IOV Labs Asia Joint Venture Update


Coinsilium Group Limited (COIN)
Coinsilium Group Limited: IOV Labs Asia Joint Venture Update
26-Oct-2022 / 17:20 GMT/BST
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(“Coinsilium” or the “Company”)

Coinsilium Group Limited: IOV Labs Asia Joint Venture Update

London United Kingdom, October 26, 2022, Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Web3 investor, advisor and business builder hereby provides an update on the status of IOV Labs Asia PTE. Ltd (“IOV Labs Asia”), the Singapore-based company’s 50/50 joint venture (“JVC”) with IOV Labs Ltd (“IOV Labs”).


On January 28, 2020, the Company announced that it had entered into a strategic investment agreement with IOV Labs to invest GBP 250,001 in Coinsilium through a private placement into the Company at 2.65 pence per share. Alongside the Strategic Investment Agreement, IOV and Coinsilium signed a Memorandum of Understanding (“MOU”) to establish the JVC in Singapore to promote and commercialize IOV’s products, services and technologies primarily in the markets to businesses, entrepreneurs, governments and NGOs. . Another key objective of the JVC is to promote adoption in the region of FRR token that powers the ecosystem of solutions developed by IOV and its partners and developers around the world. The memorandum of understanding further specified that Eddy Travia, CEO of Coinsilium, was to be appointed Director of the JVC and as part of his role within the JVC, to provide services to IOV, including as Regional Director of IOV for Asia-Pacific.

On July 8, 2020, the company announced the signing of a Joint Venture Agreement (“JVA”) between IOV Labs and Coinsilium to form the JVC in Singapore. However, the strict and extensive Covid19-induced travel restrictions imposed in Asia, and specifically Singapore, over the past two and a half years have contributed to preventing JVC from becoming fully operational as originally planned. In the meantime, the two parties have continued to collaborate, however, recognizing that the market has evolved significantly since the initial JVC scope was considered, and as noted in Coinsilium’s annual report and more recently in its financial statements. intermediaries, the parties engaged in discussions to reassess the initial scope of the JVC.

The operations of the JVC are currently funded by a loan agreement between IOV Labs and the JVC with repayment terms effective from February 2023. Coinsilium is not a party to the loan agreement and there has no obligation to Coinsilium for the repayment of the loan granted to the JVC.

While IOV Labs’ contribution to the JVC comes in the form of a loan and the provision of products, services and technology, Coinsilium’s contribution has been met by putting a considerable amount of the time of its CEO, Eddy Travia, at the disposal of the JVC, as regional director of IOV. Labs in Asia and its relocation to Singapore to provide on-site consulting, support and management services. Mr. Travia is recognized as the key person in the provision of Coinsilium’s services under the service agreement between the JVC and Coinsilium.

IOV Labs Asia Status Update

IOV recently advised the Company that it restructured its objectives, targets and strategy and proposed that Coinsilium consider the conditions under which the Company would be prepared to replace the current JVA with an alternative business model.

The Company has therefore informed IOV Labs that it would be willing to review the objectives of the JVA with a view to entering into negotiations towards a mutually acceptable outcome which may or may not include an alternative business model. The Company hopes that a speedy resolution of this matter can be found, on fair and reasonable terms for both parties, given the common history that exists between Coinsilium and IOV Labs, but there is no certainty that it will. The Company will also ensure that shareholders are kept informed of developments in discussions between the parties in a timely manner through market regulatory updates.

Outside of the joint venture, as disclosed in the company’s interim financial statements issued September 30, 2022, the company’s business focus remains firmly on its value-generating investment and advisory businesses, where steady growth is expected to continue. throughout the rest of this year and into 2023, notably in the NFT (Not fungible Token), metaverse and Web space3. The Company will also seek to selectively increase its investment portfolio, in light of current market conditions, when favorable conditions present themselves.


IOV Labs currently holds 25,934,000 Coinsilium shares representing 14.84% of its outstanding shares. This update follows the update provided in the Company’s interim financial statements issued on September 30, 2022.

Coinsilium chairman Malcolm Palle and non-executive director Wayne Almeida are also non-executive directors of IOV Labs.

The directors of Coinsilium Group Limited accept responsibility for this announcement.

Coinsilium Group Limited

Malcolm Palle, Executive Chairman

Eddy Travia, General Manager

+350 2000 8223

+44 (0) 7785 381 089

Peterhouse Capital Limited

Guy Miller/Mark Anwyl

(Advisor AQSE Growth Market Corporate)

+44 (0) 207 469 0930

SI Capital Limited

Nick Emerson


+44 (0) 1483 413 500

Notes to Editor

About Coinsilium

Coinsilium is a specialist web3 investor, advisor and business builder based in Gibraltar, a leading global regulator. jurisdiction and a leading hub for innovative fintech. In 2015, Coinsilium became the first blockchain company to go public. The company has evolved to develop revenue-generating strategic consulting services and is a highly regarded innovator with proven technology and business expertise and development capabilities in the NFT space. and also within Open Finance.

Coinsilium has developed an array of business partnerships and joint ventures around the world to support its development capabilities, giving it access to top technology experts, a strong network and affirming its deep industry profile. It has a 50/50 joint venture with IOV Labs in Singapore, enabling the promotion and commercialization of RSK’s products, services and technologies in global markets; and partnered with blockchain technology experts Indorse to establish Nifty Labs, a non-fungible token (‘NFT’) technology development studio in Gibraltar.

Coinsilium shares are traded on the AQSE Growth Market in London under the symbol “COIN” and on the OTCQB Venture Market in the United States under the symbol “CINGF”.


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