TechFinancials is terminating the agreement with IBID for manage one of its B2C binary options trading brands
TechFinancials plc has issued an announcement to inform regarding the termination of the agreement with IBID Holdings Limited.
According to the Company release, TechFinancials announces that further to entering into a Joint Venture agreement with IBID Holdings Limited (‘Partner’), to manage one of the Company’s B2C binary options trading brands, the Company is terminating the Agreement due to a breach by the Partner.
TechFinancials is considering legal action against the Partner for violations, which include but are not limited to failure to transfer the initial investment amount.
Importantly, the Company confirms that the termination of the Agreement will have no material impact on the results for the current financial year and that trading of both its B2B and B2C divisions remains in line with market expectations.
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