ID Global Solutions Corporation (OTCMKTS:IDGS) Files An 8-K Entry into a Material Definitive Agreement
|Entry into a Material Definitive Agreement|
On December 30, 2016, ID Global LATAM S.A.S. (IDG LATAM), a
wholly owned subsidiary of ID Global Solutions Corporation (the
Company), entered into a Contract for the Provision of Cash
Collection Services (the Contract) with Recaudo Bogota S.A.S.
(RB), a Colombian company, to which the Company agreed to supply,
maintain and provide platform services for 740 unattended payment
collection and fare ticketing kiosks, in consideration of
approximately 90.6 billion COP (excluding VAT) payable over the
ten year period of the Contract.
to the contract IDG LATAM is required to obtain a performance
bond from a financial institution in the amount of 18.6 Billion
COP. In addition, IDG LATAM will need to obtain financing for the
cost of the equipment to be supplied but has not as of the date
hereof entered into a definitive agreement for such financing.
The foregoing information is a summary of each of the agreements
involved in the transactions described above, is not complete,
and is qualified in its entirety by reference to the full text of
the agreement, which is attached as an exhibit to this Current
Report on Form 8-K. Readers should review those agreements for a
complete understanding of the terms and conditions associated
with this transaction.
Item 9.01Financial Statements and Exhibits
Contract for the Provision of Cash Collection Services
entered into by and between ID Global LATAM S.A.S. and
Recaudo Bogota S.A.S. dated December 30, 2016 *
* Portions of this exhibit have been redacted to a request for
confidential treatment submitted to the Securities Exchange
About ID Global Solutions Corporation (OTCMKTS:IDGS)
ID Global Solutions Corporation, together with its subsidiaries, is a provider of biometric identification, identity management and electronic transaction processing services. The Company offers solutions for fingerprint-based identity management and electronic transaction processing. It offers technologies that are intended to provide solutions in the areas, including Identity Management, such as handheld identification devices and biometric finger print matching algorithms and associated software applications; Payment Processing, which includes multi-factor out of band authentication platform software and services, and a multi-application electronic transaction software platform with open and closed loop payment application capability. It provides biometric identification services to government and public sector organizations, seeking to verify and manage identities for a range of security purposes, such as issuing identity cards and exercise of rights, such as voting in elections. ID Global Solutions Corporation (OTCMKTS:IDGS) Recent Trading Information
ID Global Solutions Corporation (OTCMKTS:IDGS) closed its last trading session 00.000 at 0.120 with 28,100 shares trading hands.