FDCTech, Inc. ("FDC" or the "Company," OTCQB: FDCT), a fintech company with a full suite of FX technology and business solutions, today announced the following results for the quarter ended March 31, 2021, as compared to the corresponding period of last fiscal year:
Update on Acquisition of Genesis Financial, Inc.
On February 3, 2021, FDCTech, Inc (the "Company") executed a Non-Binding Term Sheet (the "Agreement") to acquire all of the issued and outstanding shares of Genesis Financial, Inc., a Wyoming corporation ("Genesis"), in exchange for $35,000,000 worth of the Company's common stock. As per the Agreement, the total number of the Company's shares to be issued to Genesis will be priced at a 10% premium to the closing price on the day before announcing the Company's intent to acquire Genesis, which was on February 09, 2021. The Company's closing price on the date was $0.73; thus, the Company expects the acquisition price for the purchase to be at $0.80, resulting in the issuance of 43,750,000 shares of the Company to Genesis. In any case, the maximum number of Company shares to be exchanged will not exceed 70,000,000 shares. Upon the closing, Genesis shall have the right to appoint two board members to the Company's Board of Directors. The closing is subject to standard conditions including, completion of due diligence by both parties and the negotiation and execution of mutually acceptable definitive documents. The Agreement merely represents the present understanding for the intended acquisition transaction and is not binding upon the parties. At present, the Company has received the audited financial statements from Genesis for the fiscal year ended December 31, 2020, and 2019. The Company is reviewing the Definitive Agreement and expects to close the transaction before the end of the second quarter on June 30, 2021.
FDCTech, Inc. ("FDC") formerly known as Forex Development Corporation is a US-based, fully integrated financial technology company. FDC delivers trading technology solutions to forex market participants looking to access the retail and institutional spot forex markets.
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