TechFinancials Inc. Update re. Sale of Shareholding in Subsidiary (8531D)

TIDMTECH

RNS Number : 8531D

TechFinancials Inc.

28 June 2019

28 June 2019

TechFinancials, Inc.

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

Update re. Sale of Shareholding in Subsidiary

TechFinancials (AIM: TECH), a fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients, provides the market with an update relating to the sale of its shareholding in MarketFinancials Limited ("MF"). Further to the announcement made on 16 January 2019, the Company has agreed to extend the completion date of the conditional Share Purchase Agreement (the "SPA") to sell its entire holdings in MF, a non-core loss-making asset, for EUR100,000 to 31 August 2019.

The Seychelles Financial Services Authority (the "SFSA") has given its approval in principle to M&N Equity Research Ltd ("M&N"), a Cypriot entity, to acquire MF. The original SPA with Proverial Ltd has also been assigned to M&N. With this, M&N wishes to proceed with the transaction and has paid the full purchase price to the Company. Completion of the acquisition remains subject to, inter alia, the full SFCA consent and registration of the share transfer. To this end, the Company and M&N have signed an amendment to the SPA which include provisions for M&N to pay additional expenses to the Company if the transaction, either completes after 30 June 2019, or does not complete due to M&N not receiving final consent from the SFCA. Consequently, in the event the transaction does not complete, the Company will refund the consideration to M&N, less any costs incurred.

The Company will provide a further update in due course.

The information communicated 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.                        Tel: [phone] 
 Asaf Lahav, Group Chief Executive Officer 
 Yuval Tovias, Chief Financial Officer 
 
 
 Grant Thornton UK LLP (Nominated Adviser)     Tel: [phone] 
                                                5100 
 Colin Aaronson / Samantha Harrison / Seamus 
  Fricker 
 
 
 Peterhouse Capital Limited (Broker)   Tel: [phone] 
                                        0930 
 Fungai Ndoro / Eran Zucker 
 

Media enquiries:

 
 Yellow Jersey PR Limited (Media Relations)   Tel: [phone] 
                                               871 
 Charles Goodwin / Felicity Winkles 
 
 

About TechFinancials

TechFinancials, Inc (AIM: TECH) is a fintech software provider of financial trading solutions, including blockchain-based digital assets and traditional 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 platform incorporating a strategic joint venture focusing on solutions for traders in the Asia Pacific region.

In December 2018, the Company signed a binding agreement with Footies Tech Ltd, a ticketing venture for sports venues and teams, to license its technological blockchain infrastructure and established a new company to develop and market a blockchain based ticketing solution and event economics management system. The new venture is underway and is focused on enabling sports organisations to take full control over their ticket path once issued, including secondary market trading configuration and enforcement. The ultimate vision is to fully digitise sport clubs match day experience to economically benefit both fans and football clubs.

Additionally, TechFinancials holds a 2% interest and an option to acquire a further 90% in CEDEX, a blockchain-based on-line exchange for diamonds, which would give TechFinancials up to 92% of CEDEX or 87.4 % on a fully diluted basis.

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

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June 28, 2019 07:12 ET (11:12 GMT)