Privately-held GammaRey plans to bring to GoLogiq (OTC:GOLQ):
- Profitable business with strong cash flow.
- Nearly $800 million in customer financial assets.
- Full-stack ecosystem for the New World Digital Economy: commodity-backed digital currency, digital wallet, and proprietary transaction platform for securities, goods and services.
NEW YORK, Dec. 15, 2022 (GLOBE NEWSWIRE) -- GoLogiq, Inc. (OTC:GOLQ), a U.S.-based global provider of fintech and consumer data analytics, has signed a mutual non-binding letter of intent to acquire GammaRey, Inc., a privately-held fintech ecosystem for the New World Digital Economy.
Under the terms of the proposed agreement, GoLogiq will acquire GammaRey as a wholly owned subsidiary in an all-stock transaction. GoLogiq would issue common shares to GammaRey shareholders valued at $320 million based on the pricing of $3.00 per share.
The parties anticipate the acquisition will close before the end of this year (2022). The transaction would follow GoLogiq's spin-off of assets from Logiq, Inc. (OTCQX: LGIQ) which was completed earlier this year.
The combined company would initially focus on the high-growth market of wealth management for Generation Z and Millennials, followed by the launch of a new digital payment platform designed for the sharing economy.
Millennial and Gen Z financial wealth reportedly jumped 25% last year (higher than for Gen Xs and Baby Boomers), and they saw their aggregate assets grow from $2.9 trillion to $3.6 trillion. With this trend as a major driver, Bain & Company issued a report recently, that expects the wealth management market to double in size and exceeding $500 billion by 2030.
"Given the tremendous opportunities for growth in wealth management, the time has come to address the market on a larger scale through this highly synergistic merger," stated GammaRey CEO, Timothy Alford. "As a publicly traded company with more favorable access to the capital markets, it affords our GammaRey shareholders, as well as those of GoLogiq, numerous benefits. This includes greater liquidity, higher brand visibility, and recognition of the tremendous value we have created with our proprietary fintech platform."
GoLogiq CEO, Matthew Brent, commented: "Combining forces with GammaRey along with its capable and accomplished executive team represents a significant step toward realizing GoLogiq's vision for a comprehensive fintech platform for underserved businesses and consumers when it became a public company last year. We see huge opportunities as we look to integrate our respective powerful fintech platforms, and set the stage for strong growth and profitability in the new year."
Following the transaction, GoLogiq would continue to trade under the symbol "GOLQ" on the securities marketplace maintained by The OTC Markets until such time FINRA would approve a planned name change and new symbol. GoLogiq would also plan to apply for an uplisting to a listed exchange, such as Nasdaq or the NYSE. Such an application would be subject to approval based on several factors, including satisfaction of minimum listing requirements. GoLogiq intends to satisfy the applicable listing requirements; however, there can be no assurance its application would be approved.
While the company believes that the transaction will be completed as anticipated, definitive agreements are not yet signed and no assurances can be given that such agreements will be signed or the transaction completed as described.
Additional details of the planned transaction will be available in a Form 8-K as filed with U.S. Securities and Exchange Commission on www.sec.gov as well as on the investor section of GoLogiq's website, upon entry into definitive agreements and upon completion of the transaction.
About GammaRey
GammaRey is a Global Financial Technology Company, that is building a financial ecosystem and platform to provide financial solutions to both Government, Business and Consumers. We are revolutionizing the speed and fee structure of remittance technologies worldwide through blockchain technologies, evolving into a full-stack ecosystem for the digital economy. Which includes a digital wallet, borderless payments, and a proprietary platform providing functionality through the buying of goods and services. To learn more, go to www.gammarey.com.
About GoLogiq
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics currently focused on Southeast Asia. Its software platforms are comprised of CreateApp, a mobile app development and publishing platform for small-to-medium sized businesses; AtozGo™, a 'hyper-local' app-based delivery platform; AtozPay™, an eWallet for mobile top-up, e-commerce purchases, bill payment and microfinance; and Radix™, a Big Data analytics platform. Visit the company at gologiq.com or follow on twitter: $GOLQ and @gologiq.
GoLogiq Safe Harbor Statement
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release also contains forward-looking statements and forward-looking information within the meaning of United States securities legislation that relate to GoLogiq's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond GoLogiq's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward-looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to apply to and meet the listing standards and approvals for Nasdaq, NYSE, or other senior exchange, our ability to successfully locate and consummate any contemplated strategic transactions, our ability to successfully complete a merger or acquisition with GammaRey or other entity, the structure of any such transaction, timing of such transaction, and the valuation of the businesses after completion of any such transaction, if any, and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings.
GoLogiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for GoLogiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
GammaRay Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of the Company, members of its management, and assumptions on which such statements are based. We caution prospective investors that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements.
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