Completion of Sale of Avila House Ltd.

Cornerstone FS PLC

27 April 2023

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

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	[phone]
James Hickman, Chief Executive Officer  Judy Happe, Chief Financial Officer
SPARK Advisory Partners Limited (Nomad)	[phone]
Mark Brady, Adam Dawes
SP Angel Corporate Finance LLP (Broker)	[phone]
Jeff Keating, Harry Davies-Ball
Gracechurch Group (Financial PR)	[phone]
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

 

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