VANCOUVER, BC – Fineqia International Inc. (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) is pleased to announce the purchase of the Fineqia platform (“platform”) from Nivaura Ltd. The acquisition includes the software code and associated intellectual property of the fintech platform, which enables the placement of debt and equity instruments.
Nivaura is a U.K.-based blockchain company that has also delivered solutions to the London Stock Exchange Group (LSEG) and Singapore’s DBX Bank. Fineqia is a shareholder in Nivaura Ltd and signed the agreement in Feb. 2021 to purchase the software on an exclusive perpetual royalty-free license basis. The transfer of the IP was undertaken over the past few months and completed this month.
The platform incorporates vital functionalities such as price discovery, subscriptions, redemptions, risk management, marketing, back-office processes, and the scheduling of transactions. The platform can connect to the Ethereum blockchain to interact and execute smart contracts to record transaction details.
“IP ownership enables us to potentially do more in both TradFi (traditional finance) and the decentralized web 3.0,” said Fineqia’s CEO Bundeep Singh Rangar. “With a proprietary platform, we get more flexibility to change to rapidly evolving market requirements.”
The acquisition is in line with the Company’s strategy to invest in or acquire companies or technologies developing and propagating blockchain-based financial solutions that are adjunct to the Company’s core business of placing debt and equity securities. The acquisition price represents less than 1% of Fineqia’s market capitalisation.
In addition, the Company advises that Stephen McCann, the Company’s long-time former Chief Financial Officer, has rejoined the Company as interim CFO. Cheryl Kong has resigned as CFO and a director of the Company. The Company thanks Ms. Kong for her contributions to the Company.
Some statements in this release may contain forward-looking information (as defined under applicable Canadian securities laws) (“forward-looking statements”). All statements, other than of historical fact, that address activities, events or developments that Fineqia (the “Company”) believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the failure to obtain sufficient financing, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement except to the extent required by applicable securities laws.
Source: Fineqia International Inc.
