TechX Technologies Inc. (“TechX” or the “Company”) (CSE: TECX) (OTC: TECXF) (FRA: C0B1), a technology driven company making traditional finance accessible through compliant digital payment infrastructure and digital asset management technologies, is pleased to announce that, further to the Company’s news release dated May 26, 2021, TechX has completed the acquisition of Mobilum OÜ (“Mobilum”).
TechX also announced that the Board of Directors has approved a name change of the Company from “TechX Technologies Inc.” to “Mobilum Technologies Inc.” and the ticker symbol in which it trades on the Canadian Securities Exchange (“CSE”) to “MBLM“. The Company will issue a further news release announcing the effective date in which the Company will commence trading under the new name, symbol and CUSIP number. The name change remains subject to CSE approval.
Mobilum, a financial technology start-up that provides the fiat infrastructure to the cryptocurrency industry, is a licensed plug-and-play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers, and cryptocurrency businesses. Mobilum’s simple-to-use on-ramp and off-ramp solution makes integration easy for businesses whose users buy and sell cryptocurrencies with credit and debit cards. Mobilum guarantees zero chargebacks, the highest acceptance rates, and the lowest transaction fees in the industry (at 2.99%).
“We couldn’t be happier about acquiring Mobilum’s on-ramp, off-ramp and digital wallet technology,” said TechX CEO Peter Green. “With the infusion of funds from our last financing round, we expect to quickly grow from the $150,000 in daily processing volumes we are currently doing by expanding the on-ramp offering to other cryptocurrency exchanges and businesses. We’re also excited to be launching the gift and payment card off-ramp and digital wallet solution towards the end of Q3. It’s becoming clear that decentralized finance is gaining global acceptance and we are excited to be part of this multi-billion dollar game-changing industry.”
The Transaction
TechX has acquired a 100% ownership in Mobilum in consideration of 26,666,667 common shares in the capital of the Company (the “Shares”) at a deemed value of $0.60 per Share for a total aggregate consideration of C$16,000,000. The Shares are subject to a hold period of four months and one day from issuance.
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