TechFinancials Inc. Termination of Agreement (3230F)

TIDMTECH

RNS Number : 3230F

TechFinancials Inc.

27 July 2016

 
 27 July 2016 
 

TechFinancials Inc.

("TechFinancials" or the "Company" or the "Group")

Termination of Agreement

TechFinancials plc (AIM: TECH), a leading technology provider to financial trading brokers, announces that further to entering into a Joint Venture agreement with IBID Holdings Limited ('the Partner'), to manage one of the Company's B2C binary options trading brands ('the Agreement') (see announcement 3 February 2016), the Company is terminating the Agreement due to a breach by the Partner. TechFinancials is considering legal action against the Partner for violations, which include but are not limited to failure to transfer the initial investment amount.

Importantly, the Company confirms that the termination of the Agreement will have no material impact on the results for the current financial year and that trading of both its B2B and B2C divisions remains in line with market expectations.

For further information:

 
 TechFinancials, Inc. 
 Asaf Lahav, Group Chief Executive 
  Officer 
 Yuval Tovias, Chief Financial Officer                            www.group.techfinancials.com 
  Jeremy Lange, Chief Operations 
  Officer / Investor Relations 
 
 
 Grant Thornton UK LLP (Nominated 
  Adviser) 
 Colin Aaronson / Jen Clarke / Carolyn                                   Tel: [phone] 
  Sansom 
 
 
 Northland Capital Partners Limited 
  (Broker) 
 Patrick Claridge / David Hignell                                     Tel: [phone] 
  / John Howes 
 
 
 
 Peterhouse Corporate Finance (Joint 
  Broker) 
 Lucy Williams / Eran Zucker                                             Tel: [phone] 
 
 
            Yellow Jersey PR Limited (Media   Tel: [phone] 
             Relations)                                 916 715 
             Felicity Winkles / Alistair 
             de Kare-Silver 
 

About TechFinancials

TechFinancials plc (AIM: TECH) is a leading proprietary software solutions company for online brokers delivering services for retail traders in binary options and other instruments. The Group operates a B2B division which provides software solutions for binary options brokers. TechFinancials also operates a B2C division in which it has an agreement in place with Optionfortune, a B2C binary options trading platform registered in Hong Kong.

TechFinancials listed on AIM in March 2015 to facilitate its expansion in the fast growing global binary options market which is expected to increase to c. $20bn in trade volume by 2016, double that of 2014 at c. $10bn (ForexMagnates). A major part of the Group's strategy is to increase its share in existing markets and to penetrate emerging and regulated markets with high growth potential. As part of this, the Company recently announced the opening of a Hong Kong office to focus on the Asia Pacific region and signed an agreement with Optionfortune, to run a new B2C binary options trading platform, which also provides TechFinancials with exposure to this region.

Further information can be found at http://techfinancials.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 27, 2016 02:01 ET (06:01 GMT)