TechFinancials Inc. Venture Agreement (5945F)
October 30 2018 - 2:00AM
UK Regulatory
TIDMTECH
RNS Number : 5945F
TechFinancials Inc.
30 October 2018
30 October 2018
TechFinancials, Inc.
Venture Agreement
TechFinancials (AIM: TECH) (the "Company" or the "Group"), a
fintech software provider of financial solutions including
blockchain-based digital assets and traditional financial trading
solutions for retail clients, announces that it has entered into
non-binding heads of terms ("Heads of Terms") with Footies Tech Ltd
("Footies"), a Blockchain based ticketing platform for sports
venues and teams, with respect to establishing a new company
subsidiary ("NewCo"). Footies is chaired by Ian Ayre, who was
previously Chief Executive Officer of Liverpool Football Club, and
current Chief Executive Officer of Nashville Major League
Soccer.
NewCo is being established in order to develop and market a
blockchain based digital venue management system, while the initial
phase of the product will focus on enabling sporting organizations
to take full control over their event economics.
Initially, TechFinancials will hold 75 per cent of the shares of
NewCo, and Footies will hold 25 per cent of the remaining shares.
TechFinancials and Footies (the "Parties") will establish the NewCo
in an agreed jurisdiction, which is likely to be the United
Kingdom.
Under the Heads of Terms, TechFinancials will commit to support
the financial needs of the NewCo with a cost cap of US$500,000 for
the development of a proof of concept agreement between NewCo and a
European football club ("POC"), employees' salaries, administration
costs, business development and other expenses to be agreed by the
Parties. All costs borne by TechFinancials and/or monies paid to
NewCo shall be deemed to be a shareholder loan by TechFinancials
with customary terms and conditions to be agreed.
In addition to the costs described above, TechFinancials will
license its technology, free-of-charge to NewCo in order for it to
build a solid software infrastructure and shorten development
timescales. This commitment is subject to execution by NewCo of at
least one POC within three months of the Parties signing the
Agreement.
The Company will make a further announcement when the final
terms of the venture have been agreed.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information:
TechFinancials, Inc. Tel: +972 54 5233
943
Asaf Lahav, Group Chief Executive Officer
Yuval Tovias, Chief Financial Officer
Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383
5100
Colin Aaronson / Samantha Harrison / Seamus
Fricker
Northland Capital Partners Limited (Broker) Tel: +44 (0) 20 3861
6625
David Hignell / Rob Rees
NEX Corporate Adviser and Joint Broker Tel: +44 (0) 20 7469
Peterhouse Corporate Finance 0930
Fungai Ndoro / Eran Zucker
Media enquiries:
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7748 843
871
Charles Goodwin / Katie Bairsto
About Footies
Footies is a Blockchain based ticketing platform for sports
venues and teams. Using Footies, issuers can finally take full
control over their event economics. Using its solution, issuers can
determine and track all aspects of their ticketing, from time of
issue until time of event, including all secondary market
functionality.
In today's market, the vast majority of ticket issuers can only
truly control the initial sale of a ticket. Once the ticket enters
the market, the issuers have no information regarding the number of
resales, the monetary value attached to these resales, and the
identity of the person who will occupy the seat in the issuers'
venue.
Using Footies' ticketing solution, issuers can determine the
full ticket path, from issue to use at event.
About TechFinancials
TechFinancials, Inc (AIM: TECH) is a fintech software provider
of financial trading solutions, including blockchain-based digital
assets and traditional financial trading solutions for retail
clients. The Group operates a B2B division licensing white label
trading platform solutions to online brokers. In addition, the
Company operates a B2C division operating trading platform
incorporating a strategic venture focusing on solutions for traders
in the Asia Pacific region.
The Company currently holds a 2 % interest and an option to
acquire a further 90 % in CEDEX, a blockchain-based on-line
exchange for diamonds, which would give TechFinancials up to 92 %
of CEDEX or 87.4 % on a fully diluted basis.
Further information can be found at
http://techfinancials.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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