Toronto, Ontario--(Newsfile Corp. - October 1, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) ("Wellfield" or the "Company") is pleased to announce that the TSX Venture Exchange has approved the resumption of trading, effective at market opening on Tuesday, October 1, 2024.
With trading resumed, the Company will continue advancing its effort to spin-off of its wholly owned subsidiary, Tradewind Markets Inc. ("Tradewind") (the "Spin-off"), as previously announced on September 6, 2024.
The Spin-off marks a key milestone in Wellfield's July 16th announced strategy to establish Tradewind as an independent entity focused on revolutionizing the gold market. Wellfield believes that a successful spin-off will increase shareholder value by allowing capital markets to ascribe value, and provide additional capital, to Tradewind independently of Wellfield's core business, providing an opportunity for Tradewind to be funded and developed on its own with independent management and governance. Stakeholders are actively undertaking to establish a management team and board of directors, which will be disclosed in a subsequent news release.
Levy Cohen, Chief Executive Officer of Wellfield, commented, "A successful spin-off of Tradewind will support Wellfield as we pursue multiple strategic objectives. It will position Wellfield to hold $20M worth of Tradewind stock, opening exciting possibilities for how we might leverage this value-whether to strengthen our balance sheet, fuel future growth, or deliver direct benefits to our shareholders. Additionally, this transaction allows Wellfield to re-focus exclusively on the biggest opportunities within crypto and decentralized finance. We see immense untapped potential within our Coinmama brand and proprietary blockchain technology and look forward to sharing more details on these efforts soon."
About Wellfield Technologies
Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions leveraging blockchain technology. Our platform Coinmama (web and Mobile app), provides seamless access to the cryptocurrency market for over 3.5 million registered users across 180 countries. We offer disruptive on-chain and web3 secure and friendly self-custody solutions through Coinmama. Additionally, Wellfield operates Tradewind Markets platform to digitize and trade real-world assets, including our flagship VaultChain™ Gold and VaultChain™ Silver products. Expanding our offerings for institutional clients, we present Brane Trust aiming to operate Alberta Canada's second qualified digital asset custodian.
This news release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking information in this news release includes statements regarding the Company's management pursuing various strategic alternatives towards achieving the Spin-off, including a public listing of Tradewind and strategic partnerships with third-parties; the success of Tradewind as an independent entity to seize untapped opportunities and its ability to deliver significant value to our shareholders following the Spin-off, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect; the completion of the RTO as announced September 6, 2024; the completion of the concurrent financing; the timeline to complete the RTO and the concurrent financing; the anticipated benefits of the RTO; the conditions to be satisfied for completion of the RTO; completion of the stock consolidation; the name and business carried on by the Resulting Issuer; the reliance on a prospectus exemption for the issuance of shares in the capital of Leonovus Inc. ("Leonovus") to Wellfield; obtaining a waiver from the TSXV sponsorship requirements; the timing and completion of the Tradewind platform upgrades; the terms of the ancillary agreements to the definitive agreement dated September 5, 2024 relating to the RTO, including the support agreement, non-competition agreement and investor rights agreement; and the approval of the TSXV of the transactions contemplated herein, which are based on Wellfield and Leonovus' current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Wellfield and Leonovus' actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include but are not limited to Wellfield and Leonovus satisfying the conditions for TSXV approval of the transactions herein; there is no assurance that the Financing will be completed or as to the actual gross proceeds to be raised in connection with the Financing; there is no assurance that Wellfield and Leonovus will obtain all requisite approvals for the RTO, including the approval of the shareholders of Leonovus, or the approval of the TSXV for the RTO (which may be conditional upon amendments to the terms of the RTO); following completion of the RTO, the Resulting Issuer may require additional financing from time to time in order to continue its operations, which may not be available when needed or on terms and conditions acceptable to the Resulting Issuer; unanticipated costs and expenses of the RTO or the Financing; the ability of Wellfield to conduct the Tradewind platform upgrades, in a timely manner, if at all; new laws or regulations could adversely affect the Resulting Issuer's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies, which fluctuations may adversely affect the price of the Resulting Issuer's securities, regardless of its operating performance; and general business, financial market, economic, competitive, political and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated. Readers are cautioned that the foregoing list is not exhaustive, and readers are encouraged to review the disclosure documents accessible on Wellfield and Leonovus' respective SEDAR+ profile at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by law, Wellfield and Leonovus disclaims any intention and assumes no obligation to update or revise any forward-looking information.
All information contained in this news release with respect to Wellfield and Leonovus was supplied by the parties, respectively, for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning such party.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has approved nor disapproved the contents of this news release, nor do they accept responsibility for the adequacy or accuracy of this release.
