Transaction Enables Company to Expand
Financial Services Offerings Throughout the U.K.
The Marygold Companies, Inc. (NYSE American: MGLD) (the
“Company”) (formerly, Concierge Technologies, Inc.) today announced
completion of the previously announced acquisition of Tiger
Financial & Asset Management Limited, (“Tiger”) a U.K. based
investment adviser, for £1.5 million (approximately US$1.9 million)
in cash, plus net current assets estimated to be £863,977
(approximately US$1.1 million) for a total aggregate price of
approximately US$3.0 million. The purchase price consideration is
to be paid in three installments with approximately US$1.7 million
at closing, and the remainder of approximately US$1.3 million paid
in approximately equal installments on December 31, 2022, and
December 31, 2023. (Conversion to U.S. currency noted above is
estimated and averaged as of June 13, 2022.)
The transaction was consummated through Marygold & Co. (UK)
Limited, a London-based business unit formed in 2021, and wholly
owned subsidiary of the Company.
Based in Boughton, Northampton, England, Tiger has approximately
£42 million (approximately US$53 million) in assets under advice.
The firm’s core business is managing clients’ financial wealth
across a diverse product range, including cash, national savings,
individual savings accounts, unit trusts, insurance company
products such as investment bonds and other investment vehicles.
Tiger’s founder and former owner, Keith Halford, and his team will
remain with the Company.
“The completion of this transaction paves the way for the
Company to expand our financial services into the U.K., as well as
introduce new services, such as the mobile fintech app being
developed by our U.S. subsidiary, Marygold & Co., that will
offer U.S. clients payment services and personalized banking that
provide a secure way to send, receive, spend, and save with no
banking fees or minimum requirements. The Marygold app is expected
to launch in the U.S. later this year,” said Nicholas Gerber, CEO
of The Marygold Companies. “Tiger is a great fit for us and is
expected to be immediately accretive. We welcome Tiger into The
Marygold Companies family.”
“I am delighted that Tiger has become part of The Marygold
Companies family and look forward to continuing to advise Tiger’s
clients and maintain the high standards of service they have come
to appreciate,” said Keith Halford.
“The acquisition of Tiger is a very important first step for
Marygold & Co. in the UK, giving us the initial regulatory
license to be able to grow and expand our advice services to new
clients,” said Matthew Parden, CEO of Marygold & Co. (UK)
Limited. “We are hugely encouraged by the coming opportunity to
leverage our highly transformative fintech capabilities within the
UK financial advice market, which is ripe for change.”
The Company’s other financial services subsidiaries include
Denver based Marygold & Co. (www.marygoldandco.com), formed in
2019 to explore opportunities in the financial technology sector,
and currently completing development of a mobile banking app, and
USCF Investments (www.uscfinvestments.com), whose entities serve as
fund manager and investment adviser to eleven exchange traded
products that have approximately $5 billion in assets under
management at March 31, 2022.
About The Marygold Companies, Inc.
The Marygold Companies, Inc., which changed its name from
Concierge Technologies, Inc. in March 2022, was founded in 1996 and
repositioned as a global holding firm in 2015. The Company
currently has operating subsidiaries in financial services, food
manufacturing, printing, security systems and beauty products,
under the trade names USCF Investments, Gourmet Foods, Printstock
Products, Brigadier Security Systems and Original Sprout,
respectively. Offices and manufacturing operations are in the U.S.,
New Zealand, U.K., and Canada. For more information, visit
www.themarygoldcompanies.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of U.S. federal securities laws. Words such as
“expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may” “will,” “could,” “should”
“believes,” “predicts,” “potential,” “continue” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements, including, but not
limited to expanding financial services offerings in the U.K.,
including the launch of the Company’s fintech mobile banking app,
involve significant risks and uncertainties that could cause actual
results to differ materially from the expected results and,
consequently, should not be relied upon as predictions of future
events. These forward-looking statements, including the factors
disclosed in the Company’s Annual Report on Form 10-K filed with
the Securities and Exchange Commission on September 22, 2021, and
in the Company’s other filings with the Securities and Exchange
Commission, are not exclusive. Readers are cautioned not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. Except as required by law, the Company
disclaims any obligation to update or publicly announce any
revisions to any of the forward-looking statements contained in
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220621005465/en/
Media and investors, for more Information, contact: Roger
S. Pondel PondelWilkinson Inc. 310-279-5965 rpondel@pondel.com
Contact the Company: David Neibert, Chief Operations
Officer 949-429-5370 dneibert@themarygoldcompanies.com
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