STRATEVIC FINANCE GROUP AB
DGAP-News: Stockholm IT Ventures AB / Key word(s): Contract/Investment STOCKHOLM, SWEDEN (24 October 2018) - Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB - ISIN SE 0006027546), today announced it has acquired SAS Bank (www.sasrbank.com) for a shares and cash consideration. The bank, based in the Philippines, is seen to be a critical part of Stockholm IT Ventures plans for a digital bank. "We are thrilled to do this deal as we believe it was a missing piece of the puzzle to round out our future plans" said Anthony Norman, CEO of Stockholm IT Ventures AB. "The acquisition really gives us a core component of our vision of becoming a digital bank, amongst other things...and beyond that, it provides our company with consolidated profit and revenue from day one, which is important to the management, the board and shareholders alike. The Philippines has a tradition of supporting micro loans, which goes well with our ambition to create payment systems that empower people everywhere." Through the terms of the deal, SAS Bank will transition the ownership of all operations over the course of 30 days as Stockholm IT Ventures is concluding its due diligence and it will immediately consolidate its revenue and profit into Stockholm IT Ventures. The bank was established just over 50 years ago and provides Stockholm IT Ventures with a solid compliance and banking back-office, in addition to its standalone operations which will be key to the continuous development of the Company's strategy. SAS Bank also has a strong foothold in the rural market and is expanding in providing banking services to the unbanked. This is an area which Stockholm IT Ventures is focusing on as there are an estimated 1.7 billion adults worldwide that are unbanked but are looking for these services. The merging of digital assets with traditional banking is a trend that will continue to grow as digital assets of all sorts are becoming mainstream. Stockholm IT Ventures AB has extensive plans to take traditional banking services and bring blockchain technologies to the unbanked resulting in lower administrative costs and more transparency, liquidity and availability for the world to participate. Stockholm IT Ventures is paying EUR 18 million for 94,5% of the shares in the bank. The consideration is paid with 126 million shares in Stockholm IT Ventures AB (calculated share price EUR 0.07143 per share) equaling EUR 9 million. A further EUR 4.5 million is paid by transferring EUR 4.5 million par value of Netoil Inc. issued bonds which Stockholm IT Ventures holds. The remaining 4.5 million is paid with a 1 year, 8% annual interest rate promissory note, or converted into shares in Stockholm IT Ventures AB at the seller's discretion. The 94.5% of the shares in the bank are acquired in two steps, initially with the assistance of Netoil, followed by a 100 M USD cash injection that will bring the ownership up further, subject to the approval of the Philippines Central Bank. About Stockholm IT Ventures AB Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The Company specialises in clean and efficient low-cost energy cryptocurrency mining, production and related FinTech and Blockchain technologies. For more information visit www.stockholmit.co. You can also find the Company on Facebook, Twitter and LinkedIn. Details on the Company's Bytemine (BYTM) token and White Paper can be found at www.bytemine.io. Media Contact: Stockholm IT Ventures AB, Antony Norman media@stockholmit.co
24.10.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Stockholm IT Ventures AB |
| Nybrokajen 7 | |
| 111 48 Stockholm | |
| Sweden | |
| Phone: | +46 10 138 86 44 |
| Fax: | +46 85 010 9480 |
| E-mail: | info@stockholmit.co |
| Internet: | www.stockholmit.co |
| ISIN: | SE0006027546 |
| WKN: | A116BG |
| Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |
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