DJ Coinsilium Group Limited: IOV Labs Asia Update
Coinsilium Group Limited (COIN)
Coinsilium Group Limited: IOV Labs Asia Update
18-Aug-2023 / 14:15 GMT/BST
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COINSILIUM GROUP LIMITED
("Coinsilium" or the "Company")
Coinsilium Group Limited: IOV Labs Asia Update
London, UK, 18 August 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").
Background
On 26 October 2022, Coinsilium announced that IOV Labs had advised the Company that it has been re-structuring its
goals, targets and strategy and proposed that Coinsilium considers terms under which the Company would be prepared for
the current JVC to be replaced with an alternative business model.
The Company advised IOV Labs at that time that it would be willing to review the objectives of the JVC and proposed
certain alternative business models, whilst affirming its position that a prerequisite to progressing any alternative
business model would be the satisfactory resolution of the existing JVA arrangements.
On 28 February 2023, the Company provided a further update stating that the parties have appointed respective legal
representatives to work with them in good faith towards reaching an amicable resolution. Through the Company's legal
representatives, it submitted its formal proposal for resolution of the JVC to IOV Labs on 1 December 2022 and received
a substantive written response from IOV Labs on 28 February 2023 with their proposal for the resolution of the JVC. On
18 April, the Company sent its counterproposal to IOV Labs, but parties could not reach an agreement.
Status Update
Both parties agreed to proceed to a mediation process under the auspices of the Singapore Mediation Centre ('SMC'),
Singapore's leading provider of alternative dispute resolution services. The mediation was conducted on Thursday 17
August 2023. However, despite Coinsilium's best efforts, unfortunately no mutually acceptable resolution was reached.
With the mediation process having now run its course, the Company is considering its options in consultation with its
Singapore legal advisors.
The operations of the JVC have been funded to date by IOV Labs through a loan agreement between IOV Labs and the JVC.
Coinsilium is not a party to the loan agreement.
In view of the fact that the mediation process has now run its course, both IOV Labs and Coinsilium have agreed in
principle to wind up the JVC. In the event of the winding up of the JVC, Coinsilium CEO Eddy Travia will not have
further involvement with the JVC.
The Company will update the market on further developments in a timely manner.
Directors Statement
In such circumstances, it is always the board's prime duty to look to protect the interests of the Company as well as
the interests of its minority shareholders and it was for this reason that we agreed to enter into this mediation
process in good faith. Whilst the outcome of the mediation process is somewhat disappointing, the conclusion of the
process and the agreement in principle with IOV Labs to wind up of the JVC means that the Company can now draw a line
under the JVC and firmly focus on its core business activities, value generative investment operations and its
fast-growing advisory services capability.
Disclosure
IOV Labs currently holds 25,934,000 shares in Coinsilium representing 13.28% of the Company's outstanding ordinary
shares.
Coinsilium Chairman Malcolm Palle and non-executive director Wayne Almeida were previously non-executive directors of
IOV Labs up to 11 July 2023, whereupon both Mr Palle and Mr Almeida submitted their resignations to the board of IOV
Labs, which were duly accepted.
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.: 265732 EQS News ID: 1707137 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
August 18, 2023 09:15 ET (13:15 GMT)
