TechFinancials Inc. Update regarding non-core subsidiaries (3216G)
March 01 2018 - 2:02AM
UK Regulatory
TIDMTECH
RNS Number : 3216G
TechFinancials Inc.
01 March 2018
01 March 2018
TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")
Update regarding non-core subsidiaries
TechFinancials (AIM: TECH), a leading technology provider to
financial trading brokers, today provides an update on its non-core
subsidiaries B.O. TradeFinancials Limited ("BOT") and
MarketFinancials Limited ("MF").
As previously stated, TechFinancials is now focusing its
attention on supporting the most profitable parts of the business
and developing new products and technologies, in particular, its
rapidly-growing blockchain-based products. The Company's wider
strategy is to cease any B2C operation in the EU and to focus only
on B2C trading in Asia Pacific region via its Joint Venture,
DragonFinancials.
On 6 February 2018, TechFinancials announced the termination of
the proposed sale of its shareholding in BOT and MF, following the
decreasing levels of BOT activity during 2017, which negatively
impacted overall revenue generated for the Company.
In line with TechFinancials' wider strategy, BOT has now
notified the Cyprus Securities and Exchange Commission ("CySEC") of
its intention to withdraw its Cyprus Investment Firm "(CIF")
authorization.
BOT is in the process of notifying customers of its intention to
terminate all of its activities related to operating its brand,
OptionFair and subsequently, to return all client funds.
As a result of the notification of the return of the license, MF
has terminated its market maker services with BOT, which was its
only source of income. TechFinancials plans to sell MF, along with
its license, and the Company intends to provide a further update on
this process in due course.
As previously announced, for the six months ended 30 June 2017,
BOT's revenues were EUR164,000 (For the financial year 2016:
EUR1.38m) and the loss for that period was EUR105,000 compared to a
loss of EUR231,000 for the financial year 2016. Net assets at 30
June 2017 were EUR244,534.
The information contained 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.
Asaf Lahav, Group Chief Executive
Officer
Yuval Tovias, Chief Financial www.techfinancials.com
Officer
Grant Thornton UK LLP (Nominated
Adviser)
Colin Aaronson / Samantha Harrison Tel: +44 (0) 20
/ Carolyn Sansom 7383 5100
Northland Capital Partners Limited
(Broker)
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
Media enquiries:
Yellow Jersey (Media Relations)
Charles Goodwin / Katie Bairsto Tel: +44 (0) 7748
843 871
About TechFinancials
TechFinancials, Inc (AIM: TECH) is a leading innovator and
supplier of 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.
Further information can be found at
http://techfinancials.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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