1st November 2022 :“The Board of ISX Financial EU Plc (“ISXF”) decided that continuing funding of the case against the ASX Ltd was not in the economic interest of its shareholders, and has elected to instead reinvest into its business, at far more compelling economic returns.
The Parties to the Proceeding have agreed to seek orders from the Federal Court of Australia that the Proceedings be dismissed with no order as to costs.
ISXF will now continue to plot its own course toward further growth and expansion without the burden of litigation, which would have likely extended across several years, tied up substantial capital and been a significant management distraction. Capital, which was freely abundant in a low interest rate environment, is now a more scarce resource and we need to take cognisance of that as a board.
The key objectives of achieving the demerger, stabilising the business, and re-focussing on profitable growth have thus far been achieved. ISXF now looks forward to growing its core business within the EU and UK, and expanding into North America.”
Group operating subsidiaries include ISX Financial UK Ltd, ISX Financial EU PLC (CY), Probanx Solutions Ltd (CY) & UAB Probanx Solutions (LT), UAB Authenticator (LT), ISX Technologies Inc (USA). ISX Financial UK Ltd, trading as Flykk, ISX Money and ISXPay, is a FCA UK Authorised eMoney Institution FRN 901034. ISX Financial EU PLC, trading as Flykk, ISX Money and ISXPay, is authorised by the Central Bank of Cyprus # 22.214.171.124 as an E.E.A Authorised eMoney Institution and UK FCA FRN 900871 .
℗ Patent applications pending/granted in Africa, Australia, Asia, The Americas, Europe and Oceania. ISX Financial®, ISXPay®, Probanx®, Flykk® & Paydentity™ are registered trademarks of ISX IP Ltd.