Blue Star Capital plc Portfolio Update (7725Z)
January 16 2024 - 1:00AM
UK Regulatory
TIDMBLU
RNS Number : 7725Z
Blue Star Capital plc
16 January 2024
16 January 2024
Blue Star Capital plc
("Blue Star" or the "Company")
Portfolio Update
Blue Star Capital plc (AIM: BLU), the investing company with a
focus on esports and blockchain and its applications within gaming
and payments, provides the following update on its investee
companies, Dynasty Gaming & Media Pte Ltd ("Dynasty") and
SatoshiPay Ltd ("SatoshiPay").
Dynasty
Further to the announcement made on 27 November 2023, Dynasty
advises that it has partnered with the large media conglomerate
Vera Media Group and 'soft-launched' its new platform Lightning
Dragon, which is now live in the Philippines. Lightning Dragon has
already secured significant partnerships including PayMaya, one of
the region's leading payment providers with over 40 million users
in the Philippines, and Razer, one of the world's largest gaming
brands. Lightning Dragon expects to announce several more strategic
marketing partnerships in the coming weeks across sectors including
TV, radio, telcos, retail, esports tournament organisers and gaming
content creators.
Dynasty further advises it considers The Philippines to be one
of the top three most valuable and fastest growing gaming markets
in Southeast Asia and has a population of around 115 million, with
a median age of just 25 years. Research suggests that over 40 per
cent. of the country's population are regular gamers with around 95
per cent. of internet users between the ages of 16 to 64 having
played video games in 2023.
Following the initial launch, Lightning Dragon expects to
conduct its official launch within the next two weeks, with a fully
stocked shop including special offers from major games publishers.
Under the terms of the partnership, which runs for an initial term
of 24 months, renewable for a further 24 months, Lightning Dragon
will pay Dynasty a monthly licence fee and the net revenue will be
shared equally.
SatoshiPay
Further to the announcement on 15 November 2023, in which the
Company advised that SatoshiPay had retained Benchmark
International to establish an accurate valuation for SatoshiPay and
seek potential expression of interest for its acquisition,
Benchmark has advised that the initial reaction to the investment
memorandum has been encouraging and the Company Is pleased with
progress to date.
The Board anticipates that the recent uptick in attention to
crypto currency in the media, driven by positive market
developments such as the approval of the first Bitcoin spot ETF,
should benefit SatoshiPay as a well-established player in the
crypto market. SatoshiPay recently announced its financial results
for the year ended 31 December 2022 which showed turnover of
EUR2.93 million and profits after tax of EUR587,000.
The Company also notes the progress made by Pendulum which
recently achieved significant milestones, most notably the launch
of the Spacewalk Bridge on Amplitude, serving as a crucial link
between Polkadot and Stellar. This innovative bridge is intended to
facilitate the transfers of multiple stablecoins, advancing
interoperability in the blockchain space. In addition, the opening
of the HRMP channel with Moonbeam Network helps demonstrate
Pendulum's partnerships strategy. This launch helped enable
additional functionalities for the PEN token and stablecoin
activities within the Moonbeam ecosystem and assisted with the
listing of PEN on Moonbeam's DEX Stellaswap.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
For further information, please contact:
Blue Star Capital plc +44 (0) 777 178 2434
Tony Fabrizi
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
(Nominated Adviser and Broker)
Jo Turner / Liam Murray
About Blue Star
Blue Star is an investing company with a focus on new
technologies. Blue Star has two principal investments: SatoshiPay
Limited, an incubator and service provider to de-fi businesses
using blockchain technology; and Dynasty Gaming & Media Pte.
Ltd.
Forward looking statement disclaimer
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions shareholders and prospective shareholder
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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END
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