Business Update
09/06/2023 15:43
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RNS Number : 2953C Tintra PLC 09 June 2023
9 June 2023
TINTRA PLC
("TNT", the "Group" or the "Company")
Business Update
The board of directors (the "Board") of Tintra (https://tintra.com/) , the
rapidly innovating Deep Tech & Banking business, is pleased to provide the
following update on its business.
Further to the announcement of 8 May 2023, regarding the establishment of a
new banking hub in African, Tintra has progressed various conversations in
that country and last week with the Rwanda Development Board. As a result the
Company is now in the final stages of preparing a Regulated Business Plan for
submission to the National Bank of Rwanda which it currently expects to be
submitting before the end of July 2023. To progress this ongoing work further
a Tintra team will be in Rwanda on the week of the 19 June 2023 in order to
meet with local stakeholders.
Further, the Company has formed a Rwandan entity to facilitate the application
and is in the final stages of a reaching a commercial agreement with an
established local partner to enter into a Joint Venture that will accelerate
the roll out into that region.
The matter referenced on 5 May 2023 between Fintech Leaders Fund LLC and the
Company is ongoing, with initial court proceedings expected during July and
with a latest date set by the Court for Final Hearing of 15 December 2023. The
Company is engaged in settlement negotiations and is hopeful of reaching
agreement much sooner than that date, however this cannot be guaranteed.
Further to the Company's announcement on 25 January 2023 regarding the
development of a Central Asia hub in Azerbaijan, the Company has been
progressing this strategy and accordingly is sending a team to Baku,
Azerbaijan, on 13 and 14 June 2023 where team members will be speaking to
fintech and business leaders about Tintra's penetration into that market and
beyond into Central Asia. The conversation with local regulators is ongoing
and an update will be made prior to the submission of a licensing application.
Further to the Company's announcement of 10 March 2023 regarding an investment
by a Middle Eastern investor, which was due to close within 45 days, the
Company updates that the parties remain in close contact progressing the
investment and have mutually agreed an extension until the 10 July 2023 and
will make further announcements in due course.
Further to the Company's announcement of 13 March 2023 about the award of its
patent number 11615399 by the United States Patent Office, the Company is
pleased to announce that it yesterday applied to expand geographical coverage
into areas and regions where it plans future business.
This establishment of IP protection globally is driven by the Company's
mission of building Web3 technologies in highly regulated environments,
especially in light of recent developments, as seen in the press, in this
regard in the United States.
This two-pronged approach, firstly via the International Patent Systems Patent
Co-operation System which covers more than 150 countries global, alongside
additional direct applications in countries and regions of specific commercial
interest, which includes Puerto Rico, Singapore, Japan, Korea and Mexico is
supported by a regional Gulf Cooperation Council application covering the
Tintra base in the Middle East.
For further information, contact:
Tintra PLC 020 3795 0421
(Communications Head)
Hannah Haffield
h.haffield@tintra.com
Website www.tintra.com
Allenby Capital Limited 020 3328 5656
(Nomad, Financial Adviser & Broker)
John Depasquale / Nick Harriss / Vivek Bhardwaj
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