Irvine, CA: December 23, 2021, FDCTech, Inc. ("FDC" or the "Company," OTCQB: FDCT), a fintech company with a full suite of digital financial services solutions, today announced that it had entered into a sales purchase agreement ("Agreement") under which the Company will acquire 51% equity interest in AD Advisory Services Pty Ltd.* ("ADSL") in a stock-for-stock transaction.
Under the terms of the Agreement, ADS will receive 45,000,000 shares of the Company common stock, representing an equity value of approximately $3.15 million based on a $0.07 per share price. Accordingly, the Company will receive 62,450,000 ADS shares representing 51.0% of the current outstanding equity interest and voting power of the ADS common stock.
ADS has furnished the Company its audited balance sheet for the fiscal year ended on June 30, 2021, and 2020 (the "Balance Sheet Date"). ADS provided the related audited statements of operations, stockholders' equity and cash flows for the fiscal years ended June 30, 2021, and 2020. ADS does not have any liabilities other than (i) liabilities reflected on the financial statements and (ii) liabilities incurred in the ordinary course of business since the balance sheet date.
The boards of directors of the parties envoved have approved the transaction as well as the shareholder of ADS.
The acquisition highlights include:
"We have built our business around our clients by transforming their financial well-being through our highly educated and compliant focused financial advisors. As we merge with FDCTech, we will forge a digital wealth management company to reduce the cost to serve clients while providing comprehensive financial planning advice," Jonathan Thomas, CEO, AD Advisory Services Pty Ltd*.
"We are pleased to achieve this major milestone for the Company and our shareholders," said Mitchell M. Eaglstein, Co-Founder and CEO, FDCTech. He further added, "The successful new direction will create new opportunities for the Company through cutting-edge digital financial tools that we will implement through our software development capabilities and ADS' deep knowledge of the Australian wealth management industry."
For additional information, visit our SEC filings or Company's website for more information on the full results and management's plan.
FDCTech, formerly known as Forex Development Corporation, is a fully integrated financial technology company. FDC delivers trading platform, back-office, liquidity, dealing desk, and prime brokerage solutions to forex market participants seeking access to retail and institutional spot forex markets.
AD Advisory Services Pty Ltd.
AD Advisory Services Pty Ltd. – AFSL No. 237058, an independent specialist dealer group, provides licensing solutions for select education and compliance-focused financial advisors & accountants. ADS has a dedicated management team are qualified financial planners that service metro and regional practices around Australia.
AD Financial Services Pty Ltd.
*AD Financial Services Pty Ltd. – ACN 628 331, owns one hundred percent equity interest in AD Advisory Services Pty Ltd.
Press Release Disclaimer
Some press release statements may be forward-looking statements or future expectations based on currently available information. Such views or statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and statements in this press release or any related damages.
Send a comment