Combination of GoLogiq’s (OTC:GOLQ) product offering with GammaRey and Nest Egg to create a uniquely powerful mobile fintech ecosystem for global markets:
- High margin offerings: eWallet, microlending, and hyper-local delivery platforms can potentially add upwards of 30% gross profit margins at scale.
- Leverages market-proven Tech Mahindra (TECHM.IN), Comviva eWallet and YABX technology.
- Greater ability to empower millions of customers with new financial options and process tens of millions of transactions daily.
NEW YORK, Jan. 26, 2023 (GLOBE NEWSWIRE) — GoLogiq, Inc. (OTC:GOLQ), a U.S.-based global provider of fintech and consumer data analytics, recently finalized a definitive share exchange agreement with GammaRey, a privately-held fintech ecosystem for the New World Digital Economy.
Under the agreement, GoLogiq plans to issue $320 million in common stock valued at $3.00 per share in exchange for 100% of GammaRey’s outstanding shares. GammaRey brings to GoLogiq a profitable business with strong cash flow, along with nearly $800 million in customer financial assets.
GoLogiq also recently announced a binding letter of intent to acquire Nest Egg Investments, under a similar definitive share exchange agreement that is expected to be finalized within the next week.
Nest Egg brings to GoLogiq a streamlined mobile solution for discovering, planning, and automating retirement savings, with investment products and services offered by its subsidiary, BeyondTrade Securities (pending a name change to Nest Egg Securities), a FINRA licensed broker dealer.
The synergies created through the combination of GammaRey and Nest Egg will enable GoLogiq to address the growing multi-billion dollar market of wealth management for Generation Z and Millennials. This new generation of wealth-builders represents the sharing economy that will be powered by digital banking solutions, such as virtual payments, lending and loyalty program—all which will now be easily accessible and managed by a single, easy-to-use mobile application or embedded finance platform.
Millennial and Gen Z financial wealth reportedly jumped 25% last year—higher than for Gen Xs and Baby Boomers—and their aggregate assets grew from $2.9 trillion to $3.6 trillion. Bain & Company projects the market for wealth management services to double in size and exceed $500 billion by 2030.
GoLogiq’s existing mobile finance offering is built upon the proven Tech Mahindra/Comviva mobiquity® Pay platform that currently serves more than 130 million customers in more than 45 countries. GoLogiq’s microlending app is powered by the Tech Mahindra/YABX platform that allows it to offer micro and small consumer loans, agent loans, handset loans and Airtime credits to customers in emerging markets.
GoLogiq’s ‘hyper-local’ delivery platform was built in-house over two years. Test markets in Jakarta, Indonesia had more than 150,000 customers generating 15,000 deliveries per day. In February 2020, a pilot program was also run with SEA, Ltd (NYSE: SE) involving shared deliveries in the central business district of Jakarta.
GoLogiq anticipates the straightforward integration of its eWallet and a microlending platform with Nest Egg’s customer base to create a strong cash flowing business. Given recent GoLogiq initiatives in SE Asia, it anticipates adding incremental gross profit margins upwards of 30% once fully deployed. The hyper-local delivery platform will be combined with another project that will involve a new target demographic in populous urban areas.
According to Brent Suen, interim CEO of GoLoqiq, stated: “The strategic tie-in of GoLogiq’s product offerings with GammaRey and Nest Egg will create valuable financial services offerings for Gen Z and Millennial customers in the U.S., Middle East and Australia. We’re looking forward to launching the new Nest Egg offering over the next few months and integrating in our eWallet and microlending apps to address these high-growth markets.”
GoLogiq has begun the application process for an uplisting to a listed exchange such as the NYSE/AMEX. The application is subject to approval based on several factors, including satisfaction of minimum listing requirements.
GammaRey is a global financial technology company that is building a financial ecosystem and platform to provide financial solutions to both government, business and consumers. It is revolutionizing the speed and fee structure of remittance technologies worldwide through blockchain technologies, evolving into a full-stack ecosystem for the digital economy. This includes a digital wallet, borderless payments, and a proprietary platform providing functionality through the buying of goods and services. To learn more, go to www.gammarey.com .
About Nest Egg
Nest Egg has introduced a simplified retirement investing app for discovering planning and automating retirement investment strategies. It offers investment products through its subsidiary, BeyondTrade Securities (pending its name change to Nest Egg Securities), a FINRA-licensed broker dealer. To learn more, visit www.nestegg.app .
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics currently focused on Southeast Asia. Its software platforms are comprised of CreateApp, a mobile app development and publishing platform for small-to-medium sized businesses; AtozGo™, a ‘hyper-local’ app-based delivery platform; AtozPay™, an eWallet for mobile top-up, e-commerce purchases, bill payment and microfinance; and Radix™, a Big Data analytics platform. Visit the company at gologiq.com or follow on twitter: $GOLQ and @gologiq.
GoLogiq Safe Harbor Statement
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of United States securities legislation that relate to GoLogiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond GoLogiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to apply to and meet the listing standards and approvals for Nasdaq, NYSE, or other senior exchange, our ability to successfully locate and consummate any contemplated strategic transactions, our ability to successfully complete a merger or acquisition with GammaRey, Nest Egg Investments, or other entity, any approval of the merger or acquisition with Nest Egg Investments or other entity by the Financial Industry Regulatory Authority (FINRA), any regulatory approval required of Nest Egg Investment’s subsidiary BeyondTrade Securities, Inc.’s pending name change to Nest Egg Securities, Inc., the structure of any such transaction, timing of such transaction, and the valuation of the businesses after completion of any such transaction, if any, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings. The GammaRey and Nest Egg Investment transactions discussed herein are subject to mutual deliveries and other closing conditions, and neither transaction has closed as of the date of this press release.
GoLogiq undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for GoLogiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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