GammaRey brings to GoLogiq:
- $20 million in estimated annual revenue run rate.
- Profitable business with strong cash flow.
- Almost $800 million in financial assets to clients.
- 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 with accretive and/or technology-enabling acquisition targets.
NEW YORK, March 07, 2023 (GLOBE NEWSWIRE) — GoLogiq, Inc. (OTC:GOLQ), a US-based global provider of fintech and consumer data analytics, has completed its previously announced merger with GammaRey, Inc., a privately held fintech ecosystem for the New World Digital Economy.
“The completion of this growth merger represents the realization of our goal for GoLogiq to become a comprehensive fintech platform for the large global population of underserved businesses and consumers, and especially for Generation Z and Millennials,” said GoLogiq’s Interim CEO, Brent Suen. “We see great opportunities ahead as we integrate our respective technologies and customer bases, laying the foundation for strong growth and profitability.”
The combined company plans to focus initially on the high-growth wealth management market 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 programs.
The company sees this as a uniquely strong growth market opportunity, with the collective wealth of Millennials and Gen Zs reportedly jumping 25% last year – much higher than that of Gen Xs and Baby Boomers – and their combined assets growing from $2.9 trillion to 3 .6 trillion dollars. Bain & Company estimates that the wealth management market will double in size and exceed $500 billion by 2030.
“Given this enormous prospect for wealth management, we believe that now as part of GoLogiq we can address this opportunity on a much larger scale,” said Timothy Alford, former GammaRey CEO and now president of the new GammaRey subsidiary. “As a listed company, we now have better access to the capital markets. We believe this offers our collective shareholders a number of advantages. In addition to greater liquidity and greater visibility of our brand, we see this merger with GoLogiq unlocking the value we have created with our fintech platform.”
Added Suen: “We can now move forward with completing our recently announced acquisition of Nest Egg, which is one of several companies introduced to us by GammaRey. We expect NestEgg’s mobile savings and investment app to further strengthen our value proposition to not only potential customers, but also the extra high-value, complementary acquisition targets we are now pursuing.”
GoLogiq recently reported that it has begun the process of applying for listing on a senior US stock exchange. The listing will be subject to approval based on several factors, including satisfaction of minimum listing requirements. The company believes it meets the quantitative requirements, including net equity and market value.
GoLogiq also believes that they currently satisfy the reporting and governance requirements for the IPO. It fully reports to the US Securities and Exchange Commission and it recently appointed two highly experienced independent directors establishing a majority of independent directors on the board.
The company plans to reveal additional details about GammaRey’s financials with its 2022 audited results to be filed with the SEC later this month. Additional details of the merger transaction are available in a Form 8-K filed at www.sec.gov and are also available on the investor section of GoLogiq’s website.
About GoLogiq
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics. 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.
About GammaRey
A wholly owned subsidiary of GoLogiq, GammaRey is a global financial technology company that builds a financial ecosystem and platform to provide financial solutions to businesses, governments and consumers. It is revolutionizing the speed and fee structure of remittance technologies worldwide through blockchain technologies and evolving into a full-stack ecosystem for the digital economy. This 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.
Important warnings Read forward-looking statements
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 Nasdaq, NYSE or other senior stock exchange, our ability to find and complete any contemplated strategic transactions, our ability to complete a merger or acquisition with Nest Egg Investments, or other entity, any approval of the merger or acquisition with Nest Egg Invest ments or other entity of the Financial Industry Regulatory Authority (FINRA), any regulatory approval required by Nest Egg Investments subsidiary BeyondTrade Securities, Inc.’s pending name change to Nest Egg Securities, Inc., the structure of such transaction, the timing of such transaction , and the valuation of the businesses after 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. The Nest Egg Investment transaction discussed herein is subject to mutual deliveries and other closing conditions, and this transaction has not closed as of the date of this press release.
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.
GoLogiq connector:
Brent Suen
Interim CEO
GoLogiq, Inc.
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Ron Both
CMA Investor Relations
Tel. (949) 432-7566
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CMA Media Relations
Tel. (949) 432-7572
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