15 Jul 2019 07:00
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.