31 May 2019 12:43
31 May 2019
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Footies Update
TechFinancials (AIM: TECH), a fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients, provides an update on progress in Footies Ltd ('Footies'), a subsidiary in which TechFinancials has a 75 per cent. interest and which is 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. Product development is progressing well and in the past five months Footies has focused its efforts on building the Footies technology, utilising TechFinancials' resources and infrastructure. The Company is pleased to announce that Footies now has a demonstration product which will be utilised by sales teams with a view to achieving first sales in 2019. With this demonstration product, a sports organisation can define the rules that are applied to the digital tickets, such as setting the price range that the ticket can be re-sold on a proprietory, white labeled secondary market and allowing the ticket to be transferred either back to the sports organisation orto another individual. The demonstration product also includes a mobile app which will allow fans to manage their digital tickets (buy, sell, view, transfer, etc). It is Footies' intention to complete the development of its Minimum Valuable Product for sports organisations and teams in Q3 2019.
Having helped get the product to its demonstration stage, Footies co-founder, Ian Ayre, has decided to stepdown as Footies Chairman with immediate effect due to his commitments as CEO of Nashville Soccer Club in the USA. A seach for a new Chairman is in progress.
Commenting on the progress of the venture, Ian Ayre said: "I believe that the product we have created will play an important role in shaping the future of the ticketing market and how supporters enjoy the match day experience. As a stakeholder in this venture I will be watching its future progress with excitement and I wish the team the best on the next stage of development."
Asaf Lahav, CEO of TechFinancials, commented: "We would like to thank Ian for his leadership and guidance in helping to define Footies' strategy and we wish him well as he devotes his energy to his CEO role in Nashville."
The information communicated 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. | Tel: +972 54 5233 943 |
Asaf Lahav, Group Chief Executive Officer |
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Yuval Tovias, Chief Financial Officer |
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Grant Thornton UK LLP (Nominated Adviser) | Tel: +44 (0) 20 7383 5100 |
Colin Aaronson / Samantha Harrison / Seamus Fricker |
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Peterhouse Corporate Finance (Broker) | Tel: +44 (0) 20 7469 0930 |
Fungai Ndoro / Eran Zucker |
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Media enquiries
Yellow Jersey PR Limited (Media Relations) | Tel: +44 (0) 7748 843 871 |
Charles Goodwin / Felicity Winkles |
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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. Notably, ex-CEO of Liverpool Football Club Ian Ayre is Chairman of the new company and venture.
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 87.4 % on a fully diluted basis.
Further information can be found at http://techfinancials.com.