FDCTech to acquire 100% equity interest in Genesis Financial

FDCTech Inc. entered into a nonbinding letter of intent to acquire a 100% equity interest in Genesis Financial Inc., a diversified financial services company.

Pursuant to the letter, the company will acquire 100% of Genesis' issued and outstanding securities in a stock-for-stock transaction. Genesis stockholders will receive restricted shares as consideration.

Genesis is focused on fintech-powered wealth management and a direct-to-consumer lending platform. It operates its business mainly through two Australian regulated entities in the wealth management and tax and accounting advisory services.

Upon completion of the acquisition, Genesis will become a wholly owned subsidiary of FDCTech.

Garden State Securities Inc. acted as FDCTech's adviser to the agreement.