Business
Xalles Holdings to Acquire Gateway Innovations
Xalles Holdings to Acquire Gateway Innovations.
About this update from Xalles Holdings Inc.
[{"type":"text","content":"Xalles Holdings to Acquire Gateway InnovationsWASHINGTON, DC and ACCRA, GHANA, January 16, 2020 (NEWMEDIAWIRE) -- Xalles Holdings Inc. (OTC: XALL), a fintech holding company leveraging blockchain technology for financial reconciliation and payment auditing solutions, today announces that it has executed a Share Exchange Agreement to acquire Gateway Innovations Limited, an Accra, Ghana-based company investing in the fintech and information technology market in Africa.Under the Share Exchange Agreement, Gateway Innovations Limited will become a wholly owned subsidiary of Xalles Holdings Inc. in exchange for restricted shares in Xalles Holdings.Gateway Innovations was incorporated in Ghana to develop high impact technology parks in Africa. Its mission is to develop technology infrastructure and smart city solutions marketplace designed to maximize the productivity of businesses in West Africa. The company’s first project, the Ghana Cyber City, comprises:Intelligent workspace for leasing to innovative companies.Infrastructure and resources to incubate and accelerate new ventures, especially in fintech.Data Center: A top-tier collocation center for data and server storage and management.An outlet for technology retailers and apartment for knowledge workers and executivesA high-tech campus, featuring local and international business colleges.A marketplace for smart city solutions, including fintech, smart energy, edutech and health tech.With land being leased-long term from the University of Ghana, the $200 million Ghana Cyber City venture is slated to become West Africa’s premier innovation hub. Gateway has already prepared a masterplan, site plan and financing plan, with more than a dozen anchor tenants committed for Phase I of the project. Xalles will bring its fintech expertise to the project to help create a unique fintech-oriented center in Africa, to be named the Africa Fintech Center.“We are pleased to announce this acquisition as a step towards establishing a series of strategic global fintech centers and even more pleased that the first of its kind will be based in the high growth market of Ghana in West Africa,” stated Thomas Nash, Xalles Holdings CEO. He continued, “I have known and worked with Gateway’s founders since 2006 and the combined skills and experience of the management team plus the unique opportunity this proje...