RYVYL Initiates coyni Spin-Off and Value Creation Strategy
SAN DIEGO, CA, April 12, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, today announced it has initiated a spin-off plan for our wholly-owned subsidiary coyni inc., the Company’s stablecoin technology, that will assist in the broad value creation strategy by means of a special dividend to be paid following the anticipated completion of the spin-off.
As previously discussed in a July 2021 press release, the Company believes the separation of coyni from the Company’s payment processing business will allow each business to better focus on its own strategic and operational objectives. RYVYL and coyni intend to maintain a strong relationship moving forward. The Company has identified and expects to acquire the vehicle in the coming weeks to proceed with the planned spin-off into a publicly traded company. The Company has also identified the investment banking team for the proposed transaction and is in the process of evaluating mergers with possible partners.
coyni features one of the industry's few stablecoins backed one-to-one by the U.S. dollar, with near real-time attestation. With coyni, users can confidently execute secure peer-to-peer, consumer-to-business or business-to-business transactions with near instant funds availability. The assets of the anticipated spin-off entity include the smart contract token technology, coyni branding, and revenues.
“The digital payments and banking arena continues to evolve quickly with companies jockeying for position to grab as much of the lucrative financial transaction market as possible,” said Ben Errez, Chairman of RYVYL Inc. “While we have made great strides with our payment processing business, we believe now that we have identified the best path forward to create value for our shareholders through the spin-off of coyni as a public company with the goal of establishing it as the premier stablecoin in the market. We believe the growth trajectory of coyni will unlock significant shareholder value that RYVYL shareholders will be able to participate in after a Board approved special dividend issuance upon completion of the spin-off.”
RYVYL will provide additional details during its financial results conference call, the timing of which will be announced shortly. Please continue to monitor the Company’s press releases at https://investors.ryvyl.com/news-events/press-releases/ for additional information.
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni® stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com
Cautionary Note Regarding Forward-Looking Statements.
This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing of the filing of the aforementioned periodic reports. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports will take longer than expected and that additional information may become known prior to the expected filing of the aforementioned periodic reports with the SEC. Other risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Investor Relations Contact:
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
RVYL@mzgroup.us
www.mzgroup.us
