Concierge Technologies Establishes U.K. Subsidiary As Holding Company for Potential U.K. and EU Acquisitions and Business Activities

Rhea-AI Summary

Concierge Technologies, Inc. (OTC: CNCG) announced the establishment of a new wholly owned subsidiary, Marygold & Co. (UK) Limited, to operate in London. Experienced financial services executive Matthew Parden has been appointed as president. This subsidiary will serve as a holding company for potential acquisitions and facilitate fintech services in the U.K. and EU, aiming to launch a mobile banking app. The app will offer secure transactions with no minimum deposits, and accounts will be FDIC-insured for U.S. residents. CEO Nicholas Gerber highlighted the strategic importance of this development for global expansion.

Positive

• Formation of Marygold & Co. (UK) Limited to expand market presence in the U.K. and EU.
• Appointment of Matthew Parden, a seasoned executive, to lead the new subsidiary.
• Strategic planning for future acquisitions using existing business units as a foundation.
• Introduction of a free banking app targeting secure transactions with no minimum deposits.

Negative

• None.

Experienced Financial Services Executive Matthew Parden Appointed U.K. Subsidiary President

San Clemente, Calif., Aug. 02, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Concierge Technologies, Inc. (OTC: CNCG), a diversified global holding firm, today announced it has created a new wholly owned subsidiary in London, England -- Marygold & Co. (UK) Limited -- and that it has appointed Matthew Parden to lead the new operation as president.

The new business unit was formed to be the holding company for acquisitions that may be consummated in the region, along with other regional business activities by Concierge Technologies and its wholly owned U.S.-based development stage subsidiary, Marygold & Co., which is targeting an introduction of a mobile app for its fintech services business in the U.K. and EU next year.

Marygold & Co. is completing the development of a free banking and financial services app for sending, receiving, spending and saving securely through mobile devices. Interest will be earned on all deposits, with no minimums or credit checks required. Accounts will be FDIC-insured for U.S. residents.

Nicholas Gerber, CEO of Concierge Technologies, said, “We are delighted to have established our U.K. presence through the formation of Marygold & Co. (UK) Limited, paving the way for potential expansion of the company’s financial services offerings, including our asset management and advisory services business, and the fintech app that Marygold & Co. plans to introduce, on a global scale. We are fortunate in being able to attract an experienced financial services executive such as Matthew Parden to head this growth initiative for Concierge Technologies, which we anticipate will include acquisitions, using our existing business units as a foundation.”

Mr. Parden previously was chief executive officer of London-based financial planning and wealth management firm Aspinalls, a position he held from 2015 to 2020.  Prior to that, for 17-years, he was employed at Duncan Lawrie Private Bank, also headquartered in London, including four years as its CEO. Mr. Parden is a chartered accountant (FCA) and qualified financial adviser (Dip PFS) with experience in regulated and unregulated financial advice, onshore and offshore private banking, private client investment management, audit, tax, and mergers & acquisitions.

About Concierge Technologies, Inc.

Concierge Technologies, originally founded in 1996, was repositioned as a global holding firm in 2015, and currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products. Offices and manufacturing operations are in the U.S., New Zealand and Canada. For more information, visit www.conciergetechnology.net.

Forward-Looking Statements

This press release may contain "forward-looking statements" that include information relating to Concierge Technologies’ future events. Such forward-looking statements, including, but not limited to, Marygold & Co. (UK) Limited consummating potential acquisitions and other business activities in the U.K. and EU, and anticipated introduction of Marygold & Co.’s financial services business in the U.K. and EU next year, should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "looks to," "will," "should," "plan," "intend," "on condition," "target," "see," "potential," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov or the Company’s website at www.conciergetechnology.net.

Media and investors, for more Information, contact:

Roger S. Pondel

PondelWilkinson Inc.

310-279-5980

rpondel@pondel.com

Contact the Company:

Nicholas Gerber, CEO

949-429-5370

ngerber@conciergetechnology.net

FAQ

What is the purpose of creating Marygold & Co. (UK) Limited by CNCG?

The purpose is to serve as a holding company for acquisitions and facilitate fintech services in the U.K. and EU.

Who has been appointed as the president of Marygold & Co. (UK) Limited?

Matthew Parden has been appointed as the president.

What services will the new mobile app from Marygold & Co. provide?

The app will offer free banking and financial services for secure transactions, including sending, receiving, spending, and saving.

What are the expected benefits of the new subsidiary for CNCG shareholders?

The subsidiary aims to enhance market expansion and potential revenue growth through acquisitions and fintech services.

When is Marygold & Co. expected to launch its financial services app?

The app is anticipated to launch in the U.K. and EU next year.