GIFA, Inc. Announces Acquisition of GIFA Holding Limited, the Divestiture of Firefish Private Networks Limited and More Recently, the Acquisition of Grandex Finance Limited
SAN DIEGO, Calif., Feb. 04, 2019 (GLOBE NEWSWIRE) -- Gifa, Inc., a Nevada corporation (“GİFA,” the “Company,” “we,” and “our”) (SYMBOL: “GIFX”) announced that GIFA completed three major corporate transactions.
On September 30, 2018 the Company completed the following two transactions:
a. The Company acquired (the “Acquisition”) nearly all of the outstanding capital stock of GIFA Holding Limited, a company domiciled in the Turkish Republic of Northern Cyprus (“Gifa Holding”). The Acquisition was accomplished via the Company’s issuance of certain shares of its newly-designated Series A Voting Preferred Stock in exchange for nearly all of the outstanding common stock of Gifa Holding in a tax-free reorganization. b. The Company completed the divestiture (the “Divestiture”) of all of the 10,000 shares of the capital stock that it owned in its then wholly-owned subsidiary, Firefish Private Networks Limited, a company domiciled in the Republic of India (“Firefish Networks”). The Divestiture was accomplished as a tax-free transaction that also resulted in the discharge of approximately $267,000 of debt represented by an outstanding promissory note that the Company had previously issued to the Company’s founder, Harshawardhan Shetty, M.B.A. c. As a result of the Acquisition and the Divestiture and as of September 30, 2018 and currently, the Company’s principal asset and all of its operations are the assets and operations conducted by its subsidiary, Gifa Holding and the subsidiaries of Gifa Holding.
In addition and on January 16, 2019, the Company’s subsidiary, Gifa Holding, completed the following acquisition:
a. Gifa Holding acquired (the “Grandex Acquisition”) nearly all of the outstanding capital stock of Grandex Finance Limited, a company domiciled in the Turkish Republic of Northern Cyprus (“Grandex”). The Grandex Acquisition was completed as a cash purchase of the Grandex stock. Grandex is based in Lefkosa in the Turkish Republic of Northern Cyprus. Grandex is in the direct lending business of providing payday loans, short term loans, and installment loans generally in the Turkish equivalent of up to $10,000 (U.S.) in the Lefkosa market area. Grandex offers its customers fast loan processing without application fees or late payment fees and with average monthly interest rates of about 30% on outstanding balances. Customers are also offered several repayment options and may be able to qualify for higher loan amounts as well.
About GIFA, Inc.
We are a small company and we are subject to all of the risks and uncertainties of an early-stage business enterprise. We were originally incorporated in the State of Nevada on April 29, 2008 under the name Firefish, Inc. From April 2008 to September 30, 2018 our principal assets and operations were those of Firefish Private Networks Limited, our then-existing wholly-owned subsidiary (“Firefish Networks”) through which we primarily offered mobile and internet marketing services to retailers and educational services to young learners and young adults. In addition, we hosted an annual English, Math and Science competency competition referred to as the Primary Olympiad and we built a robust social networking platform with wide ranging features together with a text advertising services to retailers in India. As a result of the Divestiture (of Firefish Networks) and the Acquisition (of Gifa Holding) on September 30, 2018 together with the recently completed Grandex Acquisition, we are focusing our managerial, financial, and marketing resources on the business conducted by Gifa Holding.
As previously reported and on September 26, 2017 we completed certain changes that resulted in the election Mr. Ilksen Yesilada and Mr. Yusuf Kisa as Directors of the Company. Coincidentally an aggregate of 66,550,660 shares of our Common Stock that were originally issued to Mr. Shetty, our founder, were returned to the Company as treasury stock. We also issued an aggregate 100,000,000 shares of common stock to persons associated with Mr. Yesilada and later filed an Amendment to our Articles of Incorporation to change the Company’s name to GIFA, Inc. and to reduce the number of authorized Common Stock to 500,000,000 shares and to authorize 10,000,000 shares of Preferred Stock. We previously filed our 2016 Annual Report on Form 10-K and certain Quarterly Reports on Form 10-Q. As circumstances allow, we anticipate that we may be filing additional Reports for the 2017 and 2018 calendar periods in the near future.
THIS PRESS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”. FORWARD-LOOKING STATEMENTS ARE STATEMENTS CONCERNING ESTIMATES, PLANS, OBJECTIVES, GOALS, STRATEGIES, EXPECTATIONS, INTENTIONS, PROJECTIONS, DEVELOPMENTS, FUTURE EVENTS, PERFORMANCE OR PRODUCTS, UNDERLYING (EXPRESSED OR IMPLIED) ASUMPTIONS AND OTHER STATEMENTS THAT ARE OTHER THAN HISTORICAL FACTS. IN SOME CASES FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING WORDS SUCH AS “ESTIMATED,” “BELIEVES,” “EXPECTS,” “MAY,” “WILL,” “SHOULD,” OR “ANTICIPATES,” OR THE NEGATIVE OF THESE WORDS OR OTHER VARIATIONS OF THESE WORDS OR COMPARABLE WORDS, OR BY DISCUSSIONS OF PLANS OR STRATEGY THAT INVOLVE RISKS AND UNCERTAINTIES. MANAGEMENT WISHES TO CAUTION THE READER THAT THESE FORWARD-LOOKING STATEMENTS, INCLUDING, BUT NOT LIMITED TO, STATEMENTS REGARDING THE COMPANY AND ITS PLANS OR INTENTIONS, ESTIMATES, GOALS, COMPETITIVE TRENDS AND OTHER MATTERS THAT ARE NOT HISTORICAL FACTS ARE ONLY PREDICTIONS. NO ASSURANCES CAN BE GIVEN THAT SUCH PREDICTIONS WILL PROVE CORRECT OR THAT THE ANTICIPATED FUTURE RESULTS WILL BE ACHIEVED. ACTUAL EVENTS OR RESULTS MAY DIFFER MATERIALLY EITHER BECAUSE ONE OR MORE PREDICTIONS PROVE TO BE ERRONEOUS OR AS A RESULT OF OTHER RISKS FACING THE COMPANY. FORWARD-LOOKING STATEMENTS SHOULD BE READ IN LIGHT OF THE CAUTIONARY STATEMENTS SET FORTH HEREIN AND THOSE SET FORTH IN OUR MOST RECENT FORM 10-K, INCLUDING, BUT NOT LIMITED TO “THE FACTORS THAT MAY AFFECT FUTURE RESULTS” SHOWN AS ITEM 1A IN OUR FORM 10-K AND THE RISKS ASSOCIATED WITH AN EARLY-STAGE COMPANY THAT HAS LIMITED ASSETS AND OPERATIONS, THE COMPARATIVELY LIMITED FINANCIAL RESOURCES OF THE COMPANY, THE INTENSE COMPETITION THE COMPANY FACES FROM OTHER ESTABLISHED COMPETITORS, AND THE LEGAL UNCERTAINTIES THAT DIRECTLY AND INDIRECTLY IMPACT DEVELOPMENT-STAGE COMPANIES. ANY ONE OR MORE OF THESE OR OTHER RISKS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FUTURE RESULTS INDICATED, EXPRESSED, OR IMPLIED IN SUCH FORWARD-LOOKING STATEMENTS. WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENT TO REFLECT EVENTS, CIRCUMSTANCES, OR NEW INFORMATION AFTER THE DATE OF THIS PRESS RELEASE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED OR OTHER SUBSEQUENT EVENTS.
For further information contact: William M. Aul Gifa, Inc. Bill@Aullaw.net