Irvine, CA, Aug. 27, 2021 (GLOBE NEWSWIRE) -- FDCTech, Inc. ("FDC" or the "Company," FDCT), a fully integrated financial technology company with a full suite of digital financial services solutions, today announced that it had terminated effective immediately the Stock Purchase Agreement (the "Agreement"), dated June 2, 2021, with the Shareholders of Genesis Financial, Inc., a Wyoming corporation ("Genesis" or "Seller").
The Company could not complete nor qualify the Agreement as Genesis could not comply with several non-exhaustive material provisions, covenants, or conditions. Among other items, it included releasing liens, defaults settlement, payoff letters, discharges of liens, releases of guarantees, and other disclosures required by the Agreement.
Mr. Warwick Kerridge was also relieved of his position as Chairman of the Board of the Company, and that Mr. Eaglstein, the former Chairman of the Board, was appointed interim Chairman of the Board.
"While we are disappointed that the transaction could not close despite working diligently to remedy the outstanding issues, the Company's future outlook looks promising. We will continue to pursue our fintech-driven acquisition strategy in the United States and globally to enhance the value of our shareholders," said FDC Founder, Acting Chairman, and CEO Mitchell M. Eaglstein.
FDCTech, formerly known as Forex Development Corporation, is a fully integrated financial technology company. FDC delivers trading platform, back-office, liquidity, dealing desk, and prime brokerage solutions to forex market participants seeking access to retail and institutional spot forex markets.
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