Completion of Sale of Avila House Ltd.
27/04/2023 07:00
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RNS Number : 6082X Cornerstone FS PLC 27 April 2023
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publication of this Announcement, this information is now considered to be in
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27 April 2023
Cornerstone FS Plc
("Cornerstone" or "the Company" or "the Group")
Completion of Sale of Avila House Ltd.
Further to the Company's announcement of 23 December 2022, Cornerstone FS Plc
(AIM: CSFS), a foreign exchange and payments company offering multi-currency
accounts to businesses and individuals, is pleased to announce the completion
of the sale of Avila House Ltd. ("Avila") to Aspire Commerce Ltd. ("Aspire")
following the receipt of regulatory approval from the Financial Conduct
Authority. In accordance with the terms of the share purchase agreement, the
Company has now received £300,000 in cash in consideration for Avila.
Additionally, the Company confirms that it commenced, in January 2023,
generating revenue under its 12-month software licencing agreement with
Aspire, as described in the Company's announcement of 23 December 2022.
James Hickman, CEO of Cornerstone, said: "We are pleased to have completed
this sale and to realise value from the disposal of a subsidiary that could no
longer contribute to our business. This deal is particularly strong as we are
also generating revenue from licencing our platform to the buyer. The proceeds
will be used to bolster our existing cash resources as we continue to drive
our business forward."
Enquiries
Cornerstone FS Plc +44 (0)203 971 4865
James Hickman, Chief Executive Officer
Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad) +44 (0)203 368 3550
Mark Brady, Adam Dawes
SP Angel Corporate Finance LLP (Broker) +44 (0)203 470 0470
Jeff Keating, Harry Davies-Ball
Gracechurch Group (Financial PR) +44 (0)204 582 3500
Harry Chathli, Claire Norbury
About Cornerstone FS Plc
Cornerstone FS Plc (AIM: CSFS) is a foreign exchange and payments company
offering multi-currency accounts to businesses and individuals. Headquartered
in the City of London, Cornerstone combines a proprietary technology platform
with a high level of personalised service to support clients with payments in
over 35 currencies in more than 100 countries. With a track record of over 12
years, Cornerstone has the expertise, experience and expanding global partner
network to be able to execute complex cross-border payments. It is fully
regulated by the Financial Conduct Authority as an Electronic Money
Institution. www.cornerstonefs.com (http://www.cornerstonefs.com)
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