MONTREAL, March 18, 2014 /PRNewswire/ - Hybrid Paytech World (the "Company" or "Hybrid") (CNSX: HPT) (OTC: FPOTF) a leader on Mobile Credit and PIN Debit payment solutions, announces that it has applied for a Management Cease Trade Order "MCTO". As was announced in the January 15, 2014 press release, the Company will restate and re-file its 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 MDA and CEO and CFO certificates (the "Outstanding Materials"). The important modifications to the aforesaid financial statements are as follows: 1) Restatement of the value of the non-controlling interest, the intangible assets acquired and the deferred tax liability with respect to the acquisition of Vault Acquiring Solutions LLC as at July 1, 2012 and the treatment of deferred tax liability at December 31, 2012; 2) Management now considers that the intangible assets acquired through the acquisition of Vault Acquiring Solutions LLC as at July 1, 2012 are in fact definite-life intangible assets, with a life of 10 years and therefore, an amortization expense will be reflected in the restated financial statements; 3) Presentation of additional note disclosure with respect to the Company's Convertible Notes as at December 31, 2012; 4) Accounting adjustments in order to reflect the modification of the functional currency of two of the Company's subsidiaries; 5) Restatement of the Company's Consolidated Statements of Cash Flows as at December 31, 2012 in order to present properly the issuance of the 2012 Subscription Notes and the changes in the loans payable; 6) Restatement of the information with respect to the Company's stock option plan as at December 31, 2012; 7) Additional note disclosure with respect to Segmented Information as at December 31, 2012; 8) Additional note disclosure with respect to Related Party Transactions as at December 31, 2012; 9) Reclassification of certain expenses of the December 31, 2012 consolidated statements of operations and comprehensive loss; 10) The Company is currently obtaining additional documentation on the revenue recorded in the December 31, 2012 consolidated statements of operations and comprehensive loss with respect to a contract in the amount of approximately $340,000. The analysis of the documentation may result in a change of the revenues recorded; 11) Restatement of the presentation of the September 30, 2013 condensed interim consolidated statements of operations and comprehensive loss to disclose the nature of the expenses. Hybrid has undergone a significant management change as a new CEO and CFO were recently appointed in January 2014. In addition, two board members, including the former CFO, have resigned and were replaced by two (2) new board members. The new CFO, Mr. Joey Trombino, has been working extremely diligently and in full transparency with the Autorité des Marchés financiers ("AMF") to complete the request to file the Outstanding Materials. The Company has encountered certain delays in re-filing the Outstanding Materials and is working with the former auditor to provide them all the required additional documentation to audit the potential restatements. In addition the Company is simultaneously working with the new auditors to ensure that they are in agreement with the December 31, 2012 opening balances for their work on the audit of the financial statements for the year ended December 31, 2013. The Company will re-file its audited financial statements for the year ended December 31, 2012 within three (3) weeks time and believes that it will be in a position to file its audited financial statements for the year ended December 31, 2013 within the prescribed deadline. Because the Company has been unable to file the Outstanding Materials, the Company has applied to the Autorité des marchés financiers (the "AMF"), Ontario Securities Commission (the "OSC"), British Columbia Securities Commission (the "BCSC") and the Alberta Securities Commission (the "ASC") for a temporary management cease trade order (a "MCTO") under National Policy 12-203 which, if granted, will prohibit trading in securities of the Company by insiders of the Company. An MCTO would not generally affect the ability of persons who are not directors, officers or insiders of the Company to trade securities of the Company. The granting of a MCTO is at the discretion of the AMF, the principal regulator, and there is no assurance that such an order will granted. If the AMF decides not to grant a MCTO, the Canadian Securities Administrators may decide to issue a general cease trade order which would prohibit any person from trading in securities of the Company in Canada. If the MCTO is granted, the Company intends to satisfy the provisions of the Alternate Information Guidelines as set out in the National Policy 12-203 for as long as the Company has not filed the Outstanding Materials, including the issuance of bi-weekly status reports, each of which will be issued in the form of a press release.