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Cornerstone FS Plc completed the sale of its subsidiary, Avila House Ltd., to Aspire Commerce Ltd. The Company received £300,000 in cash consideration for Avila following regulatory approval from the Financial Conduct Authority. Additionally, Cornerstone FS Plc commenced generating revenue in January 2023 under a 12-month software licencing agreement with Aspire.
| Date | 27 Apr 2023 |
| Time | 07:00:04 |
| Category | Disposals |
| ID | 6082X |
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.
27 April 2023
Cornerstone FS Plc
("Cornerstone" or "the Company" or "the Group")
Completion of Sale of Avila House Ltd.
Further to the Company's announcement of 23 December 2022, Cornerstone FS Plc (AIM: CSFS), a foreign exchange and payments company offering multi-currency accounts to businesses and individuals, is pleased to announce the completion of the sale of Avila House Ltd. ("Avila") to Aspire Commerce Ltd. ("Aspire") following the receipt of regulatory approval from the Financial Conduct Authority. In accordance with the terms of the share purchase agreement, the Company has now received £300,000 in cash in consideration for Avila.
Additionally, the Company confirms that it commenced, in January 2023, generating revenue under its 12-month software licencing agreement with Aspire, as described in the Company's announcement of 23 December 2022.
James Hickman, CEO of Cornerstone, said: "We are pleased to have completed this sale and to realise value from the disposal of a subsidiary that could no longer contribute to our business. This deal is particularly strong as we are also generating revenue from licencing our platform to the buyer. The proceeds will be used to bolster our existing cash resources as we continue to drive our business forward."
Enquiries
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Cornerstone FS Plc |
+44 (0)203 971 4865 |
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James Hickman, Chief Executive Officer Judy Happe, Chief Financial Officer |
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SPARK Advisory Partners Limited (Nomad) |
+44 (0)203 368 3550 |
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Mark Brady, Adam Dawes |
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SP Angel Corporate Finance LLP (Broker) |
+44 (0)203 470 0470 |
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Jeff Keating, Harry Davies-Ball |
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Gracechurch Group (Financial PR) |
+44 (0)204 582 3500 |
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Harry Chathli, Claire Norbury |
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About Cornerstone FS Plc
Cornerstone FS Plc (AIM: CSFS) is a foreign exchange and payments company offering multi-currency accounts to businesses and individuals. Headquartered in the City of London, Cornerstone combines a proprietary technology platform with a high level of personalised service to support clients with payments in over 35 currencies in more than 100 countries. With a track record of over 12 years, Cornerstone has the expertise, experience and expanding global partner network to be able to execute complex cross-border payments. It is fully regulated by the Financial Conduct Authority as an Electronic Money Institution. www.cornerstonefs.com