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BRIEF-iSignthis Restates Funds Held On Behalf Of Merchants

Published 24/09/2019, 01:17 pm
© Reuters.  BRIEF-iSignthis Restates Funds Held On Behalf Of Merchants
ISX
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Sept 24 (Reuters) - iSignthis Ltd ISX.AX :

* COMPANY HAS BEEN WORKING PROACTIVELY WITH ASIC

* CONTINUES TO HOLD THESE CLIENT FUNDS, AWAITING FURTHER INSTRUCTIONS FROM ASIC VIA COURT, OR UNTIL COURT ORDERS ARE LIFTED

* ISIGNTHIS SAYS MERCHANTS NO LONGER ACTIVE CUSTOMERS OF CO, PROCESSING OF TRANSACTIONS AND REVENUE GENERATION CEASED OVER YEAR AGO IN MARCH 2018.

* COURT ACTION BY ASIC AND FREEZING OF FUNDS HAS NOT IMPACTED COMPANY'S P&L IN ANY WAY

* DISCLOSED MATTER OF CLIENT FUNDS OF 2 AUSTRALIAN FINANCIAL SERVICES LICENSED MERCHANTS MOVED FROM 'ON BALANCE SHEET' TO 'OFF BALANCE SHEET'

* RESTATES FUNDS HELD ON BEHALF OF MERCHANTS

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