Glance Technologies Announces Closing of Non-Brokered Private Placement

Vancouver, Canada, February 3, 2020 ― Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) today announced  that  it has closed a non-brokered private placement by issuing 3,836,845 units (“Units”) at a price of CAD $0.046 per Unit, for aggregate gross proceeds of CAD $176,495.

Each Unit consists of one common share and one common share purchase warrant, with each warrant exercisable into one common share at a price of CAD $0.08 per share for 24 months from the issuance date of the Units.

The private placement is subject to the approval of the Canadian Securities Exchange and the securities will be subject to a four-month and one day hold period under securities laws. There were no finders’ fees paid as part of the private placement.

The proceeds of the private placement will be used primarily towards product development, marketing, sales and operations.

 About Glance Technologies

Vancouver-based Glance Technologies is the parent company of Glance Pay (https://glancepay.com), a streamlined mobile payment app and loyalty management platform that provides fast, frictionless payments and digital rewards, resulting in a better customer experience. Glance Pay has established a foothold in the full-service restaurant sector where the platform enables merchants to not only accept in-dining mobile payments, but also automate loyalty, and instantly deliver rewards to customers based on their purchasing patterns.

For more information, contact:

Jonathan Hoyles

Chief Executive Officer

833-338-0299

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”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. 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.

Glance Technologies Announces Permanent CEO

Vancouver, Canada, Dec. 23, 2019 ― Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) today announced that its board of directors has named Jonathan Hoyles as Chief Executive Officer. Mr. Hoyles has served as the Company’s Interim CEO since June 2019 and previously held the role of Glance’s Chief Commercial Officer and General Counsel since June 2018.

“Jonathan has led Glance through a period of significant change where difficult decisions and strong leadership were required,” said Kirk Herrington, Chairman of Glance Technologies. “After careful consideration, the Board has determined that Jonathan is the right leader to execute on the Company’s new strategy to re-launch Glance’s updated customer loyalty and mobile payments platform. Jonathan has an in-depth knowledge of the products, technology, and the vision to see where and how the Company will be able to grow ¾ not only its presence but its revenue while rebuilding shareholder value.”

Prior to joining Glance two years ago, Mr. Hoyles was Vice President, Legal & General Counsel at Skidmore Group. While there, he played a key role in growing the company’s business and facilitated the sale of a key holding, along with its international franchise operations. His background also includes practicing law at two of Canada’s leading international law firms and he has significant experience working on venture capital investments, public market financings and mergers and acquisitions.

“As Interim CEO, I took the helm at a time when the Company was facing intense scrutiny and change,” said Hoyles. “In the last six months, we have increased our focus on the right technology platform and target markets, significantly reduced costs, added key staff to help us grow our business and have been preparing for a relaunch of our brand. I will continuously look at ways to strengthen the Company’s performance and management team and ensure we’re all committed to the Company’s success. With the majority of the legacy challenges behind us, I am excited about the future: our brand refresh, our efforts to add new customers and expand our market.”

 About Glance Technologies

Vancouver-based Glance Technologies is the parent company of Glance Pay (https://glancepay.com), a streamlined mobile payment app and loyalty management platform that provides fast, frictionless payments and digital rewards, resulting in a better customer experience. Glance Pay has established a foothold in the full-service restaurant sector where the platform enables merchants to not only accept in-dining mobile payments, but also automate loyalty, and instantly deliver rewards to customers based on their purchasing patterns.

For more information, contact:

Jonathan Hoyles
Chief Executive Officer
833-338-0299
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”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations, the expectation that there will be significant opportunities for Glance to grow its presence, revenue and shareholder value, the expectation that Glance will strengthen its performance, and execution of the Glance’s brand refresh and efforts to add new customers and expand its market. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through 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.

 

Glance Technologies Announces RSU Plan and Grants

Vancouver, Canada / December 10, 2019 / Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) one of Canada’s leading mobile payments and customer loyalty platforms, today announced the implementation of a restricted share unit (RSU) award plan (the “RSU Plan”).

Subject to ratification by disinterested shareholders at the Company’s next Annual General Meeting (“AGM”), the Company has initially awarded 1,126,000 RSUs to employees of the Company, of which 865,000 vest over 36 months, in equal quarterly installments and 261,000 vest subject to meeting certain conditions or performance milestones.

Pursuant to the terms of the RSU Plan, the number of RSUs issuable under the RSU Plan, together with the number of common shares issuable under options that are outstanding under the Company’s Stock Option Plan, will not exceed 10% of the issued and outstanding common shares as at the date of a grant under the RSU Plan or the Stock Option Plan, as the case may be.

“This combination of salary and equity is designed to incentivize employees,” said Glance’s Interim CEO Jonathan Hoyles. “Allocating RSUs to Glance employees fosters an ownership mentality at the Company and is also consistent with our efforts to spend wisely, conserve cash and maintain a lean culture. We understand the importance of continually re-enforcing a cost-conscious culture, particularly in a business incurring net losses.”

Hoyles has agreed to receive one-fifth of his current remuneration in the form of RSUs and the Board has also agreed to take 50 per cent of its current board compensation in the form of ongoing grants of RSUs. Similar packages have been and will continue to be offered to future employees with the goal to weight individual compensations to RSUs and stock options rather than cash.

In a similar arrangement, Paola Ashton, VP Business and Client Development, has agreed to receive one-fifth of her compensation in the form of stock of the Company.

“These plans are very common in startup environments where it takes time to get to cash flow positive and companies such as Glance look for a compensation strategy that builds a long-term and high level of commitment,” explained Hoyles. “RSUs can effectively engage employees in the longer term and create a sense of ownership.”

“Moreover, it lessens the up-front financial burden of paying out competitive market salaries, and it attracts employees who are committed to working harder in order to ensure their financial well-being and the success of the company.”

A description of the RSU Plan and the awards made under such plan will be set out in the Management Information Circular of the Company, which will be sent to shareholders and filed on SEDAR in connection with the AGM.

About Glance Technologies

Vancouver-based Glance Technologies is the parent company of Glance Pay (https://glancepay.com), a streamlined mobile payment app and loyalty management platform that provides fast, frictionless payments and digital rewards, resulting in a better customer experience. Glance Pay has established a foothold in the full-service restaurant sector where the platform enables merchants to not only accept in-dining mobile payments, but also automate loyalty, and instantly deliver rewards to customers based on their purchasing patterns.

For more information, contact:

Jonathan Hoyles

Interim Chief Executive Officer

833-338-0299

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”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations, that in time Glance could become cash flow positive, and that Glance’s compensation strategy will build a long-term and high level of commitment from its employees. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business and technology development objectives. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through 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.

Glance Technologies Nominated FinTech Company of the Year

Vancouver, Canada / November 18, 2019 / Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) one of Canada’s leading mobile payments and customer loyalty platforms, is pleased to announce that it has been nominated for FinTech Company of the Year at the 5th Annual Canadian FinTech & AI Awards. The winner will be announced on November 18th at an awards gala in Toronto.

This award is presented to an established FinTech company in Canada that has provided financial products or services for over four years and is actively engaged in innovation creation.

“Being nominated for this award is an honour,” said Glance’s Interim CEO Jonathan Hoyles. “We are thrilled to receive this recognition for our innovation and collaboration in the mobile payments and digital loyalty space. It’s a testament to our team’s dedication to make mobile payments frictionless, fast and easy while also making it more rewarding and engaging.”

In addition to being nominated for FinTech Company of the Year, Glance has also been nominated in two other categories: Blockchain Company of the Year and Payments Company of the Year.

Last year, Glance filed a provisional patent application with the U.S. Patent and Trademark Office directed at methods, systems and techniques for cryptographic token transfers. The technology described in this patent would allow merchants to reward customers and provide them with deals and incentives via loyalty reward tokens that could be transferred or converted to other digital currencies.

“The aim for Glance is to make digital currency payments practical for day-to-day payment situations,” said Hoyles. “We believe there are significant opportunities for the early pioneers such as Glance in this space.”

The Canadian FinTech & AI Awards is Canada’s largest and most prestigious FinTech event with over 3,000 Attendees from the banking, legal, finance, tech, startup and blockchain community. To learn more, visit http://www.fintechawards.org/ .

About Canadian FinTech & AI Awards

The 5th Annual Canadian FinTech & AI Awards, hosted by the Digital Finance Institute, is to recognize and celebrate Canadian innovation in financial technology and in artificial intelligence. The goal of the Awards is to bring together, on an annual basis, Canada’s technology leaders in finance to celebrate each other and support Canadian technology in finance from coast to coast.

About Glance Technologies

Vancouver-based Glance Technologies is the parent company of Glance Pay (https://glancepay.com), a streamlined mobile payment app and loyalty management platform that provides fast, frictionless payments and digital rewards, resulting in a better customer experience. Glance Pay has established a foothold in the full-service restaurant sector where the platform enables merchants to not only accept in-dining mobile payments, but also automate loyalty, and instantly deliver rewards to customers based on their purchasing patterns.

For more information, contact:

Jonathan Hoyles

Interim Chief Executive Officer

833-338-0299

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”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations, the expectation that there will be significant opportunities for Glance as a pioneer in the digital currency space, the expectation that Glance will be successful in its application for a provisional patent directed at methods, systems and techniques for cryptographic token transfers. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through 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.

Glance Technologies Reports Third Quarter 2019 Results

Vancouver, Canada / October 29, 2019 / Glance Technologies Inc. (CSE:GET / OTCQB:GLNNF / FKT:GJT) (“Glance” or the “Company”) ​today announced financial results for the three- and nine-month period ended August 31, 2019.

Financial Summary

The net loss was $3,643,238 or $0.03 per share in Q3 2019. The adjusted EBITDA for Q3 2019 was a loss of $949,279 compared to a loss of $2,352,648 in Q3 2018.  A significant factor of the net loss in the current period was a decrease in the market value of the marketable securities owned by Glance, producing an unrealized loss of $2,210,457 for the current three months.

Operating expenses were $1,125,300 in Q3 2019, compared to $3,074,163 in Q3 2018, a decrease of 63%.  Working capital at August 31, 2019 was $4,143,661 and the Company has no long-term debt.

“This quarter represents a major pivot to improve the cost structure and productivity of our business,” said Glance’s Interim CEO Jonathan Hoyles. “We will continue to focus on reducing costs and bettering the performance of our business to create value for our customers, employees, and shareholders. I am encouraged by the improvements we are making inside Glance and the new direction we will be taking with our platform.”

During the third quarter, Glance took significant action to improve its cost structure and better use its cash resources. The operating expenses in Q3 2019 decreased by 63% year over year, and the Company is committed to spending efficiently going forward.

As previously reported, one example of how Glance has decreased expenses is by moving to a nearby, smaller office space, which reduced monthly office lease costs to $15,000 from $50,000 and achieved a cost reduction of $35,000 per month.

“Glance made meaningful progress this quarter to streamline operations and change our unit economics,” said Hoyles. “We’ve re-aligned our talent to focus on our most important initiatives and are solidly focused on delivering enhancements to our mobile payment and loyalty platform that will provide more value.”

Activity this quarter includes entering into a mutual referral agreement with Squirrel Systems to expand reach and generate a passive channel of customer acquisition, as well as entering into an agreement with EasyPark where drivers can pay parking tickets on the spot using Glance Pay while Glance captures more end users through in-app marketing. In addition, Glance appointed Neil Crist to the Glance Board of Advisors to advise on the Company’s U.S. expansion plans.  Glance believes this appointment will better round out the advisory team and add additional value to the Company.

The Company’s marketing team also reviewed the Glance Pay® brand with the goal of having both merchants and end users understand what that brand is and where it’s going. Our findings indicate the Glance Pay® brand does not resonate enough with audiences, specifically millennials, and they want a more powerful engagement platform that rewards them for their loyalty. Once this review process is fully completed, which includes testing new features and revisiting our brand, our team will provide an update.

 Subsequent Events

We are pleased to report that we made progress on a number of our strategic priorities. Immediately following the end of the third quarter of 2019 we:

  • Right-sized the Company to respond to our business needs more efficiently, reduced head office spend, and improved accountability and visibility across teams
  • Better aligned key talent against our most important initiatives and recruited new talent
  • Eliminated non-core products and features to free up capacity of our technology and research and development team
  • Launched a new marketing video to increase our social media presence
  • Signed and onboarded a new merchant in Toronto
  • Appointed a new Chief Financial Officer.

Outlook

Looking ahead, the Company is well-positioned for growth in the restaurant sector where only about one third of restaurants accept mobile payment and operators admit they are lagging in technology use.

“We are confident in our ability to successfully launch an enhanced version of our mobile payment and loyalty platform in the coming months,” said Hoyles. “With our strategic investment in the right people and our focused effort in driving efficiencies across the Company, we are well-placed to deliver results in the next 12 to 18 months. We are doing everything in our power to propel the Company to a position of growth. We are up for the challenge and our team has rolled up their proverbial sleeves to make that happen.”

As previously mentioned, the Company’s strategic priorities for the coming year include:

  • Maximizing the number of merchants and end users, thereby increasing our revenue
  • Revamping our product features, repositioning our product and refreshing the brand
  • Further building relationships with POS companies
  • White labelling our platform to restaurant chains and players in adjacent vertical markets
  • Continuing to pursue US expansion
  • Signing enterprise accounts
  • Offering license rights in certain territories to allow us to scale more quickly
  • Working with additional re-sellers to more broadly distribute our payment / customer loyalty platform.

IFRS

The operational and financial information in this release is based on the consolidated figures in accordance with International Financial Reporting Standard (IFRS) and with the exception of information on investments and behaviour of markets, quarterly financial statements are reviewed by the Company’s independent auditors.

The Company’s complete financial results for the third quarter of 2019 are available in its Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis, each of which are filed with Canadian securities regulators at www.sedar.com.

 About Glance Technologies Inc.

Glance 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.

For more information about Glance, please go to www.glance.tech.

 For more information, contact:

Tracey St. Denis, CPA CGA                                      Jonathan Hoyles

Chief Financial Officer                                               Interim Chief Executive Officer

833-338-0299                                                              833-338-0299

investors@glancepay.com                                         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”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the discussion of Glance’s business strategies and its expectations concerning future operations, the expectation that Glance will be able to improve the cost structure and productivity of its business,  that Glance will be able to increase its revenue, revamp its product features, reposition its product and refresh the brand, further build relationships with POS companies, white label its platform to restaurant chains and players in adjacent vertical markets, sign enterprise accounts, license rights in certain territories to scale more quickly, engage re-sellers to more broadly distribute its products, generate both transaction and Software as a Service (SaaS) fees. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, risks that Glance’s software and applications may contain security problems, security vulnerabilities, or defects in design or manufacture, including “bugs” and other problems that could interfere with the intended operation of its software, risks related to delays in software development, risks related to the volatility of customer demand for Glance’s products, and the possibility that the expected benefits from the launch of new features will not be realized. The forward-looking information in this press release is also based on certain estimates, forecasts and projections, as well as expectations, beliefs and assumptions, including, among other things, that Glance will be able to achieve its business and technology development objectives. For additional information with respect to these and other factors and assumptions underlying the forward-looking statements in this press release, see the section entitled “Risk Factors” in the most recent Annual Information Form and Prospectus of Glance, which may be accessed through 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.

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