NEW YORK, April 11, 2023 (GLOBE NEWSWIRE) -- GoLogiq, Inc. (OTC:GOLQ), a U.S.-based global provider of fintech and consumer data analytics, has entered into a non-binding letter of intent to acquire Australian-based Shape Super Australia Pty Ltd (Shape), a prominent manager and administrator of self-managed super funds (SMSFs).
The acquisition will expand the services offered by the company’s subsidiary, GENFI Financial Group, and enable its accountants and advisors to take greater advantage of the specialist management and administration services offered by Shape.
Shape currently administers more than 1,500 SMSFs and is on track to increase this number to more than 2,000 by year end. Shape’s assets under administration presently total more than AU$1.6 billion, which is anticipated to grow to more than AU$2.0 billion by year end, depending primarily on movements in asset valuations.
Now in its fifth year of operation, the Shape team collectively possesses more than a century of experience in finance, wealth management and accounting. They provide the full spectrum of SMSF administration, including financial reporting, bookkeeping, tax accounting and audit facilitation, as required by the superannuation regulations that govern SMSFs in Australia.
Shape serves three primary market sectors: accountants (outsourced B2B service model), financial advisors (recommended/referred as a provider of choice), and SMSF trustees directly (sophisticated, self-directed investors).
The acquisition of Shape will supplement the benefits that GoLogiq expects its Australian financial services group provides by delivering a more homogeneous approach to services offered, thereby resulting in more optimal outcomes for clients.
“We look forward to working with the Shape team to integrate their business-to-business SMSF services into our fintech ecosystem,” stated GoLogiq interim CEO Brent Suen. “The management team has shown themselves to be experts in helping accountants and financial advisers with SMSF services.”
“These new SMSF related service capabilities allow us to leverage and expand our resources and capabilities to accountants, qualified investors and self-managed super funds in Australia,” added Suen. “We believe our growing Fintech ecosystem can help Shape expand their reach and exceed their objectives.”
Under the terms of the letter of intent, GoLogiq will acquire 100% of Shape and engage in a management agreement with senior executive staff to ensure a continuity of management and service delivery. Final terms of the proposed acquisition are currently being negotiated, and it is envisaged that the transaction will incorporate a consideration mostly comprised of GoLogiq common shares. The transaction is expected to close in the second quarter of 2023.
While GoLogiq expects the transaction to be completed as anticipated, a definitive agreement has yet to be signed and no assurances can be given it will be executed or the transaction will be completed as described. When such a definitive agreement would be mutually signed, the details would be made available in a Form 8-K to be filed with U.S. Securities and Exchange Commission on www.sec.gov as well as on the investor section of GoLogiq’s website.
About Shape Super Australia
Specialising in SMSF administration and related services, Shape Super operates a “business to business” service model designed for the accounting and financial advisory sectors. The company’s goal is to help businesses be brilliant at self-managed super funds (SMSFs).
Shape Super was founded by a group of highly qualified like-minded professionals with extensive financial services experience in the accounting, tax, business services, SMSF and wealth management sectors.
The company is based in Australia with an office in West Australia and an office in Victorian. For more information, visit shapesuper.com.au.
About GoLogiq
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics. Its software platforms are comprised of CreateApp, a mobile app development and publishing platform for small-to-medium sized businesses; AtozGo™, a ‘hyper-local’ app-based delivery platform; AtozPay™, an eWallet for mobile top-up, e-commerce purchases, bill payment and microfinance; and Radix™, a Big Data analytics platform.
Through the company’s subsidiary, GenFi Financial Group, Inc. and its subsidiaries (GENFI Group), which is a part of its recent acquisition of GammaRey, Inc., GoLogiq provides wealth management, direct-to-consumer lending platforms, mortgage broking, accounting, taxation advice, reporting, structuring, and solutions for individual investors and small-to-medium businesses in Australia.
Through the GENFI Group, the company also offers compliance services under its Australian Financial Services License including advice regarding Managed Investment Schemes (MIS), Self-Managed Superannuation Funds (SMSF) and other ancillary services.
Visit the company at gologiq.com or follow on twitter: $GOLQ and @gologiq.
Important Cautions Reading Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of United States securities legislation that relate to GoLogiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond GoLogiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to apply to and meet the listing standards and approvals for Nasdaq, NYSE, or other senior exchange, our ability to successfully locate and consummate any contemplated strategic transactions, our ability to successfully complete a merger or acquisition with Bateau Asset Management Pty Ltd, CPG Research & Advisory Pty Ltd, Nest Egg Investments, Shape Super Australia Pty Ltd., APPLI Pty Ltd, or other entity, any approval of the merger or acquisition with Nest Egg Investments or other entity by the Financial Industry Regulatory Authority (FINRA), any regulatory approval required of Nest Egg Investment’s subsidiary BeyondTrade Securities, Inc.’s pending name change to Nest Egg Securities, Inc., the structure of any such transaction, timing of such transaction, and the valuation of the businesses after completion of any such transaction, if any, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings. The Nest Egg Investment transaction discussed herein is subject to mutual deliveries and other closing conditions, and this transaction has not closed as of the date of this press release.
GoLogiq undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for GoLogiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
GoLogiq Contact:
Brent Suen
Interim CEO
GoLogiq, Inc.
Email Contact
GoLogiq Investor Relations:
Ron Both
CMA Investor Relations
Tel (949) 432-7566
Email contact
GoLogiq Media & ESG Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
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