DIGITALX LIMITED 7 October 2015
Digital CC Limited (ASX:DCC and 'the Company') confirms it has formally terminated the Mintsy Joint Venture (JV) agreement, as detailed in the Company's 2015 preliminary financial report released on 1 September 2015.
The decision to terminate the agreement follows ongoing concerns held by the Company with respect to the managing JV partner, who was unable to meet its contractual operational and management requirements to the benefit of the JV partners in recent months. Under such circumstances, DCC had no choice other than to terminate its role and relevant interests under the JV agreement to comply with the Company's corporate governance policies. The Company has previously terminated all commercial arrangements with the JV and has secured all equipment previously provided to the JV.
The Company's involvement in the Mintsy JV was limited to initial funding and equipment supply and has had no operational involvement in the day-to-day management of the business.
In preparation of this development by the Board and to be compliant with its own corporate governance guidelines, the Company has recorded the full write down of US$1.1 million in its audited 30 June 2015 financial accounts against the JV and Digital CC confirms there is no further exposure.
Digital CC also confirms it has no further commercial digital currency related dealings with ventures associated with its former joint venture partner in the Mintsy JV, Terraboss Inc.
Digital CC is now fully committed to the commercial rollout of its AirPocket remittance product in Latin America, and following the recent commencement of the public beta testing phase in the Dominican Republic, is looking forward to announcing further significant news to the markets shortly.
Digital CC Limited Zhenya Tsvetnenko Executive Chairman T: +61 8 9389 2000 media@digitalbtc.com Alex Karis Chief Executive Officer T: +1 (617) 544 3150 | Media Media & Capital Partners Asher Moses Director +61 438 008 616 Asher.moses@mcpartners.com.au |
Digital CC Limited operates as an innovative software solutions company, providing investors exposure to the global digital payments systems industry through disruptive fintech solutions in the remittance and value chain sectors.
The Company has developed a suite of new and innovative software for institutions and consumers, leveraging Blockchain technology and the secure ledger system to create new and innovative products for institutions and consumers.
The Company's most recent product, AirPocket, is designed to provide consumers with the ability to securely and cost-effectively send remittances in any currency, from anywhere, anytime, regardless of the transaction size.
Digital CC Limited is based in Perth, Australia and has offices in Massachusetts and New Jersey, U.S.
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