TechFinancials Inc. Termination of Agreement (3230F)
27 July 2016 - 4:01PM
UK Regulatory
TIDMTECH
RNS Number : 3230F
TechFinancials Inc.
27 July 2016
27 July 2016
TechFinancials Inc.
("TechFinancials" or the "Company" or the "Group")
Termination of Agreement
TechFinancials plc (AIM: TECH), a leading technology provider to
financial trading brokers, announces that further to entering into
a Joint Venture agreement with IBID Holdings Limited ('the
Partner'), to manage one of the Company's B2C binary options
trading brands ('the Agreement') (see announcement 3 February
2016), the Company is terminating the Agreement due to a breach by
the Partner. TechFinancials is considering legal action against the
Partner for violations, which include but are not limited to
failure to transfer the initial investment amount.
Importantly, the Company confirms that the termination of the
Agreement will have no material impact on the results for the
current financial year and that trading of both its B2B and B2C
divisions remains in line with market expectations.
For further information:
TechFinancials, Inc.
Asaf Lahav, Group Chief Executive
Officer
Yuval Tovias, Chief Financial Officer www.group.techfinancials.com
Jeremy Lange, Chief Operations
Officer / Investor Relations
Grant Thornton UK LLP (Nominated
Adviser)
Colin Aaronson / Jen Clarke / Carolyn Tel: +44 (0) 20 7383 5100
Sansom
Northland Capital Partners Limited
(Broker)
Patrick Claridge / David Hignell Tel: +44 (0) 20 3861 6625
/ John Howes
Peterhouse Corporate Finance (Joint
Broker)
Lucy Williams / Eran Zucker Tel: +44 (0) 20 7469 0932
Yellow Jersey PR Limited (Media Tel: +44 (0) 7825
Relations) 916 715
Felicity Winkles / Alistair
de Kare-Silver
About TechFinancials
TechFinancials plc (AIM: TECH) is a leading proprietary software
solutions company for online brokers delivering services for retail
traders in binary options and other instruments. The Group operates
a B2B division which provides software solutions for binary options
brokers. TechFinancials also operates a B2C division in which it
has an agreement in place with Optionfortune, a B2C binary options
trading platform registered in Hong Kong.
TechFinancials listed on AIM in March 2015 to facilitate its
expansion in the fast growing global binary options market which is
expected to increase to c. $20bn in trade volume by 2016, double
that of 2014 at c. $10bn (ForexMagnates). A major part of the
Group's strategy is to increase its share in existing markets and
to penetrate emerging and regulated markets with high growth
potential. As part of this, the Company recently announced the
opening of a Hong Kong office to focus on the Asia Pacific region
and signed an agreement with Optionfortune, to run a new B2C binary
options trading platform, which also provides TechFinancials with
exposure to this region.
Further information can be found at
http://techfinancials.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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