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Techx Technologies Inc
Symbol TECX
Shares Issued 124,310,591
Close 2021-07-15 C$ 0.39
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Techx Technologies closes $16M Mobilum acquisition

2021-07-15 12:54 ET - News Release

Mr. Peter Green reports

TECHX CLOSES ACQUISITION OF LEADING CRYPTOCURRENCY PAYMENT TECHNOLOGY GATEWAY, MOBILUM

Techx Technologies Inc., further to the company's news release dated May 26, 2021, has completed the acquisition of Mobilum OU.

Techx also announced that the board of directors has approved a name change of the company from "Techx Technologies Inc." to "Mobilum Technologies Inc." and the ticker symbol in which it trades on the Canadian Securities Exchange to MBLM. The company will issue a further news release announcing the effective date in which the company will commence trading under the new name, symbol and Cusip number. The name change remains subject to CSE approval.

Mobilum, a financial technology start-up that provides the fiat infrastructure to the cryptocurrency industry, is a licensed plug-and-play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers and cryptocurrency businesses. Mobilum's simple-to-use on-ramp and off-ramp solution makes integration easy for businesses whose users buy and sell cryptocurrencies with credit and debit cards. Mobilum guarantees zero chargebacks, the highest acceptance rates and the lowest transaction fees in the industry (at 2.99 per cent).

"We couldn't be happier about acquiring Mobilum's on-ramp, off-ramp and digital wallet technology," said Techx chief executive officer Peter Green. "With the infusion of funds from our last financing round, we expect to quickly grow from the $150,000 in daily processing volumes we are currently doing by expanding the on-ramp offering to other cryptocurrency exchanges and businesses. We're also excited to be launching the gift and payment card off-ramp and digital wallet solution towards the end of Q3. It's becoming clear that decentralized finance is gaining global acceptance and we are excited to be part of this multibillion dollar game-changing industry."

The transaction

Techx has acquired a 100-per-cent-ownership in Mobilum in consideration of 26,666,667 common shares in the capital of the company at a deemed value of 60 cents per share for a total aggregate consideration of $16-million. The shares are subject to a hold period of four months and one day from issuance.

About Techx Technologies Inc.

Techx Technologies is a technology driven company making traditional finance accessible through compliant digital payment infrastructure and digital asset management technologies.

About Mobilum OU

Mobilum is a fintech start-up providing the fiat infrastructure to the cryptocurrency industry and has a licensed plug-and-play fiat-to-crypto gateway and payment processing technology solution for exchanges, wallets, brokers, liquidity providers and cryptocurrency businesses. Mobilum's simple-to-use on-ramp and off-ramp solution makes integration easy for businesses to allow users to buy and sell cryptocurrencies with credit and debit cards. The Mobilum digital wallet will provide its customers with competitive prices on over 237 cryptocurrencies and will allow its users to earn high interest rewards and yields with Defi.

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