investments and has over 45 technology companies in its portfolio. For more information, visit www.globalivetech.com.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements relating to the Company and its business ventures. Such forward-looking statements are identified by terms such as "will", "can be", "subject to", "if", "considering", "would", "continues to" and similar expressions. All statements, other than statements of historical fact included in this release, including those noted above, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a breakdown in the Company's relationship and/or negotiations with its strategic and transactional partners, difficulties or delays in raising the necessary financing to complete a transaction, an inability to satisfy the conditions precedent to a transaction, economic conditions affecting the Company or its transaction partners, the inability to negotiate exclusivity for a possible transaction, competition from third parties with an interest in working with the Company's transaction partners, a transaction not resulting in the expected economic or other benefits for the Company, difficulties or delays in negotiating or consummating a transaction, changes to the value of the assets underlying the Company's secured loans and other investment assets, changes to the Company's strategic plan and other risks as set out in the Company's filing statement dated May 29, 2018 available on its SEDAR page at www.sedar.com.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The Company cannot guarantee that any of the forward-looking statements contained in this press release will occur as disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information.

Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.

FOR FURTHER INFORMATION, PLEASE CONTACT:

For media inquiries:
Rob Moysey
Communications Manager, Globalive
Media@globalivetech.com

For investor inquiries:
InvestorRelations@globalivetech.com

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

SOURCE Globalive Technology