Position Mobile's Fate Remains Uncertain: Winding Up, Court-Ordered Buy-Out Both Options In Next Year's Trial

2024-12-19 01:31:29

(MENAFN- PR Newswire)

GEORGE TOWN, Cayman Islands, Dec. 19, 2024 /PRNewswire/ -- On October 29th, 2024, a Judge in the financial Services Division of the Grand Court has ruled on a timetable to decide whether the company Position Mobile Ltd SEZC ('Position Mobile'), a joint venture between a subsidiary company of Genimous technology Co., Ltd. and Genimous investment (Hong Kong) (collectively 'Genimous'), and Technology Investment Consortium LLC ('TIC'), should be wound up and, if so, on which grounds, or whether an alternative form of relief is more appropriate. One alternative relief at the court's discretion is to order the Genimous entities to buy TIC's shares at a valuation to be determined at trial. These matters regarding Position Mobile are set to be decided over a 12-day trial, in Q4 of 2025. Sources include judicial and
technologyinvestmentconsortium .

About TIC and Position Mobile: Position Mobile is a Cayman Islands company created to develop and market mobile apps. Technology Investment Consortium LLC is co-founder of and largest single shareholder in Position Mobile.

About Genimous Technology Co., Ltd.: Genimous Technology Co., Ltd is a listed company on the Shenzhen stock exchange in the PRC. It is chaired by Hongda Lu, a former member of the IPO committee of the CSRC who also chairs GuoGuang Electric Co., Ltd.
Genimous, as well as its US and Cayman subsidiaries, count Yahoo and other advertising networks as key partners to monetize its portfolio of apps, including multiple apps from Position Mobile.

SOURCE Technology Investment Consortium, LLC

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