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Hybrid Paytech World Inc. Announces The Closing Of $1.5 Million Financing And Provides A Status Report Further To The Management Cease Trade Order

Stocks in this article: HPT

MONTREAL, April 15, 2014 /CNW Telbec/ - Hybrid Paytech World (the "Company" or "Hybrid") (CSE: HPT) (OTC: FPOTF) a leader on Mobile Credit and PIN Debit payment solutions, announces the following:

Closing of $ 1,500,000 Financing

The Company has completed the first tranche of the private placement out of the $ 4,000,000 authorized financing previously announced on April 7 st, 2014 involving the issuance of unsecured convertible debentures totalling $1,500,000 (the "Debentures"). The proceeds received from the private placement will be utilized to support project deployments of Company's solutions and for working capital. The Debentures will mature on September 30, 2016 (the "Maturity Date") and will accrue interest at a rate of 10% per annum. The Debentures shall be convertible at the option of the holder or the Company into common shares of the Company (the "Shares") on or prior to the Maturity Date. The conversion price is set at $1.00 per common share and will contain a ratchet provision discounting the conversion price by up to 25% of the Common Share issuance price or of conversion price of convertible debentures for any new future financings,. For each common share issued pursuant to the conversion, the holder shall be entitled to ¾ common share purchase warrants at an exercise price of $1.45 expiring twenty-four (24) months from their issuance.  The Debentures and the common share purchase warrants will not be listed on the CSE, however the Common Shares issuable upon conversion will be listed and will be subject to a four month hold period from the date of closing.

Status Report on Management Cease Trade Order

Further to its news releases dated March 18, 2014 and April 1, 2014, the Company has received a management cease trade order ("MCTO") from the Autorité des Marchés Financiers ("AMF") the Company`s principal regulator on March 21 2014 in accordance with National Policy 12-203 Respecting Cease Trade Orders for Continuous Disclosure Defaults (NP "12-203").

The Company applied for the MCTO once it was determined that it would be unable to refile and restate the annual audited consolidated financial statements of the Company for the fiscal year ended December 31, 2012 and the condensed interim consolidated financial statements for the three- and nine-month periods ended September 30, 2013, as well as the related management discussion and analysis (MD&A) (the "Outstanding Materials") which the Company had previously undertook to restate and refile.

The MCTO imposes trading restrictions on securities of the Company, whether direct or indirect by certain members of management of the Company as well as insiders and remains in effect until the Outstanding Materials are filed. All other parties are permitted to trade freely in the Company's securities

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