Business Update

Tintra PLC

09 June 2023

 

9 June 2023

TINTRA PLC

 ("TNT", the "Group" or the "Company")

Business Update

The board of directors (the "Board") of Tintra, the rapidly innovating Deep Tech & Banking business, is pleased to provide the following update on its business.

Further to the announcement of 8 May 2023, regarding the establishment of a new banking hub in African, Tintra has progressed various conversations in that country and last week with the Rwanda Development Board. As a result the Company is now in the final stages of preparing a Regulated Business Plan for submission to the National Bank of Rwanda which it currently expects to be submitting before the end of July 2023. To progress this ongoing work further a Tintra team will be in Rwanda on the week of the 19 June 2023 in order to meet with local stakeholders.

Further, the Company has formed a Rwandan entity to facilitate the application and is in the final stages of a reaching a commercial agreement with an established local partner to enter into a Joint Venture that will accelerate the roll out into that region.

The matter referenced on 5 May 2023 between Fintech Leaders Fund LLC and the Company is ongoing, with initial court proceedings expected during July and with a latest date set by the Court for Final Hearing of 15 December 2023. The Company is engaged in settlement negotiations and is hopeful of reaching agreement much sooner than that date, however this cannot be guaranteed.

Further to the Company's announcement on 25 January 2023 regarding the development of a Central Asia hub in Azerbaijan, the Company has been progressing this strategy and accordingly is sending a team to Baku, Azerbaijan, on 13 and 14 June 2023 where team members will be speaking to fintech and business leaders about Tintra's penetration into that market and beyond into Central Asia.  The conversation with local regulators is ongoing and an update will be made prior to the submission of a licensing application.  

Further to the Company's announcement of 10 March 2023 regarding an investment by a Middle Eastern investor, which was due to close within 45 days, the Company updates that the parties remain in close contact progressing the investment and have mutually agreed an extension until the 10 July 2023 and will make further announcements in due course.

Further to the Company's announcement of 13 March 2023 about the award of its patent number 11615399 by the United States Patent Office, the Company is pleased to announce that it yesterday applied to expand geographical coverage into areas and regions where it plans future business.

This establishment of IP protection globally is driven by the Company's mission of building Web3 technologies in highly regulated environments, especially in light of recent developments, as seen in the press, in this regard in the United States.

This two-pronged approach, firstly via the International Patent Systems Patent Co-operation System which covers more than 150 countries global, alongside additional direct applications in countries and regions of specific commercial interest, which includes Puerto Rico, Singapore, Japan, Korea and Mexico is supported by a regional Gulf Cooperation Council application covering the Tintra base in the Middle East.

For further information, contact:

Tintra PLC (Communications Head) Hannah Haffield [e-mail] Website www.tintra.com	020 3795 0421
Allenby Capital Limited (Nomad, Financial Adviser & Broker) John Depasquale / Nick Harriss / Vivek Bhardwaj	020 3328 5656

 

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