Cannaone To Acquire Majority Stake In Payright Ltd.
CANNAONE TO ACQUIRE MAJORITY STAKE IN PAYRIGHT LTD.
Vancouver, British Columbia, March 4, 2021 --- CannaOne Technologies Inc. (CSE: CNNA) (OTC PINK:
CNONF) (FSE: 3CT) ("CannaOne" or the "Company") is pleased to announce it has entered into a
memorandum of understanding for the acquisition of 51% of Singapore based Payright Pte Ltd.,
(”Payright”). This business relationship will provide CannaOne a strategic geographic and financial
partnership to service the global markets by working with an established company headquartered in
Singapore, the FINTECH capital of Asia. (Presently Ranked at #1, Singapore is Asia’s highest-ranking FinTech
city - (Findexable’s Global FinTech Index 2020)).
“The island city-state of Singapore stands out from its neighbors, offering one of the most mature
eCommerce markets in the world. Singapore boasts secure internet infrastructure, an overwhelmingly
banked population, and a reliable postal system. In contrast to much of the Southeast Asia region, credit
cards dwarf all other eCommerce payment methods, and are the most popular payment method.”
(Source: WorldPay January 2020 Global Payments Report)
ABOUT PAYRIGHT
Payright, headquartered in Singapore, is operating as a payment processing solutions provider for the
global eCommerce market. Payright is working in exclusive partnership with Right Choice Payments Pte
Ltd. (“Right Choice”), ( www.rightchoicepayments.com ), a Major Payments Institution (”MPI”) license
holder in Singapore that possesses established channel partners throughout Asia and the Americas.
Payright will provide to CannaOne global payment processing solutions for merchant acquiring, and
through white label partnerships with card issuing providers can further provide card issuance services.
Payright has existing business relationships with Payment Aggregators, Independent Sales Organizations
(ISO’s) and specific select niche banking partners and its technology platform combines an integrated PCI
level certified technology platform with a comprehensive integrated suite of products and services capable
of supporting a diversity of merchant requirements. Starting in February 2021, Non-Financial Institutions
(“NFIs” - like Right Choice) that are licensed as MPI’s are able to benefit from the FAST and Paynow financial
services infrastructure in Singapore. This direct connection allows users to make real-time fund transfers
between their bank accounts and e-wallets which makes e-payment adoption simpler for both businesses
and individuals.
“The market in Singapore is still far from saturation and we are seeing greater diversity and the addition
of multiple sector verticals, which we think will drive further innovation. The first FinTech wave in Singapore
was centered on the facilitation of payments and lending to enhance financial inclusion in the Southeast
Asian region and that is where the parent Company of Payright, has primarily focused its attention to date.
With Payright under the umbrella of CannaOne, it will become part of an organization with a clearly defined
implementation strategy that imparts a truly global approach and aerial viewpoint to the FINTECH sector
at large, and is creating a Win-Win for both organizations, and I am personally extremely excited with the
prospects that lie ahead.” Stated James Kodrowski,founder of Payright regarding the transaction.
“This working relationship provides us a formidable footprint in arguably the most advanced FINTECH
market in Asia. Singapore provides FINTECH businesses with accessibility to a unique intersection of
innovative cutting-edge digital financial infrastructure, streamlined regulation and sustainable
development network architecture. We are particularly happy about the collaboration ahead with Payright
and entire Right Choice Capital business enterprise as we to continue to strive to execute on our corporate
goals and objectives.” Mr. Michael Penner, President & CEO of CannaOne noted,
Transaction Metrics
CannaOne has agreed to pay to the current shareholders of Payright a total of $1,147,500 CAD, to acquire
a 51% stake in Payright. At the Closing Date, the Company will pay an amount equal to $1,147,500 worth
of CannaOne stock, priced at a 20% discount to the market trading price of the stock at the Closing Date.
The shares issued are subject to the following release and pooling restrictions: 50% issued on closing;
15% after 90 days; 15% after 180 days; 10% after 270 days; and 10% after 1 year. Finders' fees may be
payable in connection with the transaction in accordance with the policies of the CSE Exchange. The
securities to be issued have not and will not be registered under the US Securities Act of 1933, as
amended, or any state securities laws. The completion of the transaction is subject to certain conditions
including the execution of definitive documentation, all necessary regulatory and shareholder approvals,
and other customary closing conditions.
ABOUT CANNAONE TECHNOLOGIES:
Since inception Cannaone has focused on development and deployment of its proprietary online
marketplace platform. Integral to the true intent and directive of the long-term planning of these
development efforts was an early-stage technology agreement to allow for integration of a payment and
financial technology platform to facilitate merchant sales within its online platform. As such, since March
2017 the company has worked closely with payment technology providers in SE Asia, to ascertain the
pathways to the greatest potential for future growth in the world's fastest growing digital payment
markets. With the existence of ever-evolving international relationships with parties specifically focused
on the facilitation of payment processing and bank acquiring infrastructure, the Company sees potential
to increase revenue over time with the continued integration and utilization of complete payment
processing capabilities within our online marketplace solutions. The Company will look to expand its
online client portfolio to include additional business sectors, such as those to most effectively service the
payment processing requirements of e-commerce providers.
CannaOne seeks to become a global leader in financial technology, solutions, and services for merchants
as it works hand in hand with select niche banking partners. CannaOne intends to integrate PCI certified
payment solutions with its proprietary and proven online marketplace technology platform to offer a
truly comprehensive suite of products and services to serve B-to-B merchant clientele. The Company has
targeted banking relationships outside of North America, (specifically in SE Asia), and by working with
selected banking or licensed EMI partners, our solutions may include merchant acquiring solutions;
integrated payment solutions; global eCommerce solutions; core processing and ancillary applications
solutions; digital and online marketplace solutions, including internet, mobile and eBanking; fraud, risk
management and compliance solutions; electronic funds transfer and network services solutions; and/or
card and online retail payment solutions. The Company is focused on organic growth while investigating
potential strategic acquisitions, that may contribute critical technology applications, services and
immediate revenue streams that can complement or enhance our existing offerings and potentially
increase or expedite our path to future profitability. While Cannaone believes that significant near-term
opportunities exist for the Company's solutions, there can be no assurance that customer agreements
will be reached or that such agreements will be profitable should they be implemented.
For more information, please contact:
Michael Penner, CEO
(604) 396-9974
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE
REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The securities referred to herein will not be registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-
looking information" under Canadian securities legislation. Generally, forward-looking information can
be identified by the use of forward-looking terminology such as, "will be", or variations of such words
and phrases or statements that certain actions, events, or results "will" occur. Forward -looking
statements are based on the Company's estimates and are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of activity, performance, or
achievements of CannaOne and Vasu to be materially different from those expressed or implied by such
forward-looking statements or forward-looking information, including capital expenditures, other costs,
or implied future forecasts. There can be no assurance that the acquisition of an interest in Vasu will be
completed on the terms described herein, or at all. The Company further again cautions that all forward-
looking statements are inherently uncertain, and that actual performance may be affected by a number
of material factors, many of which are beyond the Company's control. Such factors include, among other
things: risks and uncertainties relating to the Company's limited operating history and the need to
comply with environmental and governmental regulations. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-
looking statements and information. CannaOne will not update any forward-looking statements or
forward-looking information that are incorporated by reference herein, except as required by applicable
securities laws.