UPDATE RE. SALE OF SHAREHOLDING IN SUBSIDIARY
30 August 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 26 June 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 €100,000 to 30 September 2019.
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.
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.
For further information:
TechFinancials, Inc .Tel: +972 54 5233 943
Asaf Lahav, Group Chief Executive Officer
Peterhouse Capital Limited (NEX Corporate Adviser and Broker) +44 (0) 20 7469 0930
Guy Miller and Allie Feuerlein
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Colin Aaronson / Samantha Harrison / Seamus Fricker
Peterhouse Capital Limited (NEX Corporate Adviser and Broker) +44 (0) 20 7469 0930
Lucy Williams / Eran Zucker
Media enquiries:
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7747 788 22