27 Jul 2016 07:00
27 July 2016 |
TechFinancials Inc.
("TechFinancials" or the "Company" or the "Group")
Termination of Agreement
TechFinancials plc (AIM: TECH), a leading technology provider to financial trading brokers, announces that further to entering into a Joint Venture agreement with IBID Holdings Limited ('the Partner'), to manage one of the Company's B2C binary options trading brands ('the Agreement') (see announcement 3 February 2016), the Company is terminating the Agreement due to a breach by the Partner. TechFinancials is considering legal action against the Partner for violations, which include but are not limited to failure to transfer the initial investment amount.
Importantly, the Company confirms that the termination of the Agreement will have no material impact on the results for the current financial year and that trading of both its B2B and B2C divisions remains in line with market expectations.
For further information:
TechFinancials, Inc. |
|
Asaf Lahav, Group Chief Executive Officer |
|
Yuval Tovias, Chief Financial Officer Jeremy Lange, Chief Operations Officer / Investor Relations | www.group.techfinancials.com |
Grant Thornton UK LLP (Nominated Adviser) |
|
Colin Aaronson / Jen Clarke / Carolyn Sansom | Tel: +44 (0) 20 7383 5100 |
Northland Capital Partners Limited (Broker) |
| |
Patrick Claridge / 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 |
Yellow Jersey PR Limited (Media Relations) Felicity Winkles / Alistair de Kare-Silver
| Tel: +44 (0) 7825 916 715
|
About TechFinancials
TechFinancials plc (AIM: TECH) is a leading proprietary software solutions company for online brokers delivering services for retail traders in binary options and other instruments. The Group operates a B2B division which provides software solutions for binary options brokers. TechFinancials also operates a B2C division in which it has an agreement in place with Optionfortune, a B2C binary options trading platform registered in Hong Kong.
TechFinancials listed on AIM in March 2015 to facilitate its expansion in the fast growing global binary options market which is expected to increase to c. $20bn in trade volume by 2016, double that of 2014 at c. $10bn (ForexMagnates). A major part of the Group's strategy is to increase its share in existing markets and to penetrate emerging and regulated markets with high growth potential. As part of this, the Company recently announced the opening of a Hong Kong office to focus on the Asia Pacific region and signed an agreement with Optionfortune, to run a new B2C binary options trading platform, which also provides TechFinancials with exposure to this region.
Further information can be found at http://techfinancials.com.