Goldmoney Inc. (TSX:XAU) (Goldmoney), a precious metal financial service and technology company, wishes to congratulate the entire team at MenÄ“ Inc. (MenÄ“ or Mene), a luxury e-commerce 24 karat investment jewelry brand, for their achievements as MenÄ“ commences trading today on the TSX Venture Exchange under the ticker symbol, MENE.
Goldmoney is pleased to announce that its Board of Directors will declare a distribution of 3,990,000 class B subordinate voting shares of MenÄ“ (the Shares) from its holdings to the shareholders of Goldmoney on a pro rata basis. A further announcement will be made with details of the record date and the payment date.
Goldmoney currently holds 79,800,000 class B subordinate shares of MenÄ“ representing 36.7% of the issued and outstanding shares of MenÄ“ on a non-diluted basis. The distribution of the Shares to Goldmoney shareholders represents the first escrow release pursuant to the escrow requirements of the TSX Venture Exchange. Goldmoney will make further announcements should the Board of Directors determine to make additional distributions of its MenÄ“ class B subordinate voting shares.
MenÄ“ was founded by Goldmoneys co-founder and CEO Roy Sebag and art historian Diana Widmaier Picasso, with the mission to restore the ancient tradition of jewelry as a store of enduring value. With a combination of innovative technology, timeless design and radical transparency, MenÄ“ has rapidly become a sensation within the global fashion and luxury market in near record time. In less than 10 months, MenÄ“ has emerged as the leader in Investment Jewelry “ changing the paradigm from discretionary jewelry purchases to precious metal investment.
Goldmoney and MenÄ“ have developed a mutually beneficial working relationship through a strategic growth platform that creates value for both companies. Goldmoney has provided key support to every aspect of MenÄ“, from an initial $2 million venture funding to develop the vision for investment jewelry, to the strategic support provided in the long-term supply arrangement through which Goldmoney supplies the gold and platinum used by MenÄ“ in fabricating its diverse portfolio of jewelry products.
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MenÄ“ is consistent with Goldmoneys mission, which is to provide convenient, economical, and safe online access to gold, said Goldmoney Lead Director James Turk. This stock distribution enables Goldmoney shareholders to benefit from Goldmoneys close relationship with MenÄ“.
On behalf of the entire Goldmoney team, we wish the MenÄ“ team continued success as they look to grow and scale into to a formidable global jewelry brand, said Josh Crumb, Chief Strategy Officer. As an independent company, MenÄ“ will enjoy increased flexibility to pursue new partnership and growth opportunities, and the market capitalization fitting for this stage of scaling a disruptive, technology-enhanced direct-to-consumer brand.
To learn more about MenÄ“ and its mission, visit www.Mene.com.
Here is to MenÄ“s bright future.
About Goldmoney Inc.
Goldmoney Inc., a financial service company traded on the Toronto Stock Exchange (TSX:XAU), is a global leader in precious metal investment services and the worlds largest precious metals payment network. Safeguarding nearly $2 billion in assets for clients located in more than 150 countries, Goldmoney is focused on a singular mission to make precious metals-backed savings accessible to all. Powered by Goldmoneys patented technology, the Goldmoney Holding is an online account that enables clients to invest, earn, or spend gold, silver, platinum, palladium and cryptocurrencies that are securely stored in insured vaults in seven countries. All bullion assets are fully allocated and physically redeemable property. Goldmoney Wealth Limited is regulated by the Jersey Financial Services Commission (JFSC) as a Money Services Business. Goldmoney Network is a reporting entity to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and is registered with the Financial Crimes Enforcement Network (FinCEN) in the U.S. For more information about Goldmoney, visit goldmoney.com.
About MenÄ“ Inc.
MenÄ“ crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through Mene.com customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. MenÄ“ was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. MenÄ“ empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.
For more information about MenÄ“, visit mene.com.
This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as anticipate, believe, expect, plan, intend, estimate, may, potential and will or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. (the Company) believes, expects or anticipates will or may occur in the future, is forward looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.
Forward-looking information in this release includes, but is not limited to, statements with respect to: service times for transactions on the Goldmoney network; growth of the Companys business, expected results of operations, and the market for the Companys products and services and competitive conditions. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Companys operating history; history of operating losses; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Companys common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Companys operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Companys ability to manage rapid growth; competition; effectiveness of the Companys risk management and internal controls; use of the Companys services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; and those risks set out in the Companys most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.
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