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Euro Asia Pay Announces Initial Launch of Hero Financials
Hero Group • Nov 26, 2021
Euro Asia Pay Announces Initial Launch of Hero Financials
Vancouver, BC – November 25, 2021:
Euro Asia Pay Holdings Inc., a leading fintech solutions provider, is pleased to announce the initial launch of Hero Financials, the Company’s new full service alternative-to-banking solution for the Canadian market. During this phase of the product’s development, invited users will be able to validate the various services offered under the Hero Financials umbrella in a real-time production environment.
Hero Financials is designed to address the unmet financial needs of Canadian kids, youth and their parents, especially around financial literacy and independence. The new platform is designed to help kids and youth understand how to deal with credit and money in the real world of finance. Making sound financial decisions and improving financial well-being are two important abilities that the Company prioritizes and hopes to instill in its young subscribers from an early age.
“Being a Canadian company, our home market is critical to us, and we identified a vital need-gap among Canadian youth,” said Peter MacKay, EAP’s CEO. The average Canadian youth is highly educated, tech-savvy and independent; this requires them to have a strong understanding of financial literacy at a young age. Hero Financials will give Canadian users a controlled platform that is user-friendly and can be adapted to their digital transaction, budgeting and financial needs. It complements the kids’ journey towards working part-time, understanding money and gaining financial independence.”
Subscribers will also benefit from the platform’s ease of use, convenience and efficacy in maintaining budgeting and financial management needs. For example, parents can set up kids’ Hero accounts to fund with instant transfers from their debit or credit cards, and further allocate these funds into different spending categories. Kids can spend the money funded by their parents using their own Hero SideKick Mastercard, which is accepted virtually anywhere in Canada – in-store or online.
Hero Financials’ services will be used for purchases, savings and investments, without the limitations and restrictions imposed by traditional consumer banks. The Company is planning a full market launch for Hero Financials during the first half of 2022.
VANCOUVER, B.C. – February 21, 2023 – Hero Innovation Group Inc. (“Hero” or the “Company”) (CSE: HRO) announces that it has appointed Mao Sun and Wei Shao to the Company’s Board of Directors, in place of Peter MacKay and Larry Yen who have resigned as directors. The Company also appointed Mao Sun as the Chief Executive Officer in place of Peter MacKay, who has stepped down as Chief Executive Officer and Kevin Chen as the Chief Financial Officer in place of Mao Sun who has resigned as Chief Financial Officer. Mao Sun will continue to act as the Chief Executive Officer for the Company. The Company would like to thank Mr. MacKay and Mr. Yen for their many contributions to the Company. Wei Shao Mr. Shao is the national practice group co‐leader for the China Service at Dentons Canada and specializes in international business transactions. He has extensive experience in mergers and acquisitions, corporate and project financing, complicated corporate and commercial transactions, and advising clients with respect to business negotiations, policy and regulatory matters, as well as government relations. Mr. Shao has represented Asian investors and entrepreneurs, sovereign and investment funds, private and public companies as well as major SOEs in various significant transactions in or through Canada. He has also advised Canadian and international companies in their investment in China and other parts of Asia. Mr. Shao is also an interpreter accredited by the United Nations and by the federal government of Canada. As an interpreter or consultant, he has been involved in numerous ministerial and prime ministerial meetings or negotiations between Canada and China. Kevin Chen Mr. Chen has over 20 years of experience in senior financial executive roles and his work focuses on private and public companies in the mining and technology sector. Mr. Chen began his career as an auditor with KPMG LLP and is a CPA, CMA in British Columbia with an MBA degree from Western University. About Hero Innovation Group Inc. Hero Innovation Group Inc. (formerly, Euro Asia Pay Holdings Inc.) is a developer of innovative financial solutions for the next generation of consumers. Through its flagship product, SideKickTM, introduced in 2018, the Company identified unmet needs in the market within specific demographics, such as international students in Canada, and delivered a product to address those needs. Hero Financials, the Company’s largest product, is targeted at parents, kids and young adults across Canada. With financial literacy at the forefront of the Company’s values and a plethora of advanced proprietary technology features, Hero Financials prepares kids to become financially smart adults through a variety of financial literacy tools. To learn more about Hero Group’s products and services, visit www.heroinnovationgroup.com. On behalf of the Board of Directors Mao Sun CEO and Director For further information, contact: Mao Sun CEO and Director ir@heroinnovationgroup.com
VANCOUVER, B.C. – December 19, 2022 – Hero Innovation Group Inc. (“Hero” or the “Company”) (CSE: HRO) announces that effective December 14, 2022 (the “Effective Date”), it has appointed MSLL CPA, LLP (“MSLL”), Chartered Professional Accountants, at their Vancouver offices at Suite 2110 – 1177 W. Hastings Street, to serve as the Company’s auditor. MSLL replaces Dale Matheson Carr-Hilton LaBonte LLP (“DMCL”), Chartered Professional Accountants, as the Company’s auditor. In accordance with National Instrument 51-102 - Continutous Disclosures Obligations, Hero has filed a copy of its change of auditor notice on SEDAR together with the letters from each of MSLL and DMCL in relation to the foregoing. About Hero Innovation Group Inc. Hero Innovation Group Inc. (formerly, Euro Asia Pay Holdings Inc.) is a developer of innovative financial solutions for the next generation of consumers. Through its flagship product, SideKickTM, introduced in 2018, the Company identified unmet needs in the market within specific demographics, such as international students in Canada, and delivered a product to address those needs. Hero Financials, the Company’s largest product, is targeted at parents, kids and young adults across Canada. With financial literacy at the forefront of the Company’s values and a plethora of advanced proprietary technology features, Hero Financials prepares kids to become financially smart adults through a variety of financial literacy tools. To learn more about Hero Group’s products and services, visit www.heroinnovationgroup.com. On behalf of the Board of Directors Peter MacKay CEO and Director For further information, contact: Peter MacKay CEO and Director ir@heroinnovationgroup.com
VANCOUVER, B.C. – December 14, 2022 – Hero Innovation Group Inc. (“ Hero ” or the “ Company ”) (CSE: HRO) announces that it has entered into a loan agreement amending agreement (the “ Agreement ”) dated December 13, 2022 with Morrison Homes Bridge Street Ltd. (the “ Lender ”). The Company and the Lender, a company controlled by Morris Chen, a director of Hero, are party to loan agreements dated February 8, 2022, February 24, 2022, March 8, 2022, March 31, 2022, April 6, 2022, April 27, 2022, May 11, 2022, May 26, 2022, June 16, 2022, June 30, 2022, July 21, 2022, August 10, 2022, August 23, 2022, September 21, 2022, and October 20, 2022 (collectively, the “ Loan Agreements ”), pursuant to which the Lender agreed to lend the Company up to $2,400,000, of which the Lender has advanced, in tranches, an aggregate principal amount of $2,400,000 (collectively, the “ Loan ”). The Loan Agreements from February 8, 2022 to July 21, 2022, equalling an aggregate principal amount of $1,400,000, are at an interest rate of 8% per annum. The Loan Agreements from August 10, 2022 to October 20, 2022, equalling an aggregate principal amount of $1,000,000, are at an interest rate of 15% per annum. The proceeds of the Loan have been used by the Company for general working capital purposes. Subject to the receipt of prior shareholder approval in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”) as well as that of the Canadian Securities Exchange (“ CSE ”), the Company and the Lender agreed to amend the terms of the Loan Agreements to provide for the convertibility of the Loan and any accrued and unpaid interest thereon into units of the Company (each, a “ Conversion Unit ”) at a conversion price of $0.08 per Conversion Unit. Each Conversion Unit will consist of one common share (each, a “ Share ”) in the capital of the Company and one Share purchase warrants (each, a “ Warrant ”), with each Warrant entitling the holder to acquire one additional Share at a price of $0.45 per Share for a period of 24 months from the date of issuance (the “ Conversion ”). Morris Chen, a director of the Company, controls Morrison and, as such, the Loan and the Agreement are considered to be a “related party transaction” as defined in MI 61-101. The issuance of the Loan to the Mr. Chen is exempt from the valuation requirement of MI 61-101 by the virtue of the exemption contained in section 5.5(b) as the Company’s shares are not listed on a specified market, however the issuance of the Loan is not exempt from the minority shareholder approval requirements of MI 61-101. As such, the Agreement and any Conversion of the Loan thereunder is subject to prior minority shareholder approval. About Hero Innovation Group Inc. Hero Innovation Group Inc. (formerly, Euro Asia Pay Holdings Inc.) is a developer of innovative financial solutions for the next generation of consumers. Through its flagship product, SideKickTM, introduced in 2018, the Company identified unmet needs in the market within specific demographics, such as international students in Canada, and delivered a product to address those needs. Hero Financials, the Company’s largest product, is targeted at parents, kids and young adults across Canada. With financial literacy at the forefront of the Company’s values and a plethora of advanced proprietary technology features, Hero Financials prepares kids to become financially smart adults through a variety of financial literacy tools. To learn more about Hero Group’s products and services, visit www.heroinnovationgroup.com. On behalf of the Board of Directors Peter MacKay CEO and Director For further information, contact: Peter MacKay CEO and Director ir@heroinnovationgroup.com Disclaimer for Forward-Looking Information This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information in this news release includes statements regarding, but not limited to: the ability for the Company to perform its obligations under the Agreement; the receipt of applicable third party approvals of the Agreement and the Loan convertibility, including, but not limited to, minority shareholder approval and that of the CSE, and such other statements contained herein that are not purely historical in nature. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the CSE may not approve the securities issuable pursuant to the Agreement; that the requisite minority shareholders approvals may not be obtained by the parties in connection with the Conversion; and other factors beyond the control of the Company. The ongoing COVID-19 pandemic, labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company’s operating performance, financial position, and future prospects. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company does not undertake any obligation to update such forward-looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.
