REG - GSTechnologies Ltd - Corporate Update

GSTechnologiesAnnouncement

22/04/2024 07:00

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RNS Number : 4137L  GSTechnologies Ltd  22 April 2024

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 which forms part of UK law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").

22 April 2024

 

GSTechnologies Limited

("GST" or the "Company" or the "Group")

Corporate Update

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to provide
an update as the Group continues to focus on developing a borderless
neobanking platform providing next-generation digital money solutions, both
organically and through complementary acquisitions.  This is being undertaken
under the Company's GS Money banner primarily through the Group's GS20
Exchange and Angra Global businesses.

GS20 Exchange

The GS20 Exchange continues to gain market traction, with a continuing
increase in signed-up users and it is trading profitably, in line with the GST
Board's expectations.

The GS20 Exchange recently entered into an agreement with Liminal, a leading
blockchain wallet infrastructure company, to enhance the exchange's digital
assets custody capabilities and to enable the exchange to securely scale its
digital asset operations through HSM (hardware security module) and MPC
(multi-party computation) backed architecture.  This has enabled the
successful launch of the GS20 Exchange vaults, facilitating self-custody for
various blockchains including Bitcoin, Ethereum, Tron, and others.  Ensuring
digital asset security is a priority and the GS20 Exchange vaults are CCSS
Level 3 certified, the highest standard in Cryptocurrency Security Standards
(CCSS).

Angra Global

Angra Global was established in August 2023 following the combination of Angra
Limited in the UK and PAYPT Finance Limited in Canada.  The two businesses
are now fully integrated, with the team being led by GST directors Lord
Christopher Wellesley and Galvin Bai.

Angra's multi-currency e-wallet service, initially covering Sterling, Euro, US
Dollar, Canadian Dollar, Chinese Yuan Renminbi and US Dollar Tether Token
transactions continues to grow following its launch on 1 September 2023.
This service enables Angra customers to securely store their funds within
Angra Global business accounts and facilitate seamless foreign exchange
conversions and fund transfers through Angra's established and reliable
banking partnerships, akin to a conventional business bank account.
Additionally, Angra Global is able to issue Sterling local accounts and Euro
SEPA IBAN accounts to its clients, thereby providing a comprehensive one-stop
business banking solution.

Angra Global will continue to develop these services and the Group is focused
on accelerating Angra's revenue while simultaneously bolstering the Angra team
to expand its B2B Neobank operations beyond the UK, serving companies of all
sizes worldwide.

Semnet

Following the completion of the acquisition of 66.67% of the share capital of
Semnet Pte Ltd ("Semnet"), a cybersecurity company based in Singapore, as
announced by the Company on 29 February 2024, Semnet has been successfully
integrated into the Group's operations.  In addition to providing
significantly enhanced cybersecurity support to the Group's operations, Semnet
has been successful in winning additional third-party business, including a
US$36 million revenue contract with Ypsilon Technology Pte. Ltd.  Semnet is
trading ahead of the GST Board's expectations and the business is achieving
significant profitable growth.

Zheng Kang Wen Mervyn, an existing Director of Semnet, has been appointed as
Sales and Marketing Director of Semnet and will support the Group in expanding
Semnet's cybersecurity business.  He is being supported by a senior
leadership team including GST director Galvin Bai and Lam Pek San.

Corporate Developments

The Company continues to progress the acquisition of 60% of the share capital
of EasySend Ltd ("EasySend"), a Northern Ireland incorporated company
operating a cross-border payments business, as announced on 29 November
2023.  Completion of the acquisition of EasySend remains conditional, inter
alia, on the entering into of definitive sale and purchase documentation and
also on GST obtaining approval from the FCA for the change of control of
EasySend, a regulated entity.  The Company expects to complete the
acquisition in Q2/Q3 2024 and further announcements will be made regarding the
acquisition in due course.

In addition, the Company is exploring further value enhancing acquisition
opportunities that can assist with accelerating the development of the Group
as it focuses on developing a borderless neobanking platform providing
next-generation digital money solutions.  Further announcements will be made
in due course, as appropriate.

The Company expects to release its results for the year ended 31 March 2024 in
July 2024.

Tone Goh, Chairman of GST, commented: "GST has continued to make significant
progress in the second half of the financial year as we focus on developing
and rolling out our borderless neobanking platform providing next-generation
digital money solutions.  Both the GS20 Exchange and Angra Global are
performing well and we are delighted with the performance of the recently
acquired Semnet business.  We continue to explore further value enhancing
acquisition opportunities that can assist with accelerating the development of
the Group and I look forward to providing further updates in due course."

Enquiries:

The Company
 Tone Goh, Executive Chairman                            +65 6444 2988
 Financial Adviser
 VSA Capital Limited                                     +44 (0)20 3005 5000
 Simon Barton / Thomas Jackson
 Broker
 CMC Markets                                             +44 (0)20 3003 8632
 Douglas Crippen
 Financial PR & Investor Relations
 IFC Advisory Limited                                    +44 20 (0) 3934 6630

 Tim Metcalfe / Graham Herring / Florence Chandler

For more information please see: https://gstechnologies.co.uk/
 (https://gstechnologies.co.uk/)

For more information please see: https://gstechnologies.co.uk/
(https://gstechnologies.co.uk/)

 

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