REG - Blue Star Capital - Portfolio Update

Blue Star CapitalAnnouncement

16/01/2024 07:00

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RNS Number : 7725Z  Blue Star Capital plc  16 January 2024

16 January 2024

Blue Star Capital plc

 

("Blue Star" or the "Company")

 

 

Portfolio Update

 

 

Blue Star Capital plc (AIM: BLU), the investing company with a focus on
esports and blockchain and its applications within gaming and payments,
provides the following update on its investee companies, Dynasty Gaming &
Media Pte Ltd ("Dynasty") and SatoshiPay Ltd ("SatoshiPay").

 

Dynasty

 

Further to the announcement made on 27 November 2023, Dynasty advises that it
has partnered with the large media conglomerate Vera Media Group and
'soft-launched' its new platform Lightning Dragon, which is now live in the
Philippines. Lightning Dragon has already secured significant partnerships
including PayMaya, one of the region's leading payment providers with over 40
million users in the Philippines, and Razer, one of the world's largest gaming
brands. Lightning Dragon expects to announce several more strategic marketing
partnerships in the coming weeks across sectors including TV, radio, telcos,
retail, esports tournament organisers and gaming content creators.

 

Dynasty further advises it considers The Philippines to be one of the top
three most valuable and fastest growing gaming markets in Southeast Asia and
has a population of around 115 million, with a median age of just 25 years.
Research suggests that over 40 per cent. of the country's population are
regular gamers with around 95 per cent. of internet users between the ages of
16 to 64 having played video games in 2023.

 

Following the initial launch, Lightning Dragon expects to conduct its official
launch within the next two weeks, with a fully stocked shop including special
offers from major games publishers. Under the terms of the partnership, which
runs for an initial term of 24 months, renewable for a further 24 months,
Lightning Dragon will pay Dynasty a monthly licence fee and the net revenue
will be shared equally.

 

SatoshiPay

Further to the announcement on 15 November 2023, in which the Company advised
that SatoshiPay had retained Benchmark International to establish an accurate
valuation for SatoshiPay and seek potential expression of interest for its
acquisition, Benchmark has advised that the initial reaction to the investment
memorandum has been encouraging and the Company Is pleased with progress to
date.

 

The Board anticipates that the recent uptick in attention to crypto currency
in the media, driven by positive market developments such as the approval of
the first Bitcoin spot ETF, should benefit SatoshiPay as a well-established
player in the crypto market. SatoshiPay recently announced its financial
results for the year ended 31 December 2022 which showed turnover of EUR2.93
million and profits after tax of EUR587,000.

The Company also notes the progress made by Pendulum which recently achieved
significant milestones, most notably the launch of the Spacewalk Bridge on
Amplitude, serving as a crucial link between Polkadot and Stellar. This
innovative bridge is intended to facilitate the transfers of multiple
stablecoins, advancing interoperability in the blockchain space. In addition,
the opening of the HRMP channel with Moonbeam Network helps demonstrate
Pendulum's partnerships strategy. This launch helped enable additional
functionalities for the PEN token and stablecoin activities within the
Moonbeam ecosystem and assisted with the listing of PEN on Moonbeam's DEX
Stellaswap.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

 

For further information, please contact:

 

 Blue Star Capital plc           +44 (0) 777 178 2434
 Tony Fabrizi

 Cairn Financial Advisers LLP    +44 (0) 20 7213 0880
 (Nominated Adviser and Broker)
 Jo Turner / Liam Murray

 

About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue Star
has two principal investments: SatoshiPay Limited, an incubator and service
provider to de-fi businesses using blockchain technology; and Dynasty Gaming
& Media Pte. Ltd.

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions shareholders and prospective
shareholder holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this announcement relate
only to events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions or updates
to these forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement except as
required by law or by any appropriate regulatory authority.

 

 

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