TIDMGST

RNS Number : 0232Z

GSTechnologies Ltd

20 January 2022

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Acquisition of Lithuanian Crypto Exchange Licence and Expansion of Fintech Business

GSTechnologies Limited (LSE: GST), the fintech and information technology solutions company, is pleased to announce that the Company has entered into a legally binding Sale and Purchase Agreement to acquire the whole of the issued share capital of UAB Glindala ("Glindala"), a holder of a Crypto Currency Exchange Licence registered in Lithuania, for a total cash consideration of EUR27,500 (the "Acquisition").

Glindala's Crypto Currency Exchange Licence is supervised by the Lithuanian Financial Crime Investigation Service ("FCIS") and it covers two types of crypto activities, cryptoasset exchange services, both crypto-fiat and crypto-crypto, and cryptoasset depository wallet services, including generating and storing encrypted client keys. Completion of the Acquisition is subject only to the approval of the FCIS.

Assuming the FCIS approve the change of control, GST plans to utilise Glindala to launch a full-service cryptoasset exchange, and to integrate the GS Money digital currencies onto this exchange. Existing readily available technology and software will be brought in run the exchange, which is expected to significantly lower the investment and operating costs borne by the Company. The Company is targeting the crypto exchange being open for retail and institutional participation in the second quarter of 2022.

In line with its stated strategy, the Company's principal business model for the GS Fintech subsidiaries remains to roll out GS Money based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin. The Company believes the exchange will be a significant enabler for its GS Money stablecoin business.

Tone Goh, Chairman of GST, commented : "Through the Acquisition we intend to build upon our expertise in blockchain technology and expand our fintech business by means of cryptoasset trading and wallet management services. By having access to a full-service crypto exchange, we will be able to provide customers with access to our planned GS Money digital currencies, in addition, customers will also be able to use our exchange to trade some of the most valuable cryptoassets in the world, including Bitcoin, Ethereum, and others."

Enquiries:

 
The Company 
Tone Goh, Executive Chairman                 +65 6444 2988 
Financial Adviser 
VSA Capital Limited                          +44 (0)20 3005 5000 
Simon Barton / Pascal Wiese 
Broker 
ETX Capital                                  +44 (0)20 7392 1400 
Tom Curran / Thomas Smith 
Financial PR & Investor Relations 
IFC Advisory Limited 
 Tim Metcalfe / Graham Herring / Florence 
 Chandler                                    +44 20 (0) 3934 6630

For more information please see: https://gstechnologies.co.uk/

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQGZGMMZLRGZZZ

(END) Dow Jones Newswires

January 20, 2022 02:00 ET (07:00 GMT)

Gstechnologies (LSE:GST)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Gstechnologies Charts.
Gstechnologies (LSE:GST)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Gstechnologies Charts.