Xalles Holdings to Acquire Gateway Innovations
WASHINGTON, 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 executives
- A 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 project presents financially will provide a considerable asset and income value to Xalles.”
“The close working relationship that the Gateway and Xalles teams have developed will pay dividends for the Africa Fintech Center and the Ghana Cyber City project overall,” said Yaw Owusu, Managing Director of Gateway Innovations Limited. He added, “we look forward to finalizing the closing events on time and launching the next phase of the project.”
The agreement specifies a February 14, 2020 closing date for the transaction. Additional details of the projects will be released following the Closing event.
About Xalles Holdings Inc. (OTC: XALL)
Xalles Holdings Inc. is a holding company that focuses on direct investments in disruptive fintech companies. The company actively seeks acquisition targets in which it can invest and accelerate growth, targeting companies with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities. Xalles places emphasis on leveraging blockchain technologies to provide industry-leading financial reconciliation and auditing solutions, which, over time, will allow for the capture of recurring revenue streams. For more information visit: http://Xalles.com
About Gateway Innovations Limited
Gateway Innovations is the designer and owner of the Ghana Cyber City project. The Ghana Cyber City, based in Accra, Ghana, comprises intelligent workspace, company incubation infrastructure and resources, a data center, retail and housing, a high-tech campus, featuring local and international business colleges, and a marketplace for smart city solutions, including fintech, smart energy, edutech and health tech. For more information visit: http://GhanaCyberCity.com
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