RNS Number : 6039R

Tintra PLC

07 July 2022


7 July 2022


("Tintra", the "Group" or the "Company")

Filing of further UK Patent Application to Protect Web3 Intellectual Property

Notice of AGM

Update on Funding Round

Filing of Patent

The board of directors (the "Board") of Tintra , the rapidly innovating Deep Tech & Banking business, is pleased to announce that it has filed a further UK patent application (the "Patent") to protect intellectual property that it has created as part of its rapid research and development program.

The newly filed invention extends the Company's previous application, GB2208742.3, which related to the linking of regulated and unregulated digital wallets when there is established common ownership, particularly in the context of Web 3.0.

The new filed patent, entitled, "Method And System For Obfuscating Sensitive Personal Data In Processes Requiring Personal Identification In Unregulated Platforms", presents a system and method which enables verification of personal data linked to a wallet address on a public ledger of an unregulated platform.

The Company will be seeking international patent protection for its intellectual property, taking into account different patent regulations.

Notice of AGM and Full Year Results

The Annual General Meeting for the year ending 31 January 2022 will be held at 9.30 am on 29 July 2022 at The Athenaeum Hotel, Green Park Conference Suite, 1st Floor, 116 Piccadilly, London W1J 7BJ (the "AGM"). The notice of the AGM will be published today on to the Company's website in accordance with the electronic communications provisions of the Company's Articles of Association.

The Company's audited annual report and accounts for the year to 31 January 2022 (the "Annual Report") will be published, and final results for the same period announced, during the week commencing 25 July 2022 , as a result, Resolutions 1, 8 and 9, related to the contents of the Annual Report, will be adjourned during the AGM until mid-August, for which a separate notice will be provided in due course.

Update on Funding Round

As set out in the Company's strategy update announced on 4 November 2021, when the second funding round was announced, the Company anticipated three funding rounds to be undertaken during the financial years to 31 January 2022 & 2023. The first of the three being the initial funding provided by Tintra Acquisitions Limited, announced on 25 March and 15 July 2021.

This same announcement of 4 November 2021 stated that each funding round would be at a higher valuation and for a larger amount.

As such, after careful consideration on the outcomes of the 90-Day Plan referenced in last month's announcement the Board has decided to consider the second funding round closed.

By extension, the material leaps forward during Q2 2022 means that the Company is further along than anticipated at this point in its roadmap, and as such feels that it is in a position to commence the third funding round with new terms as described in the announcement of 4 November 2021.

The Company anticipates commencing the process of this funding round during late July with a view to closing by the end of October. The next funding round is intended to provide capital sufficient for the next phase which includes the build of the technology platform and finance required for the applications and awards of the licences and authorisations for the regulated activities which have already been submitted (and previously announced).

Richard Shearer, the Company's Chief Executive, said "As I commented last month the results of our most recent 90-Day Project, even with dozens of quite brilliant minds working at full capacity, exceeded our expectations.

The resulting 500-page Go-Forward Plan has since then been used to build an action strategy against required deliverables. It is that document that informs the view we have taken about our next funding round.

We expected at this stage to still be in a discovery phase, however we have progressed to a point where we now have hit key indicators in our road map earlier than antipated. These include patent filings, our first major banking licence award being in clear view along with the better than expected first steps in our UK pre-application process.

Yesterday an internal all-hands meeting discussed the results of these processes and as such we are during this month planning to finalise an investor pack to seek investment based on these new fundamentals. "

For further information, contact:

 Tintra PLC 
  (Communications Head) 
  Hannah Haffield 
  Website www.tintra.com                     020 3795 0421 
   Allenby Capital Limited 
   (Nomad, Financial Adviser & Broker) 
   John Depasquale / Nick Harriss / Vivek 
   Bhardwaj                                    020 3328 5656 

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(END) Dow Jones Newswires

July 07, 2022 02:00 ET (06:00 GMT)

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