DJ Coinsilium Group Limited: IOV Labs Asia Joint Venture Update
Coinsilium Group Limited (COIN) Coinsilium Group Limited: IOV Labs Asia Joint Venture Update 28-Feb-2023 / 13:00 GMT/BST
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Coinsilium Group Limited: COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: IOV Labs Asia Joint Venture Update
London UK, 28 February 2023, Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Web3 investor, advisor, and venture builder hereby provides an update on the status of IOV Labs Asia PTE. Ltd ("IOV Labs Asia"), the Company's Singapore-based 50/50 joint venture company ("JVC") with IOV Labs Ltd ("IOV Labs").
On 26 October 2022, the Company provided an initial update to the market by announcing that IOV Labs informed the Company that it has been re-structuring its goals, targets and strategy, and proposed that Coinsilium consider terms under which the Company would be prepared for the existing Join Venture Agreement ("JVA") to be replaced with an alternative business model.
Status Update
The Company reaffirmed its position that a prerequisite to progressing an alternative business model, would be the satisfactory resolution of the existing JVA arrangements.
The Company submitted its formal proposal for resolution of the JVA to IOV Labs on 1 December 2022. The parties have appointed respective legal representatives to work with them in good faith towards an amicable resolution. The Company has now received a substantive written response from IOV Labs with their proposal for the resolution of the JVA, which the Company will review and consider. A further announcement will be made in due course.
Outside of the JV resolution process, the Company's commercial focus continues to remain firmly on its value generative investment and advisory activities. As noted by Coinsilium CEO Eddy Travia in the Company's latest Web3 portfolio update of 2 February 2023, we are now seeing a notable change in market sentiment within the industry, with a much more optimistic outlook. We therefore believe that Coinsilium is in an excellent position to take advantage of the improving market conditions as we look towards an exciting 2023 for the Company and shareholders.
Disclosure
IOV Labs currently holds 25,934,000 shares in Coinsilium representing 14.84% of its outstanding ordinary shares.
Coinsilium Chairman Malcolm Palle and non-executive director Wayne Almeida are non-executive directors of IOV Labs.
The Directors of Coinsilium Group Limited take responsibility for this announcement.
Coinsilium Group Limited +350 2000 8223 Malcolm Palle, Executive Chairman +44 (0) 7785 381 089 Eddy Travia, Chief Executive www.coinsilium.com Peterhouse Capital Limited Guy Miller / Mark Anwyl +44 (0) 207 469 0930 (AQSE Growth Market Corporate Adviser) SI Capital Limited Nick Emerson +44 (0) 1483 413 500 (Broker)
Notes to Editor
About Coinsilium
Coinsilium is a focused Web3 Investor, Advisor and Venture Builder based in Gibraltar, a pre-eminent global regulatory jurisdiction, and a leading hub for innovative financial technology. In 2015, Coinsilium became the first blockchain company to IPO. The Company has evolved to develop revenue-generating strategic advisory services and is a highly regarded innovator with proven technological and commercial expertise and development capabilities in the Web3 arena and within Open Finance.
Coinsilium has developed an array of commercial partnerships and joint ventures around the world to support its development capabilities, giving it access to best-in-class tech experts, a strong network, and asserting its profound industry profile. It has also partnered with blockchain technology experts Indorse to create Nifty Labs, a Web3 and Non-Fungible Token ('NFT') technology development studio in Gibraltar.
Coinsilium shares are traded on the AQSE Growth Market in London, under the ticker symbol "COIN", and on the OTCQB Venture Market in the United States under the ticker symbol "CINGF".
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ISIN: VGG225641015 Category Code: MSCM TIDM: COIN Sequence No.: 226449 EQS News ID: 1570895 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
February 28, 2023 08:00 ET (13:00 GMT)
