19 Nov 2015 11:40
Press Release | 19 November 2015 |
TechFinancials Inc.
("TechFinancials" or the "Company" or the "Group")
Result of General Meeting
TechFinancials (AIM: TECH), a software developer that supplies simplified trading solutions to online brokers, announces that at its General Meeting held today, all resolutions put to shareholders were duly passed.
The purpose of the meeting was to seek shareholder approval for an amendment to the Company's current Articles of Association to allow for the issuance of shares, on a non-pre-emptive basis, as payment for the acquisition of another corporate entity, as payment for the acquisition of securities of another corporate entity, and/ or as consideration in a joint venture to other parties in such joint venture, provided that such shares shall not exceed 6% of the issued shares of the Company in any single transaction. The amendment will facilitate TechFinancials to complete the establishment of a joint venture (the "JV") with the owners of Optionfortune Trade Limited, as announced on 21 October 2015. Under the current JV agreement, TechFinancials may be required to issue shares to the owners of Optionfortune, depending on the financial results of the JV for the years 2016 and 2017.
Asaf Lahav, CEO of TechFinancials, said, "The Board is very pleased that our shareholders support the Company's decision to establish a joint venture with the owners of Optionfortune. The Board believes that this JV will strengthen the long-term sustainability and consistency of our growth expectations while generating extra cash flow. This JV is in keeping with TechFinancials' IPO strategy to grow our business into new territories and markets, and to expand the Group's presence in the high growth markets, such as the Asia Pacific region."
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For further information:
TechFinancials, Inc. | |
Asaf Lahav, Group Chief Executive Officer | asafl@techfinancials.com |
Yuval Tovias, Chief Financial Officer | www.group.techfinancials.com |
Grant Thornton UK LLP (Nominated Adviser) | |
Colin Aaronson / Jen Clarke | Tel: +44 (0) 20 7383 5100 |
Northland Capital Partners Limited (Broker) | |
Patrick Claridge/ David Hignell/ John Howes | Tel: +44 (0) 20 7382 1100 |
Peterhouse Corporate Finance Limited (Joint Broker) | |
Lucy Williams / Eran Zucker | Tel: +44 (0) 20 7469 0932 |
Media enquiries:
Abchurch Communications Limited | |
Jamie Hooper / Canace Wong | Tel: +44 (0) 20 7398 7719 |
TechFinancials@abchurch-group.com | www.abchurch-group.com |
Notes to editors:
TechFinancials was formed in 2009 to create a simplified trading solution for online brokers wanting to provide a platform for retail customers to trade in Binary Options. TechFinancials' platform is based on a proprietary pricing engine, which enables online brokers to price and market short-term Binary Options and Exotic Options. In 2014, around 18% of all deposits which are made to trade Binary Options globally were processed using TechFinancials' software. In early 2014, TechFinancials began to focus on the Asian market, securing distribution in Japan and China.