TechFinancials Inc. Update re. Sale of Shareholding in Subsidiary (3608R)

TIDMTECH

RNS Number : 3608R

TechFinancials Inc.

28 October 2019

28 October 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 announcements made on 28 June 2019, 30 August 2019 and 30 September 2019, the Company is pleased to announce the completion of a share purchase agreement to sell its entire holdings in MF, a non-core loss-making asset, to M&N Equity Research Ltd. for EUR100,000. As previously announced, the Company has already received the payment of the purchase price in full in advance of completion.

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 
 Lucy Williams / Eran Zucker 
 

Media enquiries:

 
 Yellow Jersey PR Limited (Media Relations)   Tel: [phone] 
                                               221 
 Charles Goodwin 
 
 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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October 28, 2019 08:53 ET (12:53 GMT)