Privately held GammaRey plans to bring to GoLogiq (OTC:GOLQ):
- Profitable business with strong cash flow.
- Almost $800 million in financial assets to clients.
- Full-stack ecosystem for the New World Digital Economy: commodity-backed digital currency, digital wallet and proprietary transaction platform for securities, goods and services.
NEW YORK, Dec. 15, 2022 (GLOBE NEWSWIRE) — GoLogiq, Inc. (OTC:GOLQ), a US-based global provider of fintech and consumer data analytics, has signed a mutual non-binding letter of intent to acquire GammaRey , Inc., a privately held fintech ecosystem for the New World Digital Economy.
Under the terms of the proposed agreement, GoLogiq will acquire GammaRey as a wholly owned subsidiary in a stock transaction. GoLogiq will issue common stock to GammaRey shareholders valued at $320 million based on the price of $3.00 per share.
The parties expect the acquisition to be completed before the end of this year (2022). The transaction will follow GoLogiq’s spin-off of assets from Logiq, Inc. (OTCQX: LGIQ) that was completed earlier this year.
The combined company would initially focus on the high-growth wealth management market for Generation Z and Millennials, followed by the launch of a new digital payment platform designed for the sharing economy.
Millennial and Gen Z financial wealth reportedly increased 25% last year (higher than Gen Xs and Baby Boomers), and they saw their combined assets grow from $2.9 trillion to $3.6 trillion. With this trend as a key driver, Bain & Company recently released a report that expects the wealth management market to double in size and exceed $500 billion by 2030.
“Given the tremendous opportunities for growth in wealth management, the time has come to address the market at a larger scale through this highly synergistic merger,” said GammaRey CEO, Timothy Alford. “As a publicly traded company with more advantageous access to the capital markets, it provides our GammaRey shareholders, as well as GoLogiqs, with a number of benefits. This includes greater liquidity, higher brand visibility and recognition of the tremendous value we have created with our proprietary fintech platform.”
GoLogiq’s CEO, Matthew Brent, commented: “Combining forces with GammaRey along with its skilled and talented leadership team represents a significant step towards realizing GoLogiq’s vision for a comprehensive fintech platform for underserved businesses and consumers when it went public last year . We see tremendous opportunities as we look to integrate our respective powerful fintech platforms, and facilitate strong growth and profitability in the new year.”
Following the transaction, GoLogiq will continue to trade under the symbol “GOLQ” on the securities market maintained by OTC Markets until FINRA approves a planned name change and new symbol. GoLogiq also plans to apply for a listing on a stock exchange, such as Nasdaq or NYSE. Such an application will be subject to approval based on several factors, including satisfaction of minimum listing requirements. GoLogiq intends to satisfy applicable listing requirements; However, no guarantee can be given that the application will be approved.
Although the Company believes that the transaction will be completed as expected, definitive agreements have not yet been signed and no assurances can be given that such agreements will be signed or the transaction will be completed as described.
Additional details of the proposed transaction will be available in a Form 8-K filed with the US Securities and Exchange Commission at www.sec.gov as well as on the investor section of GoLogiq’s website, upon entering into definitive agreements and upon completion of the transaction.
About GammaRey
GammaRey is a global financial technology company that builds a financial ecosystem and a platform to offer financial solutions to both authorities, businesses and consumers. We are revolutionizing the speed and fee structure of remittance technologies worldwide through blockchain technologies, evolving into a full-stack ecosystem for the digital economy. Which includes a digital wallet, borderless payments and a proprietary platform that provides functionality through the purchase of goods and services. To learn more, go to www.gammarey.com.
About GoLogiq
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics with a focus on Southeast Asia. The software platforms consist of CreateApp, a mobile app development and publishing platform for small and medium-sized businesses; AtozGo™, a ‘hyperlocal’ app-based delivery platform; AtozPay™, an e-wallet for mobile top-up, e-commerce purchases, bill payments and microfinance; and Radix™, a Big Data analytics platform. Visit the company at gologiq.com or follow on twitter: $GOLQ and @gologiq.
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 US securities laws that relate to GoLogiq’s current expectations and views on future events. Any statement that expresses, or involves discussion of, expectations, beliefs, plans, goals, assumptions, or future events or performance (often, but not always, through the use of words or expressions such as “will likely result,” “expected to,” ” expects”, “will continue”, “anticipated”, “anticipates”, “believes”, “estimates”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlooks”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties that may cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct, and such forward-looking statements included in this press release should not be unduly relied upon.
These statements apply 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 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 revenues 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, general market growth, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to apply for and meet the listing standards and approvals for the Nasdaq, NYSE or other senior exchange, our ability to find and complete any contemplated strategic transactions, our ability to complete a merger or acquisition with GammaRey or another entity, the structure of such transaction, the timing of such transaction and the value the performance of the businesses following the completion of such transaction, if any, and other risks described in the company’s previous press releases and in its filings with the Securities and Exchange Commission (SEC), including its annual report on Form 10-K and any subsequent public filings.
GoLogiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for GoLogiq to predict all, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause the results to differ materially from those contained in any forward-looking statement. Any forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement.
GammaRay Safe Harbor Statement
This press release contains statements that 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. These statements include statements about the intention, belief, or current expectations of the Company, members of its management, and assumptions on which such statements are based. We caution potential investors that 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 in such forward-looking statements.
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