Genifi Completes Its Transformation Into A Pure IP Company

TORONTO, Dec. 22, 2023 /CNW/ - Genifi Inc. (TSXV: GNFI) ("genifi" or the "Company") a leading provider of advanced financial technology platforms, announced today that it and FICANEX Services Limited Partnership ("FICANEX") have agreed to terminate the services agreement (the "Services Agreement") that was entered into in connection with the Company's purchase of FICANEX Technology Limited Partnership on July 30, 2021. Under the terms of the Services Agreement, genifi had agreed to provide certain services to FICANEX for an initial period of three years (ending on July 30, 2024). As part of the termination of the Services Agreement, the FICANEX Board of Directors will welcome back and re-employ the genifi staff that support FICANEX and its customers, effective January 1, 2024.

"This termination of the Services Agreement marks the completion of genifi's transformation into a pure IP company, following the previously announced licensing agreements entered into by the Company with respect to its tunl.chat platform and IDVerifact digital identity platform", commented genifi's CEO, Tom Beckerman.

"The FICANEX Services Board of Directors continue to be committed to our FI customers from Coast to Coast in supporting the needs of our financial institution customers and cardholders that rely on the Network. We are excited to continue our legacy of accelerated innovation through collaboration", adds Jamie McLeod, Chairperson of the Board.

About genifi inc.:
Genifi (formerly Prodigy Ventures) delivers Fintech innovation, with its cutting-edge platforms: IDVerifact for digital identity verification, and tunl.chat for generative AI chat. Genifi has been recognized as one of Canada's fastest-growing companies and is committed to driving innovation in the Fintech industry.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE genifi inc.