TechFinancials Inc. Share price movement, accounts and trading update (9995B)
June 12 2019 - 7:25AM
UK Regulatory
TIDMTECH
RNS Number : 9995B
TechFinancials Inc.
12 June 2019
12 June 2019
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Share price movement, publication of accounts
and
trading update
TechFinancials (AIM: TECH), a fintech software provider of
financial solutions including blockchain-based digital assets and
traditional financial trading solutions for retail clients, notes
the recent share price change and advises that it does not know of
any reason for an upward share price movement.
The Company confirms that it will be announcing its audited
financial results for the year ended 31 December 2018 on or around
18 June 2019.
Trading in the Company's historical business remains
challenging, largely as a result of tightening regulation and the
Company will be reporting revenues of approximately US$7.6 million
for the year, on which it will report an operating loss. Of total
revenues, blockchain trading technology revenues, representing
mainly services provided to CEDEX, a blockchain-based on-line
exchange for diamonds, amounted to approximately US$3.8 million.
Cash at 31 May 2019 was US$1.1 million.
The Company remains optimistic about the prospects for both
CEDEX and Footies, a company that has been established to develop a
blockchain ticketing venture for sports venues and teams, and looks
forward to making further announcements as these businesses
develop.
The Company has taken a decision to reverse entirely the gain of
US$9.49m, recognised in the interim results to 30 June 2018, of its
investment in CEDEX due to the volatility in the cryptocurrency
market in the subsequent months since the publication of the
interim results. The Company has also decided to recognise the
impairment of its investment in Dragonfinancials, the Company's 51%
owned subsidiary and operator of its B2C trading platform focused
on the Asia Pacific Region.
The sale of the Company's subsidiary MarketFinancials Limited
for a consideration of EUR100,000 (as announced on 16 January 2019)
is progressing however this remains conditional on the consent of
the Seychelles Financial Services Authority which is yet to be
received and is required under the sale purchase agreement by 30
June 2019.
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
Peterhouse Corporate Finance (Broker) Tel: +44 (0) 20 7469
0930
Fungai Ndoro / Eran Zucker
Media enquiries:
Yellow Jersey PR Limited (Media Relations) Tel: +44 (0) 7748 843
871
Charles Goodwin / Felicity Winkles
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 joint venture focusing on solutions for
traders in the Asia Pacific region.
In December 2018, the Company signed a binding agreement with
Footies Tech Ltd, a ticketing venture for sports venues and teams,
to license its technological blockchain infrastructure and
established a new company to develop and market a blockchain based
ticketing solution and event economics management system. The new
venture is underway and is focused on enabling sports organisations
to take full control over their ticket path once issued, including
secondary market trading configuration and enforcement. The
ultimate vision is to fully digitise sport clubs match day
experience to economically benefit both fans and football
clubs.
Additionally, TechFinancials 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
MSCGGUPPQUPBGPP
(END) Dow Jones Newswires
June 12, 2019 08:25 ET (12:25 GMT)
Techfinancials (LSE:TECH)
Historical Stock Chart
From Jul 2024 to Aug 2024
Techfinancials (LSE:TECH)
Historical Stock Chart
From Aug 2023 to Aug 2024