Harshawardhan Shetty is gone from GIFX! Filings are eminent!
SAN DIEGO, Calif., Feb. 04, 2019 (GLOBE NEWSWIRE) -- Gifa, Inc., a Nevada corporation ("GIFA," the “Company,” “we,” and “our”) (SYMBOL: “GIFX”) announced that GIFA completed three major corporate transactions.
On September 30, 2018 the Company completed the following two transactions:
A.The Company acquired (the “Acquisition”) nearly all of the outstanding capital stock of GIFA Holding Limited, a company domiciled in the Turkish Republic of Northern Cyprus (“Gifa Holding”). The Acquisition was accomplished via the Company’s issuance of certain shares of its newly-designated Series A Voting Preferred Stock in exchange for nearly all of the outstanding common stock of Gifa Holding in a tax-free reorganization.
B.The Company completed the divestiture (the “Divestiture”) of all of the 10,000 shares of the capital stock that it owned in its then wholly-owned subsidiary, Firefish Private Networks Limited, a company domiciled in the Republic of India (“Firefish Networks”). The Divestiture was accomplished as a tax-free transaction that also resulted in the discharge of approximately $267,000 of debt represented by an outstanding promissory note that the Company had previously issued to the Company’s founder, Harshawardhan Shetty, M.B.A.
C.As a result of the Acquisition and the Divestiture and as of September 30, 2018 and currently, the Company’s principal asset and all of its operations are the assets and operations conducted by its subsidiary, Gifa Holding and the subsidiaries of Gifa Holding.
In addition and on January 16, 2019, the Company’s subsidiary, Gifa Holding, completed the following acquisition:
A.Gifa Holding acquired (the “Grandex Acquisition”) nearly all of the outstanding capital stock of Grandex Finance Limited, a company domiciled in the Turkish Republic of Northern Cyprus (“Grandex”). The Grandex Acquisition was completed as a cash purchase of the Grandex stock. Grandex is based in Lefkosa in the Turkish Republic of Northern Cyprus. Grandex is in the direct lending business of providing payday loans, short term loans, and installment loans generally in the Turkish equivalent of up to $10,000 (U.S.) in the Lefkosa market area.
Grandex offers its customers fast loan processing without application fees or late payment fees and with average monthly interest rates of about 30% on outstanding balances. Customers are also offered several repayment options and may be able to qualify for higher loan amounts as well.
