Company Announcement Thursday, November 23, 2017
TORONTO -- Goldmoney Inc. (TSX:XAU), a gold-based financial service and technology company, today announced that following several months of negotiations and planning, founders Roy Sebag and Josh Crumb have signed a non-binding letter of intent in Zhauyuan, Shandong Province, China, at the headquarters of Zhaojin Mining, formalizing a joint venture framework whereby Goldmoney, Taojinyn, and Zhaojin will together launch and operate a local version of Goldmoney in mainland China that will be named Goldmoney China.
The framework agreement outlined in the letter follows an extensive period of analysis of the local market by Goldmoney, leading to the architecture of a local version of Goldmoney that will comply with all local rules and regulations for the ownership of gold and precious metals, while introducing the Goldmoney brand, software innovation, intellectual property, and thought leadership through Goldmoney Insights to the world's largest precious metals market. A definitive agreement and official founding of the joint venture is expected to close by the end of the year.
While further details will be provided at or near the official launch date, scheduled for February 2018, the Goldmoney China framework agreement calls for the local Goldmoney business to be operated by a 20-person team in a new office in Beijing's Chao Yang Technology district adjacent to the Taojinyn offices. Taojinyn, which is China's first digital gold service, and its founder Yuming Zhao will run the operation and will own a 51-percent share of the Joint Venture. Zhaojin Mining is Taojinyn's largest shareholder. ...
... For the remainder of the announcement:
https://www.goldmoney.com/corporate/news/gold...-joint-ventu...
