As the result of the definitive agreement, privately-held GammaRey brings to
- Profitable business with strong cash flow.
- Nearly
$800 million in customer financial assets. - Full-stack fintech ecosystem designed for the New World Digital Economy, including a commodity-backed digital currency, digital wallet, and proprietary transaction platform for securities, goods and services.
- Pipeline of accretive and/or technology-enabling acquisitions.
Under the now definitive terms of the proposed agreement announced in December, GammaRey has merged with
The transaction will follow the spin-off of
The combined company plans to initially focus on the high-growth market of wealth management for Generation Z and Millennials. This new generation of wealth-builders represents the sharing economy that will be powered by digital banking solutions, such as virtual payments, lending and loyalty, all which can reside in a single, easy to use mobile application or embedded finance solution.
Millennial and Gen Z financial wealth reportedly jumped 25% last year (higher than for Gen Xs and Baby Boomers), and their aggregate assets grew from
Coinciding with the signing of the definitive agreement,
The company also plans to appoint additional board directors and board advisors with complementary backgrounds and professional experience, similar to the recent appointment of
“Through this highly synergistic merger, we will have achieved our goal for
“This merger also paves the way to complete a new acquisition target introduced by GammaRey with whom we are in late stages of negotiation,” continued Suen. “We anticipate that its more than
Following the merger transaction with GammaRey,
While the company believes that the GammaRey transaction will be completed as agreed, it is dependent on certain closing terms, and so no assurances can be provided that the transaction will be completed as described. Additional details about the transaction will be made available in a Form 8-K on www.sec.gov as well in the investor section of GoLogiq’s website.
Added Suen: “On behalf of our board of directors and executive team, I would also like to extend our deep gratitude and appreciation for Matt who has been instrumental in leading the company to this pivotal stage in its growth and development. We wish him the very best in his new endeavor.”
About GammaRey
GammaRey is a global financial technology company that is building a financial ecosystem and platform to provide financial solutions to both government, business and consumers. It is revolutionizing the speed and fee structure of remittance technologies worldwide through blockchain technologies, evolving into a full-stack ecosystem for the digital economy. This includes a digital wallet, borderless payments, and a proprietary platform providing functionality through the buying of goods and services. To learn more, go to www.gammarey.com.
About
GoLogiq Safe Harbor Statement
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond GoLogiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to apply to and meet the listing standards and approvals for Nasdaq, NYSE, or other senior exchange, our ability to successfully locate and consummate any contemplated strategic transactions, our ability to successfully complete a merger or acquisition with GammaRey or other entity, the structure of any such transaction, timing of such transaction, and the valuation of the businesses after completion of any such transaction, if any, and other risks described in the Company’s prior press releases and in its filings with the
GammaRey Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of the Company, members of its management, and assumptions on which such statements are based. We caution prospective investors that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements.
GoLogiq Contact:
Interim CEO
Email Contact
GoLogiq Investor Relations:
CMA Investor Relations
Tel (949) 432-7566
Email contact
GoLogiq Media & ESG Contact:
CMA Media Relations
Tel (949) 432-7572
Email contact
![](https://ml.globenewswire.com/media/MjJkMTYxOTctOWI3ZC00YmU3LThkY2YtYWJlNzAwOTAxOGY5LTEyNTg1MTM=/tiny/GoLogiq.png)
2023 GlobeNewswire, Inc., source