Business
FDCTech's Subsidiary Genesis Financial, Inc. Reaches Agreement to Sell Mortgage Broking Business for Over $1.75 million
FDCTech's Subsidiary Genesis Financial, Inc. Reaches Agreement to Sell Mortgage Broking Business for Over $1.75 million.
About this update from Fdctech, Inc.
[{"type":"text","content":"\n Through its Australian subsidiary, Genesis has reached an agreement to divest its mortgage brokering business — Interactive Mortgage and Finance Pty Ltd (IMF), to provide surplus capital to acquire complementary companies in wealth management, digital assets, and financial brokerage. Irvine, CA, June 17, 2021 (GLOBE NEWSWIRE) -- FDCTech, Inc. (\"FDC\" or the \"Company,\" OTCQB: FDCT), a fintech company with a full suite of digital financial services solutions, today announced that its subsidiary Genesis Financial Inc. (\"Genesis\") had reached an agreement to sell Interactive Mortgage and Finance Pty Ltd (\"IMF\"), a non-core asset in the mortgage broking business to Haisto Consulting Pty Ltd. (\"Buyer\"). Under the terms of the Agreement, and subject only to final due diligence by the parties, the Buyer will acquire 100% of IMF in consideration of the payment of the sum of $1.75 million (AUD 2.3 million). In addition, Genesis will retain a working relationship for the promotion of mortgage services with the Buyer. The acquisition highlights include but not limited to: Enables Genesis to concentrate on its core activities in the financial planning and advisory sectors in Australia,Retains the ability of our 114 in-house financial advisors with over $540 million under advice and dealing group to cross-sell mortgage broking services through the Buyer,Proceeds from the sale of IMF will enable FDCTech to acquire other profitable dealer groups in Australia, resulting in a positive step-change in revenue, assets under advice, and assets under management, andAn ongoing relationship with the Buyer, with a vast and robust distribution network, provides further organic growth opportunities and synergies. \"We are pleased to reach terms with Mr. Williams and his team, who have a very successful background in the distribution of financial and educational products in Australia. This transaction will realize a significant cash injection to the Australian subsidiary and enable us to focus on the core activities in line with FDCTech's overall corporate acquisition strategy,\" said Nick Brookes, Executive Director of Australian operations. He further added, \"Our colleagues at Genesis should be commended for their efforts, along with those of our team, to achieve this turning point for the Australian operations.\" \"I believe that the a...