TechFinancials Inc. Footies Update and New Funding Agreement (4543F)
15 July 2019 - 4:00PM
UK Regulatory
TIDMTECH
RNS Number : 4543F
TechFinancials Inc.
15 July 2019
15 July 2019
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Footies Update and New Funding Agreement
TechFinancials (AIM: TECH), a fintech software provider of
financial solutions including blockchain-based digital assets and
traditional financial trading solutions for retail clients, is
pleased to provide an update on progress in the Company's 75% owned
subsidiary, Footies Ltd ('Footies'), a company that has been
established to develop a blockchain ticketing venture for sports
venues and teams.
Footies' vision is to fully digitise the 'sport match-day
experience' in a way that is mutually beneficial for both fans and
clubs alike. Based on the positive progress on the product side and
indications of interest from potential customers and partners,
TechFinancials has signed a new funding agreement with Footies
under which it will provide a minimum of US$225,000 and up to
US$300,000 by way of a convertible loan ("Loan"). The Loan will be
converted into Footies shares based on certain business conditions
that will determine the valuation of Footies, which can potentially
increase the Company's equity intrest in Footies. The Loan amount
is in addition to the commitment to provide up to US$500,000 to
Footies, announced on 6 December 2018.
Asaf Lahav, CEO of TechFinancials and a director of Footies,
commented: "TechFinancials' board is pleased with the progress in
Footies and has therefore decided to continue to support the
Footies venture. We believe that the Footies product, once fully
commercialised, will play a pivotal role in shaping the future of
the sports ticketing market, making it fully transparent and
ensuring a fairer deal is delivered for both the venues and the
supporters. We look forward to continuing to update the market
through 2019 as we work towards helping to bring Footies' product
to market."
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 85.92% on a fully diluted basis.
Further information can be found at
http://techfinancials.com.
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END
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