Pires Investments PLC Completion of investment in decentralised finance (7793L)
15 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMPIRI
RNS Number : 7793L
Pires Investments PLC
15 January 2021
Pires Investments plc
("Pires" or the "Company")
Completion of investment in decentralised finance
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, announces that the
investment in DeTech Studio Limited ("DeTech") which is developing
a decentralised finance technology platform ("YOP") that was
announced on 2 December 2020, has now been completed.
Decentralised finance ("DeFi") is a fast-growing global network
of products running on the Ethereum network. DeFi provides products
for owners of cryptocurrency assets who wish to generate an
investment return from their assets. DeTech is developing a
platform that makes it easier for less technical users to engage
with DeFi. The platform is expected to be operational during the
first half of 2021.
As part of this investment, the Company has been issued with 4
million YOP tokens, of which 3 million are subject to lock-in
provisions for 12 to 18 months from 2 December 2020. Given that the
Company's focus is on investing in technology, it has used 2
million of its YOP tokens to subscribe for new shares in a digital
assets technology company, Pluto Digital Assets plc ("Pluto"), a
newly incorporated company which plans to focus on developing,
supporting, advising and investing into digital assets built on
Ethereum and other networks.
Pluto will primarily be focused on DeFi technologies and will be
supporting projects with advice on technology, community
development and networks. Pluto's team has strong relationships in
the sector which should provide access to projects at early stages.
Atif Yaqub, founder and director of DeTech, is also a founder and
director of Pluto.
The investment in Pluto represents an exciting new investment
into another technology company with a focus in the fast-growing
digital assets sector but will also enable the Company to reduce
the risk profile of an exposure to a single new cryptocurrency
token and, given the lock-up arrangements relating to the receipt
of the YOP tokens, potentially provide the Company with an earlier
opportunity to realise the value of its investment.
Further information on YOP can be found at https://yop.finance
and further information on Pluto can be found at
https://plutodigitalassets.com .
Peter Redmond, Chairman of Pires, commented:
"We are both pleased with the progress of YOP and, at the same
time, the opportunity to make another investment in the very
exciting and fast-growing digital assets sector. "
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 and the Directors of the
Company take responsibility for this announcement.
Enquiries :
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti
Joint Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Joint Broker
Tennyson Securities Tel: +44 (0) 20 7186 9030
Peter Krens
Financial media and PR
Yellow Jersey Tel: +44 (0) 20 3004 9512
Sarah Hollins
Henry Wilkinson
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence ("AI"),
Internet of Things ("IoT"), Cyber Security, Machine Learning,
Augmented Reality and Virtual Reality ("AR/VR") and Big Data, which
the Board believes demonstrate evidence of traction and the
potential for exponential growth, due to increasing global demand
for development in these sectors.
For further information, visit: https://piresinvestments.com/
.
Caution regarding forward looking statements
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to be, forward looking statements. Forward looking statements are
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assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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