Daily Archives: May 18, 2017

Euroloan Appoints Former Morgan Stanley FinTech Leader James Hickson as New Group CEO

Euroloan Group PLC, the leading European digital financial technology company, appoints James Hickson, former Wall St. Fintech leader, as Group CEO. The move is part of Euroloan’s drive to grow the business and market share significantly across Europe.

Euroloan Group PLC, a pioneering European financial technology company with offices in Helsinki (HQ), Luxembourg, Stockholm and Warsaw, announced today the appointment of James Hickson (B.Sc., M.B.A.) as group Chief Executive Officer.  Hickson, an accomplished financial technology industry executive with 16 years of experience on Wall Street, most recently led a FinTech technology business development practice at Morgan Stanley.   With international experience in New York, London, Saudi Arabia, and Eastern Europe, he has long been at the forefront of a changing financial services landscape, and is uniquely positioned to lead the company through its next phase of growth.

“Hickson brings the right mix of international banking experience,  deep insight on FinTech and an entrepreneurial spirit,” said Tommi Lindfors, Chairman and founder of Euroloan. “He is a proven leader and driver of success in demanding international markets.  We look to his expertise in building high performance teams, and navigating market and operational complexity as we develop new services across Europe.”

“The Euroloan business model and team position the company for distinctive growth in the field,” commented Hickson.  “Our partnership with Verifone, for one, enables immediate onboarding of customers at the point of sale, with attractive payment and credit alternatives to merchants and consumers. Coupled with a historic, record-setting credit agreement in the Nordics through Fortress, and Euroloan’s fully automated lending systems, we are well placed to win market share.”

Samuli Korpinen, Euroloan Strategic Advisor and critical to the ongoing development of group strategy added, “Last year, we recognized the importance of growing our management team to achieve our ambitions. We are thrilled to have someone of James’ caliber join our team and I look forward to partnering with him to achieve our goals.”

About Euroloan Group

Euroloan Group PLC is a rapidly growing international group, specialized in highly automated financial services and financial technology (FinTech). The Group has offices in Helsinki (HQ), Luxembourg, Stockholm and Warsaw and the team includes 80 professionals of 20 different nationalities.

The Group operates in a mobile online environment offering credit limits, loans, money transfers, webshop payment services, invoice payments and collection services as a real-time e-business to retail customers. For webshops and sales points, Euroloan offers pay-per-invoice and sales finance solutions that are easy, free of charge, and work under the merchants’ own brands. Euroloan originates high-quality consumer receivables with continuous monitoring and servicing.

All services are truly instant and automated and include origination and debt servicing functions that traditionally have been manual, such as identification, scoring, underwriting, payments, back-office, credit monitoring and debt collection. This is made possible by Euroloan’s proprietary cloud-based banking software and secured by its ISO27001:2013-certified information security management system.

More information about Euroloan Group is available at www.euroloan.com, Finland www.euroloan.fi, Poland www.euroloan.pl and in Sweden on www.euroloan.se.

For more information, please contact:
Jonas Lindholm
Euroloan Group Plc
Tel +358 10 217 1003
Email: [email protected]

National Energy Services Reunited Corp. Completes $210,000,000 Initial Public Offering

NEW YORK and HOUSTON, May 17, 2017 (GLOBE NEWSWIRE) — National Energy Services Reunited Corp. (Nasdaq:NESRU) (“NESR” or the “Company”), a company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities, today announced the closing of its initial public offering (“IPO”) of 21,000,000 units at a price to the public of $10.00 per unit, with the offering raising gross proceeds of $210,000,000.  The units commenced trading on Friday, May 12, 2017, on The NASDAQ Capital Market (“Nasdaq”) under the symbol “NESRU.” Each unit issued in the IPO consists of one ordinary share and one warrant to acquire one-half of one ordinary share at a price of $11.50 per full share. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be traded on Nasdaq under the symbols “NESR” and “NESRW”, respectively. Certain lead investors, as defined in the final prospectus, who have agreed to hold their shares through the consummation of our initial business combination and not seek redemption in connection therewith, purchased an aggregate of $60,000,000 of units in the IPO.

Maxim Group LLC and National Bank of Canada Financial Inc. acted as the joint book running managers for the offering. NESR has granted the underwriters a 45-day option to purchase up to 3,150,000 additional units to cover over-allotments, if any.

Of the proceeds received from the consummation of the IPO, $210,000,000 (or $10.00 per unit sold in the IPO) was placed in trust. An audited balance sheet of the Company as of May 17, 2017 reflecting receipt of the proceeds from the IPO will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).

Ellenoff Grossman & Schole LLP acted as U.S. counsel to the Company, Ogier acted as British Virgin Islands counsel to the Company and Loeb & Loeb acted as counsel to the underwriters.

Registration statements relating to these securities were declared effective by the SEC on May 11, 2017. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained by contacting Maxim Group LLC 405 Lexington Ave, New York, NY 10174, Attn: Prospectus Department or by Tel: (800) 724-0761. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

About NESR

NESR, led by Sherif Foda, is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities. The Company’s efforts to identify a target business will not be limited to a particular industry or geographic region, although we intend to focus our search on target businesses and assets in the energy services industry, with an emphasis on oil and gas services globally.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

Dhiraj Dudeja
NESR Corp
[email protected]

Myanmar Woman Given Seven-Year Term in Abuse of Teenage Worker

A court in southeastern Myanmar’s Mon state sentenced the owner of a food catering service on Thursday to a seven-year prison term for scalding and beating a teenage girl who worked as a waitress for the caterer and as a helper in the woman’s home.

It was the second high-profile case of worker abuse to be reported in Myanmar in recent months.

Aye Aye Soe, who worked as a contractor providing food to Mawlawmyine University in Mon state’s capital city, was convicted of causing grievous hurt in the case in which she was charged with torturing a 14-year-old girl whom she had accused of stealing oranges.

Aye Aye Soe was sentenced to seven years in prison under Sections 326 and 323 of the penal code for voluntarily using dangerous weapons to cause grievous hurt, state prosecutor Yin Min San told RFA’s Myanmar Service in an interview.

In the case reported by the girl’s aunt to authorities at the end of December 2016, Aye Aye Soe had tortured 14-year-old Khin Khin Tun by pouring flasks of boiling water over her back and striking her in the head with a stick, the young girl said in a Feb. 15, 2017, report by Agence France-Press.

When I shouted I was burning, she beat me around the head. There was a lot of blood, Khin Khin Tun told AFP.

Sent three years before by her father to work as a domestic servant to help pay family medical bills, Khin Khin Tun and a younger sister were rescued by a local NGO after she was found recovering from her burns in a hospital, AFP said.

Khin Khin Tun’s aunt then reported the abuse to local police on Dec. 27.

The case comes just months after two teenage maids were found to have been tortured by their employers in Myanmar’s commercial capital Yangon, prompting public outrage at their treatment and at what many called an improper response by the country’s human rights commission.

Ma San Kay Khaing, 17, and Ma Tha Zin, 16, endured five years of physical abuse by a prominent family of tailors for whom they worked as maids in Yangon’s Kyauktada township, suffering stabbings with scissors and knives and burns with an iron.

The Myanmar National Human Rights Commission, which accepted the girls’ case on Sept. 15, 2016, then negotiated a monetary settlement with the alleged abusers instead of taking legal action against them, according to local media reports.

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