As a result of the definitive agreement, privately held GammaRey brings to GoLogiq (OTC:GOLQ):
- 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 for accretive and/or technology-enabling acquisitions.
NEW YORK, Jan. 03, 2023 (GLOBE NEWSWIRE) — GoLogiq, Inc. (OTC:GOLQ), a US-based global provider of fintech and consumer data analytics, has signed a definitive stock exchange agreement with GammaRey, Inc., a privately held fintech ecosystem for the New World Digital Economy.
Under the now final terms of the proposed agreement announced in December, GammaRey has merged with GoLogiq as a wholly owned subsidiary in a stock transaction. GoLogiq will issue $320 million in common stock at $3.00 per share in exchange for 100% of GammaRey’s outstanding stock. The transaction is expected to be completed within the next few weeks, subject to customary conditions.
The transaction will follow the spin-off of GoLogiq from Logiq, Inc. (OTCQX: LGIQ) that was completed early last year.
The combined company plans to initially focus 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, all contained within a single, easy-to-use mobile application or embedded financial solution.
Millennial and Gen Z financial wealth reportedly increased 25% last year (higher than Gen Xs and Baby Boomers), and their combined assets grew from $2.9 trillion to $3.6 trillion. With this trend as a key driver, Bain & Company recently released a report projecting that the wealth management market will double in size and exceed $500 billion by 2030.
Concurrent with the signing of the definitive agreement, GoLogiq’s chairman, Brent Suen, has been named interim CEO of GoLogiq, succeeding Matthew Brent who has left the company to take a new leadership position with a leading video game publisher. The company has started an executive search process to identify candidates for the CEO position who have strong skills and experience in building global fintech companies.
The company also plans to appoint more board members and board advisors with complementary backgrounds and professional experience, similar to the recent appointment of Candice Beaumont to the board.
“Through this highly synergistic merger, we will have achieved our goal for GoLogiq to become a comprehensive fintech platform for underserved businesses and consumers that generates strong revenue growth and cash flow,” Suen said. “We see great opportunities ahead as we integrate our respective powerful fintech platforms and lay the foundation for continued growth and profitability in the new year.”
“This merger also paves the way to complete a new acquisition target introduced by GammaRey with which we are in the late stages of negotiations,” continued Suen. “We expect that more than $9 billion in assets under management will further strengthen our value proposition to not only potential clients, but also the additional high-value acquisition targets we are pursuing this year. Assuming the completion of certain potential acquisitions, we are currently targeting more than $50 million in annual revenues for 2023.”
Following the merger transaction with GammaRey, GoLogiq will continue to trade under the symbol “GOLQ” on the securities market maintained by OTC Markets until such time as 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.
Although the Company believes that the GammaRey transaction will be completed as agreed, it is subject to certain closing conditions, and therefore no assurances can be given that the transaction will be completed as described. Additional details of the transaction will be made available in a Form 8-K at www.sec.gov as well as in the investor section of GoLogiq’s website.
Added Suen: “On behalf of the board and our management team, I would also like to express our deep appreciation and gratitude to 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 investment.”
About GammaRey
GammaRey is a global financial technology company that builds a financial ecosystem and platform to offer financial solutions to both authorities, businesses 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 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 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 GammaRey or another entity, the structure of such transaction, the timing of such transaction and 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.
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. 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.
GoLogiq connector:
Brent Suen
Interim CEO
GoLogiq, Inc.
Email contact
GoLogiq Investor Relations:
Ron Both
CMA Investor Relations
Tel. (949) 432-7566
Email contact
GoLogiq Media & ESG contact:
Tim Randall
CMA Media Relations
Tel. (949) 432-7572
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