TechFinancials Inc. Update: Cedex (6780B)
12 January 2018 - 6:00PM
UK Regulatory
TIDMTECH
RNS Number : 6780B
TechFinancials Inc.
12 January 2018
12 January 2018
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Update: Cedex - Blockchain Diamond Exchange initiative
Further to its announcement of 28 December 2017, TechFinancials
is delighted to provide an update on significant progress at Cedex
Holdings Ltd ("CEDEX"), a company in which it currently has a 2 per
cent. interest and an option to acquire a further 90 per cent.
Cedex is a blockchain-based on-line exchange for diamonds.
Highlights
-- High demand for Cedex's proposed private coin sale;
-- Proportion of pre-sale increased by 150%;
-- Further time allowed for prospective purchasers to participate; and
-- Further time to accommodate Japanese market regulation.
CEDEX is presently in the process of selling a total of 50
million digital coins ("Cedex Coins") by way of a Token Sale, and
is presently in the private selling phase. In light of demand,
CEDEX has decided to increase the number of Cedex Coins available
for sale during the pre sale phase from 10 million to 25 million
Cedex Coins with a reduction in the number available in the sale
phase from 40 million to 25 million Cedex Coins. In this
connection, CEDEX has sold a material proportion of the CEDEX coins
available for sale during the private phase in return for a
substantial amount of Cryptocurrency (Bitcoin and Etherium). The
introducer of the purchasers has received options to acquire up to
5 per cent of CEDEX, with the result that TechFinancials now has an
option to acquire up to 85.5 per cent. of CEDEX with a total
possible holding of up to 87.4 per cent.
CEDEX has also decided to delay the pre-sale start of the public
selling phase to 16 March 2018, partly to accommodate the increased
demand for Cedex Coins noted during the private phase but also to
allow Japanese participants to purchase the Cedex Coins.
The Japanese Financial Services Agency has clarified its
position on Public Token Sales and has established a requirement
that tokens be registered on a Japanese regulated exchange prior to
a token sale. Japan has long been a leader in cryptocurrency
adoption and acquiring of such currencies and represents a major
potential market for CEDEX. As such, CEDEX felt obliged to
reschedule the pre-sale in order to try to accommodate the Japanese
market.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information:
TechFinancials, Inc.
Asaf Lahav, Group Chief Executive
Officer
Yuval Tovias, Chief Financial www.group.techfinancials.com
Officer
Grant Thornton UK LLP (Nominated
Adviser)
Colin Aaronson / Samantha Harrison Tel: +44 (0) 20
/ Carolyn Sansom 7383 5100
Northland Capital Partners Limited
(Broker)
David Hignell/ John Howes Tel: +44 (0) 20
3861 6625
Peterhouse Corporate Finance (Joint
Broker)
Lucy Williams / Eran Zucker Tel: +44 (0) 20
7469 0932
Media enquiries:
Yellow Jersey (Media Relations)
Charles Goodwin / Katie Bairsto Tel: +44 (0) 7748
843 871
About TechFinancials
TechFinancials plc (AIM: TECH) is a leading innovator and
supplier of 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 platforms worldwide and
incorporating a strategic joint venture focusing on solutions for
traders in the Asia Pacific 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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