TechFinancials Inc. - Termination of Agreement
RNS Number : 3230F
TechFinancials Inc.
27 July 2016
 

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.

 

 


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