NEW YORK, Aug. 05, 2021 (GLOBE NEWSWIRE) — via NewMedia Wire — Bubblr Inc., (OTC PINK: BBLR), (“Bubblr” or the “Company”), an ethical technology company focused on the development and commercialization of mobile-first technologies, today announced it has signed a Letter of Intent with Obrenza Ltd., a Fintech company, to negotiate an initial investment and an option to purchase the business.
Obrenza’s Designations and Approach to Broaden Bubblr’s Reach
Obrenza’s through its wholly owned subsidiary has recently acquired FCA status (UK Financial Conduct Authority) as an Authorized Payments Institution. This authorization enables them to carry out AISP (Account Information Services) and PISP (Payment Initiation Services) activity. PISP enables firms to offer electronic payment services such as online payments.
It is difficult to achieve status as an Authorised Payment Institution and the process can take many months. Others offering similar payment services are typically credit card companies, banks and payment processors.
There are less than seventy (70) UK firms that offer PISP only. In addition, Obrenza also intends to apply to become an EMI (electronic money institution). Once EMI approval and full authorization is achieved, they will be able to issue electronic money to be held in an electronic wallet.
Currently, when online payments are made, a vast amount of data is created, and many firms consider this an important source of additional revenue. Obrenza is developing a privacy-based payment system that will offer lower fees to merchants and minimize the data needed to complete payments and effectively become an ‘anonymized payment processor’, a business model which is in complete alignment with Bubblr’s policy of anonymous search.
Prior to the launch of the ad-free marketplace, Bubblr will launch a marketing campaign to sign up small businesses for the marketplace. As part of this campaign, we plan to include the option for the same businesses to signup for the low-cost Obrenza payment processor. This will reduce their costs and also prevent their customer’s payment behavioural data from being sold on to third parties, again in line with Bubblr’s objective to retain customer anonymity.
Steve Morris, Chief Technology Officer of Bubblr, Inc. stated:
“We are delighted to have the opportunity to begin negotiations to acquire Obrenza, a company with values and objectives that are in complete alignment with our own. Furthermore, the acquisition of Obrenza would further broaden the appeal of Bubblr as an investment opportunity as we would extend our market classification to beyond pure technology but also into the Fintech sector, which is currently attracting a great deal of broad attention.”
Any securities offered will not be or have not been registered under the 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.
The Company will make an effort to file an 8K with the SEC as additional details of a proposed transaction become relevant.
About Bubblr, Inc.
Bubblr, Inc. is an ethical technology company focused on mobile-first technology that aims to bring back privacy to users, trust in online content and sustainability to the digital marketplace. Through its portfolio of digital mobile apps, Bubblr’s next-generation mobile ecosystem, and platform, partners with publishers to address challenges related to free online content while protecting end-users from data harvesting and manipulation. These ecosystems connect to a new model for online search, which is a fair and sustainable ad-free marketplace. For more information, visit http://www.bubblr.com.
Important Cautions Regarding Forward Looking Statements This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended, and such as in section 21E of the Securities Act of 1934, as amended. These forward-looking statements should not be used to make an investment decision. The words ‘estimate,’ ‘possible’ and ‘seeking’ and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other material risks.
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