Ganapati plc - Trading Update
PR Newswire
London, January 31
31 January 2020
Ganapati Plc
("Ganapati" or "the Company")
Trading Update
The Directors of Ganapati wish to inform shareholders of certain key developments affecting the likely progress to be made over Q2 2020.
GanaEight Coin Limited ("G8C")
Following the announcement made on the 17 March 2019, regarding the application to be made by "G8C" to the Malta Financial Services Authority ("MFSA") for registration as a Virtual Financial Asset ("VFA"), the Directors wish to update shareholders that the MFSA have issued further regulations and guidelines requiring extra due diligence on VFA services providers seeking to obtain a VFA licence. The application for VFA services licence can only be made through a VFA agent and the Directors have been working closely with G8C VFA Agent, Grant Thornton, on the preparatory phase. The Directors anticipate submitting the first phase of the application to the MFSA of its intention to apply for a VFA licence in Q1 2020.
Furthermore, the VFA licence holder is required to appoint a systems auditor to ensure the cyber-security framework complies at all times with the licence holder ongoing obligations. The Directors are working closely with UK technology auditing firm STIS, which is one of only four firms authorised by the MFSA to undertake these processes, in completing the systems audit. This involves the blueprints of G8C blockchain, information security and cyber security all being rigorously tested.
Following the approval of the above, being the final stage in G8C's preparation for application, G8C will submit a complete application pack to the MFSA.
G8C is in the process of making an application for an electronic wallet, which will be licensed through the Malta Digital Innovation Authority ("MDIA"). The Directors anticipate by May 2020 completing a demonstration version of G8C blockchain and wallet to allow peer-review testing. G8C is expecting authorisation to be granted by the end of June 2020.
Current trading
The Group's business strategy for 2020 centres significantly on obtaining gaming licences in a number of appropriate jurisdictions, especially as Europe is moving to self-regulation. To support the Group's online casino gaming business expansion into the European markets, the Group intends to apply for the UKGC Software Supplier Licence & Game (Host) Casino Licence from the UK Gambling Commission through its wholly owned subsidiary Ganapati Malta Limited, as well as for certificates in Sweden, Denmark, Spain and Columbia. The Group is aiming to complete this process by the end of June 2020.
Outlook
The Directors look forward to the coming year with confidence of current market conditions in the online gaming and blockchain sector which are projecting to deliver improved revenue to support the Group's expectation of continued growth.
Whilst the Directors place great importance on presenting this update as accurately as possible, regulators and relevant regulations continue to evolve. The Directors will continue to keep all shareholders informed on the progress and developments of the above projects.
The Directors of Ganapati Plc accept responsibility for this announcement
CORPORATE ADVISER AND CONTACT DETAILS:
Ganapati Plc
Tony Drury, Chairman
Telephone: 07973 737284
Juliet Adelstein, Chief Executive Officer
Telephone: +447493762929
NEX EXCHANGE CORPORATE ADVISER:
Alexander David Securities Limited
David Scott - Corporate Finance
James Dewhurst - Corporate Broking
Telephone: +44 (0) 20 7448 9820
http://www.ad-securities.com
