1st Jul 2022 10:55
(Alliance News) - TechFinancials Inc on Friday said it has closed all its operating activities as it continues to search for additional investment opportunities.
TechFinancials invests in early-stage technology companies.
For 2021, the company swung to a pretax loss of USD305,000, compared to a profit of USD897,000 in 2020.
It posted no revenue in 2021, following the decision to close all its subsidiaries and initiated the strike-off of its entities in Israel, compared to USD1.3 million revenue in 2020.
"The board decided to invest some amounts in listed companies and was able to generate good returns for these investments," explained the company.
It sold its subsidiary Cedex Holdings Ltd in October last year. In 2020, it laid off its last few employees.
Independent Non-Executive Chair Eitan Yanuv said: "The year was a turning point for the group, where we initiated to closure of all our subsidiaries and consolidated all our assets, while seeking new investment opportunities to increase the value of the company."
As at December 2021, its cash position was USD920,000, compared to USD1.4 million a year earlier.
TechFinancials said it would not recommend a final dividend, unchanged from the previous year.
Looking ahead, the company said it would continue to "look for business and investment opportunities to maximixe the company's value, leveraging its available cash."
Shares were last traded at 0.38 pence each.
By Xindi Wei; [email protected]
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