Veltyco Group PLC Acquisition of Crypto Wallet service provider (0678C)
January 17 2018 - 1:00AM
UK Regulatory
TIDMVLTY
RNS Number : 0678C
Veltyco Group PLC
17 January 2018
17 January 2018
Veltyco Group plc
("Veltyco", the "Company" and, together with its subsidiaries,
the "Group")
Acquisition of Crypto Wallet service provider
Veltyco Group plc (AIM:VLTY), the online marketing company for
the gaming industry, is pleased to announce that, further to its
announcement of 21 December 2017, it has entered into an agreement
to acquire a 51% interest in Varkasso Limited ("Varkasso"), a
company that has the exclusive rights to use 8Crypt, a software
platform providing crypto wallet solutions based on blockchain
technology.
8Crypt has been developed by the founder and shareholder of
Varkasso, with the aim of providing end users with a broad range of
services in relation to their crypto assets from one location, from
which they are able to manage, trade (buy, sell, exchange) and
accept both traditional and crypto currencies. 8Crypt enables users
to connect their crypto wallet directly to both traditional and
crypto currencies, seamlessly providing and accepting payments from
debit and credit cards and bank transfers for traditional
currencies and well-known blockchain platforms such as Bitcoin,
Ethereum and LiteCoin for crypto currencies.
Veltyco plans to incorporate 8Crypt's crypto wallet across each
of the platforms of Veltyco's various partners, including Veltyco's
own site Bet90.com, thereby allowing customers access to each
platform from one wallet without having to make separate deposits
on each of the individual platforms. Furthermore, once incorporated
into its partners' platforms, the Veltyco Board believes that is
will enhance the Company's ability to cross-sell the different
platforms to its customer base.
Veltyco has agreed to acquire a 51% interest in Varkasso for a
total consideration of EUR300,000 (approximately GBP265,000) to be
satisfied through the issue of 100,000 new Ordinary Shares in
Veltyco ("Consideration Shares") and a cash consideration of
EUR200,000 (approximately GBP177,000).
The Board of Veltyco believes that the acquisition is an
important step towards optimising players experience across its
partners' platforms, allowing customers the ability to access each
platform from one wallet that also has the ability to accept crypto
currency through the use of blockchain technology.
Issue of shares and total voting rights
Application will be made for the admission to trading on AIM of
the Consideration Shares, with such admission expected to become
effective at 8.00 a.m. on 24 January 2018. Following admission, the
share capital of the Company will comprise 74,443,659 ordinary
shares and accordingly, the total number of voting rights will be
74,443,659.
The above figure may be used by shareholders as the denominator
for the calculation by which they will determine if they are
required to notify their interest in, or a change to their interest
in, Veltcyo under the FCA's Disclosure Guidance and Transparency
Rules.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information, please contact:
Veltyco Group plc +44 (0)1624 605 764
Gilles Ohana, Director
Marcel Noordeloos, CFO
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris
Richard Tulloch
James Dance
Whitman Howard Ltd (Broker) +44 (0)20 7659 1234
Francis North - Corporate Broking
Nick Lovering - Corporate Broking
IFC Advisory (Financial PR) +44 (0)20 3053 8671
Graham Herring
Tim Metcalfe
Miles Nolan
About Veltyco
Veltyco is a group of companies primarily focused on generating
marketing leads and entering into marketing contracts for the
activities of various partners in the gaming industry. Veltyco
focuses on complementary activities under one umbrella, leveraging
its historical cash generative activities of marketing online
casinos and sports betting.
Website: www.veltyco.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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