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Coinsilium Group Limited: IOV Labs Asia Joint Venture Update

Coinsilium Group Limited (COIN)
Coinsilium Group Limited: IOV Labs Asia Joint Venture Update
28-Feb-2023 / 13:00 GMT/BST

Coinsilium Group Limited: COINSILIUM GROUP LIMITED

("Coinsilium" or the "Company")

Coinsilium Group Limited: IOV Labs Asia Joint Venture Update

London UK, 28 February 2023, Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Web3 investor, advisor, and venture builder hereby provides an update on the status of IOV Labs Asia PTE. Ltd (“IOV Labs Asia”), the Company’s Singapore-based 50/50 joint venture company (“JVC”) with IOV Labs Ltd (“IOV Labs”).

On 26 October 2022, the Company provided an initial update to the market by announcing that IOV Labs informed the Company that it has been re-structuring its goals, targets and strategy, and proposed that Coinsilium consider terms under which the Company would be prepared for the existing Join Venture Agreement ("JVA”) to be replaced with an alternative business model.

Status Update

The Company reaffirmed its position that a prerequisite to progressing an alternative business model, would be the satisfactory resolution of the existing JVA arrangements.

The Company submitted its formal proposal for resolution of the JVA to IOV Labs on 1 December 2022. The parties have appointed respective legal representatives to work with them in good faith towards an amicable resolution. The Company has now received a substantive written response from IOV Labs with their proposal for the resolution of the JVA, which the Company will review and consider. A further announcement will be made in due course.

Outside of the JV resolution process, the Company’s commercial focus continues to remain firmly on its value generative investment and advisory activities. As noted by Coinsilium CEO Eddy Travia in the Company’s latest Web3 portfolio update of 2 February 2023, we are now seeing a notable change in market sentiment within the industry, with a much more optimistic outlook. We therefore believe that Coinsilium is in an excellent position to take advantage of the improving market conditions as we look towards an exciting 2023 for the Company and shareholders.


IOV Labs currently holds 25,934,000 shares in Coinsilium representing 14.84% of its outstanding ordinary shares.

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

The Directors of Coinsilium Group Limited take responsibility for this announcement.

  Coinsilium Group Limited

  Malcolm Palle, Executive Chairman

  Eddy Travia, Chief Executive

  +350 2000 8223

  +44 (0) 7785 381 089



  Peterhouse Capital Limited

  Guy Miller / Mark Anwyl

  (AQSE Growth Market Corporate Adviser)

  +44 (0) 207 469 0930



  SI Capital Limited

  Nick Emerson


  +44 (0) 1483 413 500


Notes to Editor

About Coinsilium 

Coinsilium is a focused Web3 Investor, Advisor and Venture Builder based in Gibraltar, a pre-eminent global regulatory jurisdiction, and a leading hub for innovative financial technology. In 2015, Coinsilium became the first blockchain company to IPO. The Company has evolved to develop revenue-generating strategic advisory services and is a highly regarded innovator with proven technological and commercial expertise and development capabilities in the Web3 arena and within Open Finance.

Coinsilium has developed an array of commercial partnerships and joint ventures around the world to support its development capabilities, giving it access to best-in-class tech experts, a strong network, and asserting its profound industry profile. It has also partnered with blockchain technology experts Indorse to create Nifty Labs, a Web3 and Non-Fungible Token ('NFT') technology development studio in Gibraltar.

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



Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.



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