BRIEF-Vogogo to sell risk platform; says shutting down payment processing business

Tue Jul 5, 2016 4:15pm EDT
 
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July 5 (Reuters) - Vogogo Inc

* Vogogo inc. Announces update on strategic alternatives process and sale of certain assets

* There will be residual assets that special committee intends to monetize,notably electronic money institution authorization granted by fca in uk

* Commenced process of notifying third parties, and also all of corp's employees, that it will be shutting down its payment processing business

* Board has concluded by selling vogogo's risk platform and shutting down its payment processing business

* Chief financial officer, tom wenz, will cease full-time employment at end of july 2016 and is expected to continue for a period on a part-time basis Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)