15th Jul 2019 11:49
(Alliance News) - TechFinancials Inc said Monday it has signed a new funding agreement for 75%-owned subsidiary Footies Ltd.
Footies was set up to develop a blockchain ticketing system for sports arenas and teams. Footies said it is trying to "fully digitise the sport match-day experience".
TechFinancials said that due to its subsidiary's "positive progress", it intends to provide a convertible loan of between USD225,000 and USD300,000.
The loan can be converted into Footies shares, triggered by the valuation of Footies. TechFinancials said the conversion will likely result in its interest in Footies increasing.
"TechFinancials' board is pleased with the progress in Footies and has therefore decided to continue to support the Footies venture. We believe that the Footies product, once fully commercialised, will play a pivotal role in shaping the future of the sports ticketing market, making it fully transparent and ensuring a fairer deal is delivered for both the venues and the supporters," said Chief Executive Asaf Lahav.
Lahav added: "We look forward to continuing to update the market through 2019 as we work towards helping to bring Footies' product to market."
Shares in TechFinancials were down 5.7% in London on Monday at 4.01 pence each.
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