TechFinancials, Inc.

 

(“TechFinancials, the “Company” or the “Group”)

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Share Purchase Agreement with Cedex Holdings Limited

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TechFinancials (AIM: TECH), a leading technology provider to financial trading brokers, today announces that it has entered into a legally binding Share Purchase Agreement (the “SPA”) with Cedex Holdings Limited, a company incorporated under the laws of Gibraltar (“CEDEX”). CEDEX is the company envisaged to be formed in the Company’s announcement of 23 October 2017.

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Under the SPA, TechFinancials will make an equity investment of US$200,000 at a post-money valuation of US$10,000,000, representing 2 per cent of CEDEX’s current capital on a fully diluted basis, taking into account the exercise of the option mentioned below.

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As at the date of this announcement, TechFinancials holds an option to acquire a further 90 per cent of CEDEX at an exercise price of US$40,000 with an expiry date of three years from the date of grant (i.e. 22 October 2017), giving it a potential maximum holding of 92%.

It should be noted that TechFinancials’ shareholding upon exercise of the option will be subject to future dilution in the event that CEDEX should issue further shares or options after today.

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Commenting on the Share Purchase Agreement, Asaf Lahav, CEO, said: “Following the dividend pay-out announcement on 21 December 2017, we continue to focus our attention on supporting the most profitable parts of our business and in developing new products and technologies, in particular, the new, rapidly growing blockchain-based products and technologies market, to accelerate our efforts in building presence in these new areas.”

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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.