10% Acquired of nanopayment developer SatoshiPay

RNS Number : 5683Z

Kuala Innovations Limited

21 September 2015

 



21 September 2015

Kuala Innovations Limited

("Kuala" or the "Company")

Acquisition of 10% interest in nanopayment software company SatoshiPay Ltd

The Board of Kuala Innovations Limited ("Kuala" or the "Company") is pleased to announce that it has subscribed for a 10 per cent. interest in UK incorporated private company SatoshiPay Ltd ("SatoshiPay").

The Company has subscribed for 1,471 ordinary shares of SatoshiPay ("SatoshiPay Shares") at a price of €108.76 per SatoshiPay Share (the "SatoshiPay Subscription"), for total cash consideration of €159,985.96 (the "Consideration").  At the price paid by the Company, SatoshiPay has an aggregate value of approximately €1.6 million. 

SatoshiPay Ltd

SatoshiPay is developing a two-way payment platform, which will enable online content providers to monetise their digital content through the acceptance of nanopayments. Using the SatoshiPay platform, online media companies will be able to process nanopayments of 5c or less with minimal transaction fees (SatoshiPay technology can also process payments greater than 5c, but the company believes the real technical innovation is in relation to nanopayments, in some cases being less than 1c).  SatoshiPay will provide a direct alternative to pay-walls, currently adopted by some media companies, and require the user to pay for consumption on a per article, per song or per download basis; or for content to be consumed and paid for on an incremental basis (payment per paragraph or minute of audio or video content).  SatoshiPay is frictionless, working without software download or sign-up for the user. Payments are expected to be instant and the user's wallet balance will be available on each website that integrates the SatoshiPay software.  SatoshiPay's platform is stable & secure, with software developed by an experienced team of blockchain and security experts. Regular audits are expected to assure safe money transfers, system uptimes and hacker-proof operation.

SatoshiPay is currently preparing for a trial launch of its nanopayment technology in Q4 2015 followed by expected full release of its software in the first half of 2016. For the 5 months ended 31 August 2015 SatoshiPay made a loss of €36,626.

Further details regarding SatoshiPay are available at its website www.satoshipay.io 

Commenting on the SatoshiPay Subscription, Kuala Co-Chairman Mr Jim Mellon noted:

"Media companies have long been battling to maintain valuations and revenue models based on advertising revenue, a problem exacerbated by the increasing use of mobile phones.  The Board of Kuala believes that online content will move to a consumption model, with consumers paying to view, read, watch or listen to content, or play games, or for payments to be processed autonomously to and from machines.  We believe SatoshiPay is at the forefront of this change, and the disruptive payment software it has developed has enormous potential.  We are pleased to invest in and work with Meinhard Benn, the SatoshiPay founder, and all of the SatoshiPay technical team, and we look forward to the results of the current trial being known and launch of the product early next year.  As highlighted in my recent book, Fast Forward, the potential of cryptocurrencies to disrupt the financial sector is huge, and payment processing is one major area where significant change can be expected in the very near future."

For further information please visit www.kualainnovations.com or contact:

Kuala Innovations Limited Elysium Fund Management Limited	Tel:   Tel: [phone]
Beaumont Cornish Limited (Nomad) James Biddle / Michael Cornish	Tel:  [phone]
Peterhouse Corporate Finance Limited (Broker) Guy Miller / Lucy Williams	Tel:   [phone]

CAUTIONARY STATEMENT

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of Kuala Innovations Limited. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Kuala Innovations Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 

END

 

 

MSCGGURGBUPAGCR