NEW YORK, Feb. 7, 2019 /CNW/ --DelphX Capital Markets Inc. (TSXV:DELX) ("DelphX") today announced that it has agreed with a number of its vendors to pay non-cash payments, in the collective form of 1,035,294 newly-issued DELX common shares (the "Shares") at a price of $0.34 per share, pending approval by the TSX Venture Exchange. The Shares will be subject to a 4-month-plus-1-day hold period from the date of issuance.
Issuance of the Shares will not create a new Control Person, and will increase the total number of common DELX shares outstanding to 81,748,670 with no preferred shares outstanding.
DelphX is a technology and financial services company focused on optimizing fixed income markets. Its Cloud-based platform employs distributed ledger technology, actuarial science and reinsurance protocols to enable fixed income dealers to offer new Rule 144A securities that optimally diffuse credit risk. The new DelphX platform will be regulated by the SEC and enable dealers to competitively structure, sell and make markets in:
Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security; and
Covered Reference Notes (CRNs) that enable credit investors to take on the default exposure of a single underlying security or optionally participate in a pool of diversified risks that broadly diffuses the impact of credit events.
All CPOs and CRNs will be collateralized by investment grade assets held in custody by an independent custodian and transparently administered within DelphX's immutable distributed ledger. A traditional book-entry record of each security will also be maintained in parallel by an independent issuing and paying agent to provide additional transparency and efficiency.
This news release contains certain "forward-looking statements" including, without limitation, statements regarding the launch of the DelphX platform. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: the state of the capital markets, tax issues associated with doing business internationally, the ability of DelphX to successfully manage the risks inherent in pursuing business opportunities in the financial services and Blockchain industry, and the ability of DelphX to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. Any forward-looking statement reflects information available to DelphX as of the date of this news release and, except as may be required by applicable securities laws, DelphX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE DelphX Capital Markets Inc.
For further information: Larry Fondren, Founder & CEO, DelphX Capital Markets Inc., [email protected], http://www.DelphX.com