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(“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.
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.||Tel: +972 54 5233 943|
|Asaf Lahav, Group Chief Executive Officer|
|Yuval Tovias, Chief Financial Officer|
|Grant Thornton UK LLP (Nominated Adviser)||Tel: +44 (0) 20 7383 5100|
|Colin Aaronson / Samantha Harrison / Seamus Fricker|
|Northland Capital Partners Limited (Broker)||Tel: +44 (0) 20 3861 6625|
|David Hignell / Rob Rees|
|NEX Corporate Adviser and Joint Broker Peterhouse Corporate Finance||Tel: +44 (0) 20 7469 0930|
|Fungai Ndoro / Eran Zucker|
|Yellow Jersey PR Limited (Media Relations)||Tel: +44 (0) 7748 843 871|
|Charles Goodwin / Felicity Winkles|
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.