Goldmoney Inc. Provides Corporate Update
December 05 2018 - 6:30AM
Business Wire
Goldmoney Inc. (TSX:XAU) (“Goldmoney”) (the “Company”), a
precious metal financial service and technology company, is pleased
to provide this corporate update.
As previously announced on November 14 and November 26, 2018,
Goldmoney will distribute to its shareholders on a pro rata basis
3.99 million Class B subordinate voting shares of Menē Inc. (the
“Menē Shares”), a TSX Venture listed company (Symbol: MENE). The
exact ratio to make this distribution will be 0.051767721 of a Menē
Share for each common share of Goldmoney held as of close of
business on the record date.
The payable date remains as previously announced as December 7,
2018.
The Company has announced the resignation of Josh Crumb from the
Board of Directors with effect from December 4, 2018. “It is with
great regret that the board has accepted the resignation of Josh
Crumb as a director of the Company, which he has served with me
since the inception of BitGold over five years ago,” said Roy
Sebag, Chairman. “The board and staff are thankful for the
meaningful contributions Josh has made, and we wish him well in his
new endeavours.”
The Company draws attention to the high trading volume in the
shares of the Company on December 4, 2018 and November 24, 2018,
which were accompanied by a decline in the share price. The Company
is of the view that there were forced sales on these two days as a
result of margin calls. The Company is unaware of any material
change in its operations that would account for the recent market
activity.
Goldmoney Inc. also announced today revisions to its disclosure
concerning Goldmoney Wealth Limited (“GWL”) one of Goldmoney’s
wholly-owned Jersey subsidiaries. GWL is incorporated in Jersey and
regulated by the Jersey Financial Services Commission (“JFSC”). In
the Management Discussion and Analysis disclosure accompanying the
release of our first quarter results on August 8, 2018, we reported
that there were one-off, non-recurring professional fees of CAN$1.8
million, most of which was incurred with a Jersey-based consulting
firm to ensure GWL meets all compliance and regulatory requirements
of the JSFC. This disclosure was made because the increase in
professional fees relating to GWL (as well relating to Menē) was a
material expense item that in part explained our Q1 results. As had
been anticipated in our Q1 MD&A, these consulting fees do not
continue. The underlying GWL-related compliance matters that were
addressed in this consultation process were not material to
Goldmoney Inc., as a whole, because no other entities in the
Goldmoney group of companies were affected by such issues. This
extensive consultation has now been completed. The results of this
consultation have allowed Goldmoney to better assess the role of,
and importance of, GWL in the Goldmoney family of companies. While
GWL remains an important subsidiary, largely as a result of its
legacy business following the combination in 2015 of GWL and other
Jersey entities within what is today the business of Goldmoney,
Goldmoney’s past disclosure relating to GWL in Goldmoney’s Annual
Information Form (“AIF”) for the financial year ended March 31,
2018, was not intended to suggest that GWL is material to the
operations of Goldmoney, as a whole. Goldmoney will be revising and
refiling its AIF to clarify any impressions to the contrary and
will be doing so by no later than January 31, 2019.
About Goldmoney Inc.
Goldmoney Inc., a financial service company traded on the
Toronto Stock Exchange (TSX:XAU), is a global leader in precious
metal investment services and the world’s largest precious metals
payment network. Safeguarding nearly $1.6 billion in assets for
clients located in more than 150 countries, Goldmoney is focused on
a singular mission to make precious metals-backed savings
accessible to all. Powered by Goldmoney’s patented technology, the
Goldmoney® Holding is an online account that enables clients to
invest, earn, or spend gold, silver, platinum, palladium and
cryptocurrencies that are securely stored in insured vaults in
seven countries. All bullion assets are fully allocated and
physically redeemable property. Goldmoney Wealth Limited is
regulated by the Jersey Financial Services Commission (JFSC) as a
Money Services Business. Goldmoney Network is a reporting entity to
the Financial Transactions and Reports Analysis Centre of Canada
(FINTRAC), and is registered with the Financial Crimes Enforcement
Network (FinCEN) in the U.S. For more information about Goldmoney,
visit goldmoney.com.
Forward-Looking Statements
This news release contains or refers to certain forward-looking
information. Forward-looking information can often be identified by
forward-looking words such as “anticipate”, “believe”, “expect”,
“plan”, “intend”, “estimate”, “may”, “potential” and “will” or
similar words suggesting future outcomes, or other expectations,
beliefs, plans, objectives, assumptions, intentions or statements
about future events or performance. All information other than
information regarding historical fact, which addresses activities,
events or developments that the Goldmoney Inc. (the “Company”)
believes, expects or anticipates will or may occur in the future,
is forward-looking information. Forward-looking information does
not constitute historical fact but reflects the current
expectations the Company regarding future results or events based
on information that is currently available. By their nature,
forward-looking statements involve numerous assumptions, known and
unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions, forecasts,
projections and other forward-looking information will not occur.
Such forward-looking information in this release speak only as of
the date hereof.
Forward-looking information in this release includes, but is not
limited to, statements with respect to: service times for
transactions on the Goldmoney network; growth of the Company’s
business, expected results of operations, and the market for the
Company’s products and services and competitive conditions. This
forward-looking information is based on reasonable assumptions and
estimates of management of the Company at the time it was made, and
involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others:
the Company’s operating history; history of operating losses;
future capital needs and uncertainty of additional financing;
fluctuations in the market price of the Company’s common shares;
the effect of government regulation and compliance on the Company
and the industry; legal and regulatory change and uncertainty;
jurisdictional factors associated with international operations;
foreign restrictions on the Company’s operations; product
development and rapid technological change; dependence on technical
infrastructure; protection of intellectual property; use and
storage of personal information and compliance with privacy laws;
network security risks; risk of system failure or inadequacy; the
Company’s ability to manage rapid growth; competition; the ability
to identify opportunities for growth internally and through
acquisitions and strategic relationships on terms which are
economic or at all; effectiveness of the Company’s risk management
and internal controls; use of the Company’s services for improper
or illegal purposes; uninsured and underinsured losses; theft &
risk of physical harm to personnel; precious metal trading risks;
and volatility of precious metals prices & public interest in
precious metals investment; and those risks set out in the
Company’s most recently filed annual information form, available
on SEDAR. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company undertakes no
obligation to update or revise any forward-looking information,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181205005234/en/
Media and Investor Relations inquiries:Renee WeiDirector
of Global CommunicationsGoldmoney
Inc.renee.wei@goldmoney.comSteve FrayChief Financial
OfficerGoldmoney Inc.+1 647 499 6748
GoldMoney (TSX:XAU)
Historical Stock Chart
From Jul 2024 to Aug 2024
GoldMoney (TSX:XAU)
Historical Stock Chart
From Aug 2023 to Aug 2024