AIQ Limited New contract to supply DeFi DEX (8306N)
October 04 2021 - 01:00AM
UK Regulatory
TIDMAIQ
RNS Number : 8306N
AIQ Limited
04 October 2021
4 October 2021
AIQ Limited
("AIQ" or the "Company" or, together with Alchemist Codes, the
"Group")
New contract to supply Decentralised Finance Exchange
The Board of AIQ Limited (LSE: AIQ) is pleased to announce that
Alcodes International, the Group's IT consultancy business
headquartered in Hong Kong, has been awarded a contract worth
US$552k to supply a decentralised finance ("DeFi") exchange ("DEX")
to a customer based in Australia. Under the terms of the contract,
the Group will receive payment in tranches upon completion of
milestones, with the project expected to be fully delivered in
approximately six months.
A DeFi DEX is a cryptocurrency exchange that enables
peer-to-peer trading without the need for an intermediary. Rather
than liquidity and orders being aggregated by a centralised entity
such as brokerages and banks, a DeFi DEX uses online blockchain
technology with smart contracts that provide automatic and
self-executing digital agreements. Through leveraging smart
contract functionality, DeFi DEX platforms are able to operate in a
transparent manner to minimise counterparty risk.
The majority of the revenue generated under this contract will
be recognised in the Company's financial year to 31 October 2022.
While the Board is pleased to have secured this new contract,
trading conditions for Alchemist Codes remain challenging due to
the continuing impact of COVID-19 in Malaysia. Revenues remain
severely depressed in Malaysia and the Board is focused on
generating additional revenue opportunities whilst containing
expenditure levels.
Edwin Li, Executive Director, said: "We are delighted to have
been awarded this project to deliver a Decentralised Finance
Exchange to a customer in Australia. As we said at the time of
announcing the results of our strategic review, we have been
looking to expand our IT consultancy work into other technology
areas and I'm pleased that we have succeeded in doing this so soon.
While it is still early days for our Hong Kong business, this is an
exciting project that we look forward to delivering for our new
customer."
Enquiries
AIQ Limited c/o +44 (0)20 7618 9100
Graham Duncan, Chairman
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VSA Capital Limited (Financial
Adviser & Broker) +44 (0)20 3005 5000
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Andrew Raca (Corporate Finance)
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Luther Pendragon (Media Relations) +44 (0)20 7618 9100
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Claire Norbury
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