ISX Independent report comes out clean

ASX – “11 minutes” notice• ASX Suspension: The ASX has thus far refused to lift the suspension of iSignthis’ securities, despite an abundance of disclosure

regarding the Company’s activities since the 2nd October 2019 “price volatility” suspension, including:

• More than 2,000 pages of responses to numerous 2019 and 2020 ASX query letters;

• iSignthis’ response to the ASX authored “Statement of Reasons”;

• iSignthis’ amended Statement of Claim lodged in the Federal Court alleging misleading and deceptive conduct and breach of s1041H of the Corporations Act by the ASX and detailing the facts; and

• Compliance with all four ASX 4th May 2020 directions, with the.

• Independent expert report on ISX continuous disclosure having found that it:

• “...did not identify any contract entered into by ISX with customers since 1 January 2018 that has not been disclosed and that, in our opinion, was of such a nature that a reasonable person would have expected information about the contract to affect the price or value of ISX's shares. ”

• ASX Legal Update: On the 5th December 2019, ISX commenced civil/commercial legal proceedings against ASX Limited for damages for a prolonged suspension without merit.

  • Last month, the Company submitted its first statement of claim for $27million. The quantification of the next claim is above $30m, and will be lodged with the court within weeks. Further claims are in preparation.

  • Due to COVID-19 the case may not be heard until mid to late 2021. The claim will (unfortunately) continue to increase in the meantime unless suspension is lifted, which may mitigate some damage.

• iSignthis is a nascent Competitor of the ASX : As there is a conflict of interest between the ASX and ISX, we have applied to ASIC be supervised under Corporation Regulation 7.2.16 with regards to the ASX listing rules.

  • iSignthis is a competitor of the ASX by way of its joint venture in ClearPay Pty Ltd. ClearPay is contracted to provide clearing, settlement, identity and other related services to the NSXA (“DVP services”), a competitive Tier 1 market licensee. Those DVP services are currently provided by the ASX/ ASX subsidiaries to the NSX.

  • ASIC to respond within about 7 weeks.

• Trust: The ASX could suspend the Company again at any time, with the same “11 minutes” notice.
  
  
  Question is what's next??
  
  I think in my opinion now that ISX has met 4 of 4 task given by ASX. ASX has no legs to stand on.....ASX has to pay for damages.....
  
  Whats in it for NSX?
  
  Prefect opportunity to start taking away ASX clients and transforming NSX to the next BIG thing.....
  
  ASX reputation has been damaged.....
  
  This is way over due..... ASX has taken advantage of this for a very long time......
  
  Full report in todays ISX presentation.