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TechFinancials Inc.   -  TECH   

Update: Cedex

Released 07:00 12-Jan-2018

RNS Number : 6780B
TechFinancials Inc.
12 January 2018
 

12 January 2018

 

TechFinancials, Inc.
("TechFinancials, the "Company" or the "Group")

Update: Cedex - Blockchain Diamond Exchange initiative

 

Further to its announcement of 28 December 2017, TechFinancials is delighted to provide an update on significant progress at Cedex Holdings Ltd ("CEDEX"), a company in which it currently has a 2 per cent. interest and an option to acquire a further 90 per cent. Cedex is a blockchain-based on-line exchange for diamonds.

Highlights

 

·     High demand for Cedex's proposed private coin sale;

·     Proportion of pre-sale increased by 150%;

·     Further time allowed for prospective purchasers to participate; and

·     Further time to accommodate Japanese market regulation.
 


CEDEX is presently in the process of selling a total of 50 million digital coins ("Cedex Coins") by way of a Token Sale, and is presently in the private selling phase. In light of demand, CEDEX has decided to increase the number of Cedex Coins available for sale during the pre sale phase from 10 million to 25 million Cedex Coins with a reduction in the number available in the sale phase from 40 million to 25 million Cedex Coins. In this connection, CEDEX has sold a material proportion of the CEDEX coins available for sale during the private phase in return for a substantial amount of Cryptocurrency (Bitcoin and Etherium). The introducer of the purchasers has received options to acquire up to 5 per cent of CEDEX, with the result that TechFinancials now has an option to acquire up to 85.5 per cent. of CEDEX with a total possible holding of up to 87.4 per cent.


CEDEX has also decided to delay the pre-sale start of the public selling phase to 16 March 2018, partly to accommodate the increased demand for Cedex Coins noted during the private phase but also to allow Japanese participants to purchase the Cedex Coins.

The Japanese Financial Services Agency has clarified its position on Public Token Sales and has established a requirement that tokens be registered on a Japanese regulated exchange prior to a token sale. Japan has long been a leader in cryptocurrency adoption and acquiring of such currencies and represents a major potential market for CEDEX. As such, CEDEX felt obliged to reschedule the pre-sale in order to try to accommodate the Japanese market.

 

 

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 Officer

www.group.techfinancials.com

 

Grant Thornton UK LLP (Nominated Adviser)

 

Colin Aaronson / Samantha Harrison / Carolyn Sansom

Tel: +44 (0) 20 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 plc (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 platforms worldwide and 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
 
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Update: Cedex - RNS