Coinsilium Group Limited (COIN) Coinsilium Group Limited: IOV
Labs Asia Joint Venture Update 26-Oct-2022 / 17:20 GMT/BST
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COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: IOV Labs Asia Joint Venture Update
London UK, 26 October 2022, Coinsilium Group Limited (AQSE:
COIN) (OTCQB: CINGF), the Web3 investor, advisor, and venture
builder hereby provides an update on the status of IOV Labs Asia
PTE. Ltd ("IOV Labs Asia"), the Singapore-based Company's 50/50
joint venture company ("JVC") with IOV Labs Ltd ("IOV Labs").
Background
On 28 January 2020, the Company announced that it had completed
a Strategic Investment Agreement with IOV Labs to invest GBP250,001
in Coinsilium by way of a private placement in the Company at 2.65p
per share. In tandem with the Strategic Investment Agreement, IOV
and Coinsilium executed a Memorandum of Understanding ("MOU") to
establish the JVC in Singapore to promote and commercialise IOV's
products, services and technologies principally in the Asian
markets to corporations, entrepreneurs, governments and NGOs.
Another key objective of the JVC is to promote the adoption in the
region of the RIF token which powers the ecosystem of solutions
developed by IOV and its partners and developers around the world.
The MOU further specified that Eddy Travia, CEO of Coinsilium, was
to be appointed as director of the JVC and as part of his role in
the JVC, to provide services to IOV which include acting as IOV's
Regional Director for Asia-Pacific.
On 8 July 2020, the Company announced the execution of a Joint
Venture Agreement ("JVA") between IOV Labs and Coinsilium to form
the JVC in Singapore. However, the Covid19-induced strict and broad
travel restrictions imposed in Asia, and more particularly in
Singapore, over the past two and a half years have contributed to
prevent the JVC from becoming fully operational as initially
planned. In the interim, both parties have continued to
collaborate, however, in recognition that the market has evolved
significantly since the original scope of the JVC was envisaged,
and as reported in Coinsilium's annual report and more recently in
its Interim Financial statements, the parties have been involved in
discussions for the purpose of re-evaluating the original scope of
the JVC.
The operations of the JVC are currently funded through a loan
agreement between IOV Labs and the JVC with repayment terms coming
into effect from February 2023. Coinsilium is not a party to the
loan agreement and there are no obligations upon Coinsilium for
repayment of the loan made to the JVC.
Whilst IOV Labs contribution to the JVC comes by way of a loan
and the supply of products, services and technologies, Coinsilium's
contribution has been met by making a considerable proportion of
its CEO, Eddy Travia's time available to the JVC, as Regional
Director for IOV Labs in Asia and his relocation to Singapore to
provide in situ advisory, support, and management services. Mr
Travia is recognised as the key individual in the provision of
Coinsilium's services under the Service Agreement between the JVC
and Coinsilium.
IOV Labs Asia Status Update
IOV has recently advised the Company that it has been
re-structuring its goals, targets and strategy and has proposed
that Coinsilium considers terms under which the Company would be
prepared for the current JVA to be replaced with an alternative
business model.
The Company has therefore advised IOV Labs that it would be
willing to review the objectives of the JVA with a view to
commencing negotiations towards a mutually agreeable outcome which
may or may not include an alternative business model. The Company
is hopeful that an expedient resolution to this matter may be
achieved, on terms that are fair and reasonable to both parties,
given the shared history that exists between Coinsilium and IOV
Labs, however there is no certainty that this will be the case. The
Company will also ensure that shareholders are kept updated on the
progress of discussions between the parties in a timely fashion
through regulatory market updates.
Outside of the JVC, as stated in the Company's Interim Financial
Statements reported on 30 September 2022, the Company's commercial
focus remains firmly on its value generative investment and
advisory activities where steady growth is expected to continue
over the remainder of this year and well into 2023, particularly in
the NFT (Non Fungible Token), metaverse and Web3 space. The Company
will also be looking to selectively add to its portfolio of
investments, in the light of current market conditions, when
favourable terms present themselves.
Disclosure
IOV Labs currently holds 25,934,000 shares in Coinsilium
representing 14.84% of its outstanding shares. This update follows
the update provided in the Company's Interim Financial statements
released on 30 September 2022.
Coinsilium Chairman Malcolm Palle and non-executive director
Wayne Almeida are also non-executive directors of IOV Labs.
The Directors of Coinsilium Group Limited take responsibility
for this announcement.
Coinsilium Group Limited +350 2000 8223
Malcolm Palle, Executive Chairman +44 (0) 7785 381 089
Eddy Travia, Chief Executive www.coinsilium.com
Peterhouse Capital Limited
Guy Miller / Mark Anwyl +44 (0) 207 469 0930
(AQSE Growth Market Corporate Adviser)
SI Capital Limited
Nick Emerson +44 (0) 1483 413 500
(Broker)
Notes to Editor
About Coinsilium
Coinsilium is a focused Web3 Investor, Advisor and Venture
Builder based in Gibraltar, a pre-eminent global regulatory
jurisdiction and a leading hub for innovative financial technology.
In 2015, Coinsilium became the first blockchain company to IPO. The
Company has evolved to develop revenue-generating strategic
advisory services and is a highly regarded innovator with proven
technological and commercial expertise and development capabilities
in the NFT arena and also within Open Finance.
Coinsilium has developed an array of commercial partnerships and
joint ventures around the world to support its development
capabilities, giving it access to best-in-class tech experts, a
strong network, and asserting its profound industry profile. It has
a 50:50 venture with IOV Labs in Singapore, enabling the promotion
and commercialisation of RSK's products, services and technologies
in global markets; and has partnered with blockchain technology
experts Indorse to create Nifty Labs, a Non-Fungible Token ('NFT')
technology development studio in Gibraltar.
Coinsilium shares are traded on the AQSE Growth Market in
London, under the ticker symbol "COIN", and on the OTCQB Venture
Market in the United States under the ticker symbol "CINGF".
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ISIN: VGG225641015
Category Code: MSCM
TIDM: COIN
Sequence No.: 197095
EQS News ID: 1472949
End of Announcement EQS News Service
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