Fintech Select Changes its Auditors
September 6, 2018 (Source) — Fintech Select Ltd. (“Fintech Select” or the “Company”) (TSX-V:FTEC) announces that its board of directors (the “Board“) has accepted the resignation of Fareed Sheik & Co, Chartered Professional Accountants, the Company’s auditor (“Resigning Auditor”), effective immediately. The Resigning Auditor, cited the fact that it is no longer continuing to provide audit services for public companies, as its reason for resignation. The Resigning Auditor has committed to providing any assistance required for a smooth transition to a new auditor. The Company is currently in the process of engaging a successor auditor and will report on any engagement forthwith.
“We would like to thank Mr. Fareed Sheik and his team for their hard work and expertise provided in last year’s audit”, stated Mr. Mohammad Abuleil, Director and CEO of the Company.
The Company also announces that further to ongoing litigation first press released by the Company on April 20, 2017, its Bank Identification Numbers (BINs) being held by PACE Savings & Credit Union Ltd. (“PACE”) have been terminated. The Company continues to work toward a negotiated settlement with PACE. As indicated in the Company’s financial statements, the Company has been experiencing a decline in this business segment since the expiration of certain contracts and cards relating to government businesses. While the revenue associated with these BINs represents around 10% of the Company’s total revenue, it has been not profitable in 2018.
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive Pre-Paid Card programs, mobile banking solutions and Cryptocurrency technologies. Fintech Select has enabled these core assets which operate through separate divisions to work together harmoniously to create a new and ubiquitous environment for consumers and businesses alike. Fintech select also operates an international call centre that provides fulfillment and customer service support to customers across all three platforms mentioned. Its mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.