TechFinancials Inc. Update: Cedex (6780B)

TIDMTECH

RNS Number : 6780B

TechFinancials Inc.

12 January 2018

12 January 2018

TechFinancials, Inc.

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

Update: Cedex - Blockchain Diamond Exchange initiative

Further to its announcement of 28 December 2017, TechFinancials is delighted to provide an update on significant progress at Cedex Holdings Ltd ("CEDEX"), a company in which it currently has a 2 per cent. interest and an option to acquire a further 90 per cent. Cedex is a blockchain-based on-line exchange for diamonds.

Highlights

   --     High demand for Cedex's proposed private coin sale; 
   --     Proportion of pre-sale increased by 150%; 
   --     Further time allowed for prospective purchasers to participate; and 
   --     Further time to accommodate Japanese market regulation. 

CEDEX is presently in the process of selling a total of 50 million digital coins ("Cedex Coins") by way of a Token Sale, and is presently in the private selling phase. In light of demand, CEDEX has decided to increase the number of Cedex Coins available for sale during the pre sale phase from 10 million to 25 million Cedex Coins with a reduction in the number available in the sale phase from 40 million to 25 million Cedex Coins. In this connection, CEDEX has sold a material proportion of the CEDEX coins available for sale during the private phase in return for a substantial amount of Cryptocurrency (Bitcoin and Etherium). The introducer of the purchasers has received options to acquire up to 5 per cent of CEDEX, with the result that TechFinancials now has an option to acquire up to 85.5 per cent. of CEDEX with a total possible holding of up to 87.4 per cent.

CEDEX has also decided to delay the pre-sale start of the public selling phase to 16 March 2018, partly to accommodate the increased demand for Cedex Coins noted during the private phase but also to allow Japanese participants to purchase the Cedex Coins.

The Japanese Financial Services Agency has clarified its position on Public Token Sales and has established a requirement that tokens be registered on a Japanese regulated exchange prior to a token sale. Japan has long been a leader in cryptocurrency adoption and acquiring of such currencies and represents a major potential market for CEDEX. As such, CEDEX felt obliged to reschedule the pre-sale in order to try to accommodate the Japanese market.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information:

 
 TechFinancials, Inc. 
 Asaf Lahav, Group Chief Executive 
  Officer 
 Yuval Tovias, Chief Financial       www.group.techfinancials.com 
  Officer 
 
 
 Grant Thornton UK LLP (Nominated 
  Adviser) 
 Colin Aaronson / Samantha Harrison   Tel: +44 (0) 20 
  / Carolyn Sansom                          7383 5100 
 
 
 Northland Capital Partners Limited 
  (Broker) 
 David Hignell/ John Howes            Tel: +44 (0) 20 
                                            3861 6625 
 
 
 Peterhouse Corporate Finance (Joint 
  Broker) 
 Lucy Williams / Eran Zucker           Tel: +44 (0) 20 
                                             7469 0932 
 

Media enquiries:

 
 Yellow Jersey (Media Relations) 
 Charles Goodwin / Katie Bairsto   Tel: [phone] 
                                             843 871 
 

About TechFinancials

TechFinancials plc (AIM: TECH) is a leading innovator and supplier of financial trading solutions for retail clients. The Group operates a B2B division licensing white label trading platform solutions to online brokers. In addition, the Company operates a B2C division operating trading platforms worldwide and incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific 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

END

UPDFKDDQDBKBDDD

(END) Dow Jones Newswires

January 12, 2018 02:00 ET (07:00 GMT)