#VELA TECHNOLOGIES PLC – INVESTEE CO. CORNERSTONE #CSFS – COMPLETION OF SALE OF AVILA HOUSE LTD. April 27, 2023 – Posted in: Blog, Vela Technologies Plc (VELA) – Tags: Aspire Commerce Ltd, completion of Sale of Avila House, Cornerstone FS PLC, csfs, vela, vela technologies

Further to the Company’s announcement of 23 December 2022, Cornerstone FS Plc (AIM: CSFS), a foreign exchange and payments company offering multi-currency accounts to businesses and individuals, is pleased to announce the completion of the sale of Avila House Ltd. (“Avila”) to Aspire Commerce Ltd. (“Aspire”) following the receipt of regulatory approval from the Financial Conduct Authority. In accordance with the terms of the share purchase agreement, the Company has now received £300,000 in cash in consideration for Avila.

Additionally, the Company confirms that it commenced, in January 2023, generating revenue under its 12-month software licencing agreement with Aspire, as described in the Company’s announcement of 23 December 2022.

James Hickman, CEO of Cornerstone, said: “We are pleased to have completed this sale and to realise value from the disposal of a subsidiary that could no longer contribute to our business. This deal is particularly strong as we are also generating revenue from licencing our platform to the buyer. The proceeds will be used to bolster our existing cash resources as we continue to drive our business forward.”  

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