FinGroup AG: Successful entry into the blockchain and cryptocurrencies business – forecast reviewed upwards
FinGroup AG (ISIN DE000A2DAMG0), a Munich-based Fintech company, is pleased to announce its successful entry into the blockchain and cryptographic currencies business. In January 2018, clients were acquired for the support of two Initial Coin Offerings (ICO) from a Cypriot corporate group. Following the successful placement of the tokens to be generated, up to ten additional ICOs (Initial Coin Offerings) are to be implemented in the current calendar year, based on a declaration of intent between Capital Lounge GmbH, a wholly-owned subsidiary of FinGroup AG, and a Greek incubator for the formation of a joint venture in the form of a corporation with its registered office in Germany, each of which will be 50 percent owned.
In addition to this pleasing development, the current financial year has also started well above expectations in traditional IPO business. In January 2018, two mandates were also won for IPOs. Capital Lounge GmbH was founded with the implementation of the IPO of World Excellent Products S. A. (www.wep-sa.com), a Thessaloniki-based distributor of high quality olive oil and balsamic vinegar, in the EN. A. segment of the Athens Stock Exchange. In addition, a further mandate from a Swiss blockchain and cryptocurrencies company for the introduction of shares into trading on the Third Market of the Vienna Stock Exchange was secured.
All in all, the incoming orders for the month of January amount to more than EUR 300,000. And this is why the Executive Board of FinGroup AG can significantly review the sales and earnings forecast published in the information memorandum of November 18, 2017 upwards. A detailed sales and earnings forecast will be announced at the Annual General Meeting, which is expected to be held in May 2018.
As a further milestone in the Group's strategic direction, FinGroup AG was able to increase its stake in friends & equity GmbH from 60 percent to 90 percent. In the current year, investments in the low seven-digit range are to be contributed to the investment company. After the contributions have been absorbed, the legal form of the company is to be changed from a limited liability company (GmbH) to a public limited company (AG). In this context, the implementation of a private placement against cash contributions and the inclusion of trading in a regulated segment in Europe is planned.
About FinGroup AG
FinGroup AG is a management holding company that acquires and manages investments in companies offering all services in the area of going public and being public. The Group's goal is to become the market leader in the area of IPOs of micro and small caps at European level and to be able to access as many stock exchanges as possible at the same time. In addition, its business activities focus on advising issuers on IPOs (Initial Public Offerings), ICOs (Initial Coin Offers) and raising capital. Complementary activities include investor and public relations as well as press work.
Contact for enquiries:
FinGroup AG Emil-Riedel-Str. 21
Additional material for the notification:
Document title: Successful entry into the blockchain and cryptocurrencies business – forecast reviewed upwards
The original source-language text of this announcement is the official, authoritative version. Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.
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