DigitalX Limited
(ASX: DCC)

RESEARCH REPORT
May 30, 2016

Target Price: A$0.65
Recent Price: A$0.17

Market Data

Fiscal Year June
Industry Blockchain/Financial Services
Market Cap A$29.4M
Price/Earnings (ttm) N/A
Price/Book (mrq) 5.1x
Price/Sales (ttm) 0.6x
Top 20 Holder % 69.9%
Shares Outstanding 178.1M
Equity Float 53.6M
Avg. Volume (3 mo.) 293,617
As of May 25, 2016

Income Statement Snapshot

Revenue (TTM) US$38.7M
Net Loss (US$5.4M)

Balance Sheet Snapshot

Cash (MRQ) US$3.0M
Debt (MRQ) $0.0M

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This Company Profile contains information about DigitalX Limited, (“the Company”, “DigitalX”, “DCC”) a publically traded company on the Australian Securities Exchange (ASX: DCC), and its products - AirPocket and DigitalX Direct.

DigitalX is a blockchain-based software solutions company aimed at disrupting the payments industry. Its secure and cost-effective application, AirPocket, is designed to be a premier product in the international value transfer and money remittance space. AirPocket is entering commercial use for the execution of mobile recharge transactions between certain countries as described herein. Additional feature sets, such as money remittance, are expected to launch in 2Q16.

The Company currently generates revenue from DigitalX Direct, a dynamic, real-time Bitcoin platform. Through DigitalX Direct and its market making activities, the Company transacts for its own account purchases and sales in virtual currencies with institutional investors and large commercial operators.

We are applying a 1.5x EV/S multiple to our FY17E revenue projection of $67.3 million and our year-end FY17E shares outstanding estimate of 208.1 million. This generates a target price of A$0.65.

  • DigitalX produced revenues of USD$38.7 million for the trailing twelve months ended December 31, 2015
  • AirPocket is a value transfer, mobile payments and money remittance platform which leverages social communities to provide these services
  • Banks and legacy money transfer companies charge disproportionately high fees on lower value transfers and AirPocket aims to disrupt this marketplace
  • AirPocket is built on blockchain technology, giving AirPocket greater security and lower operating costs relative to legacy system competitors
  • The Company has been successfully using blockchain technology to operate its DigitalX Direct bitcoin business and it intends to leverage this expertise to continue to improve AirPocket and develop new features and technologies
  • Investment in Blockchain technology has already surpassed US$1 billion (source: CNN) and DigitalX expects that the adoption of Blockchain technology is poised to revolutionize a range of industries
  • AirPocket beta trials for money remittance indicated strong customer adoption upon product launch
  • Tests performed by Security Innovation, a leader in the cybersecurity industry, have shown that AirPocket has security features that meet industry best practices
  • The size of the global money remittance market was over $600 billion in 2015 (source: WorldBank)
  • The size of the mobile payment market is expected to reach $2.8 trillion by 2020 (source: Future Market Insights)
  • An early commercialization deal with a subsidiary of tier 1 Telecom Provider Telefónica gives DigitalX access to approximately 100 million users for the execution of mobile recharge transactions between the U.S. and certain Latin American countries
  • AirPocket is currently available for download on Apple’s App Store and Google Play in the U.S.

DigitalX produced revenues of USD$38.7 million for the trailing twelve months ended December 31, 2015. DigitalX Direct is a platform designed to provide real-time liquidity to institutional investors and large commercial companies, and provides an API for integrating bitcoin purchases and sales into clients’ codebases. DigitalX Direct’s dynamic pricing protocol leverages DCC’s own bitcoin inventory to enable customers to purchase digital currencies. DigitalX Direct allows for instant order fulfillment, providing value to customers and leading to volume increases on the platform. DigitalX can achieve higher profit margins and lower hedging costs as volume increases on the platform. DigitalX charges a fee of 2% to 3% to customers on purchase and sale transactions executed on the DigitalX Direct liquidity platform.

DCC has generated ttm revenue of USD$38.7 million. Long-term, we believe that volume on the DigitalX Direct platform could increase as decentralized digital currency or digital cryptocurrency usage becomes more accepted. This does not only apply to bitcoin usage, but to usage of multiple other such decentralized currencies that could become even more widely accepted in the future.

Bitcoin mining operations were significantly reduced during 1HFY16, and we only expect minimal revenue from this segment going forward. Revenue from bitcoin mining was $1.4 million in 1HFY16. Given the upcoming launch of AirPocket and expected growth in revenue from DigitalX Direct and market making activities, we do not expect the lesser involvement in bitcoin mining operations to have any material impact on results.

AirPocket is a value transfer, mobile payments and money remittance platform which leverages social communities to provide services. DigitalX’s international value transfer, mobile payments and money remittance platform, AirPocket, has the potential to disrupt the payments industry. AirPocket is a new international value and money transfer product which uses Blockchain technology to help create a decentralized marketplace, which lowers costs, improves security, and provides superior value to users relative to incumbent industry competitors. DigitalX has launched a version of AirPocket that currently enables users to execute mobile recharge transactions.

The initial launch of AirPocket is in conjunction with tier 1 telecom provider Telefónica and will be used for mobile recharges. Money remittance services will be added by the end of June 2016.

AirPocket is currently the only application designed for peer-to-peer cash remittances with Blockchain technology and SMS-based payments. Interactive SMS allows everyone with a mobile phone to access AirPocket, thus increasing the product’s reach beyond only smartphone users. AirCodes, which are received in real-time, give users a secure and permanent claim to funds; this feature, combined with Blockchain technology, provides strong security for users. AirPocket also allows anyone to convert physical money to digital money, and the digital money can be redeemed for local currency. The graphic on the following page shows the simple step-by-step procedure of how AirPocket works:

AirPocket is designed to be the “Uber” or “Airbnb” of global money transfers. This service allows individuals or unaffiliated brick and mortar stores to become AirAgents, so long as they have a smartphone and a small cash balance. Before operations begin, all AirAgents must pass know-your-customer (KYC) and anti-fraud screening procedures. AirAgents operate in the same general manner as an Uber driver or an Airbnb host. We note that ridesharing startup Arcade City is using blockchain technology to compete with Uber, and Airbnb has indicated its interest in blockchain technology. We believe that events such as these indicate that blockchain technology can enhance and improve upon “social community” business models, with potential benefits including greater security and decentralization of the marketplace.

Smartphone penetration in the U.S. is 57%, while Mexico is at 40%. Globally, smartphone penetration is at 37% (source: On Device Research). This provides a significant pool of potential users that can become AirAgents, and will extend the potential reach of AirPocket’s network beyond typical brick and mortar retail locations as used by incumbent providers like Western Union and MoneyGram.

AirPocket is similar to a product such as Uber in that it combines a very user-friendly interface (about 85% of beta users thought it was easier to receive money through AirPocket than through traditional money transfer companies) and that it allows any individual or brick and mortar store to become an AirAgent (this is enabled by the security provided by the blockchain). These characteristics are similar to the characteristics which allowed Uber to displace taxi companies. Initially, the majority of AirAgents will likely be in existing brick and mortar locations, though AirPocket’s easy on-boarding process and low overhead will over time allow new entrepreneurs to start money service outlets.

Banks and legacy money transfer companies charge disproportionately high fees on lower value transfers and AirPocket aims to disrupt this marketplace. Banks and incumbent money transfer companies have invested significantly in infrastructure including systems and personnel to implement processes and procedures including for the creation and secure storage of records related to the execution of money remittance transactions. Should these companies desire to migrate from these legacy systems to blockchain technologies for record keeping purposes, it could be costly and time consuming. Accenture believes that the financial industry will widely adopt blockchain technology by 2025 for such record keeping purposes. Companies such as DCC that have since inception been using the blockchain for such record keeping purposes and not burdened by such legacy systems have an opportunity to gain an early, first-mover advantage.

AirPocket is built on blockchain technology, giving AirPocket greater security and lower operating costs relative to legacy system competitors. AirPocket’s low fees are lower than incumbent providers, as shown in the following table.

In addition to low fees, the blockchain also provides stronger security. The blockchain provides a secure, incorruptible, persistent and decentralized storage and verification system. The blockchain provides independently verified and permanent records of every transaction. Further proof of AirPocket’s commitment to security is that the application has been tested by Security Innovation, an independent reputable security company, and found to have robust security as further reported on below. Security Innovation is an adviser to over 700 organizations, including Fortune 500 companies such as Microsoft, Dell, and Amazon, and is considered a leader in the cybersecurity industry. These permanent and secure records also facilitate important anti-money-laundering procedures such as KYC and suspicious activity reporting.

Further, AirPocket’s lower costs may enable AirAgents to become competitive with ATMs as the fees to use out-of-network ATMs continue to increase as shown in the following graph. This cost convergence could further expand AirPocket’s overall market potential.

The Company has been successfully using blockchain technology to operate its DigitalX Direct bitcoin business and it intends to leverage this expertise to continue to improve AirPocket and develop new technologies. DCC has been using blockchain technology for a number of years in its DigitalX Direct product offerings. This experience has been leveraged in the development of AirPocket. Blockchain technology is becoming increasingly more widely accepted and many startups and established companies in varied industries have begun investing in blockchain technology. DCC intends to use its knowledge of, and experience with the blockchain, gained as an early adopter, to continue to improve and expand on the AirPocket service offerings, and to explore and develop new blockchain enabled technologies to meet market needs arising from the increasing acceptance of, and investment in, the blockchain. DCC believes its early investment and expertise in blockchain technology gives it an advantage relative to other companies in capitalizing on blockchain enabled opportunities.

AirPocket beta trials for money remittance indicated strong customer adoption upon product launch. The Company conducted beta trials of both the iOS and Android versions of the AirPocket application. These trials covered the remittance of money from testers located in nine states in the U.S. to testers located in the Dominican Republic. The results of these trials were positive showing that:

  • Nearly 80% of testers would definitely use AirPocket over other services if the money remittance feature of the app was available today; and the rest of the testers would consider using AirPocket in the future.
  • 85% of testers responded that AirPocket was fast and efficient.
  • Approximately 85% of testers found AirPocket easier to receive money through than through traditional money transfer companies.
  • Almost 70% of testers gave AirPocket a 5-star rating and 25% gave AirPocket a 4-star rating.
  • All participants thought AirPocket’s fees were “lower” and “competitive.”

In our view, given these positive results from the beta trials, customer adoption of the money remittance commercial service will primarily be driven by the Company educating potential users about the availability, features and benefits of the AirPocket Application through targeted marketing campaigns including through social media to potential users and AirAgents. We believe that these results also indicate the potential for mass adoption of the money remittance commercial service.

Tests performed by Security Innovation, a leader in the cybersecurity industry, have shown that AirPocket has security features that meet industry best practices. AirPocket employs state of the art security incorporating both industry-standard encryption technology and cutting-edge cryptography inspired by the Bitcoin protocol. Independent third party, Security Innovation- a leading security testing firm- attempted to find and exploit potential vulnerabilities in the AirPocket application and supporting infrastructure. Security Innovation is an adviser to over 700 organizations, including Fortune 500 companies such as Microsoft, Dell, and Amazon, and is considered a leader in the cybersecurity industry. No high-risk vulnerabilities were identified and Security Innovation has confirmed that the application has a robust system in place. Internal stress testing by DigitalX has shown that AirPocket can handle over one million transactions per day.

In addition to the security features built into the AirPocket Application, the use of blockchain technology also gives AirPocket inherent security advantages such as cryptographically secured encryption. Further, the decentralized nature of the blockchain means that it is much more difficult for malicious parties to bring down the network.

AirPocket has also implemented anti-money laundering (AML) and counter-terrorist-financing (CTF) measures to deter illegal and criminal activity. While primarily instituted for compliance purposes, these AML and CTF measures also contribute to the Security of the AirPocket Application. KYC verification on the blockchain generates indisputable customer identities and transaction records. As transactions are permanently and securely recorded on the blockchain, this can discourage criminals from using the service. Additionally, AirPocket is designed to adapt to changes in transaction patterns over time.

This testing demonstrates AirPocket is a secure application. Given the security features built into AirPocket in conjunction with the inherent security advantages of the blockchain, we believe AirPocket can provide the strong security needed to attract customers and, therefore, is well poised to capture market share as customers ascribe value to secure value transfer, mobile payments and money remittance applications. eMarketer analyst Bryan Yeager has identified the importance of security with mobile payments, stating, “That’s certainly true for mobile payments, where security concerns are more pronounced among older consumers. Ultimately, mobile wallets will need to have a strong track record of security to attract more users across all demographics long-term.”

The size of the mobile payment market is expected to reach $2.8 trillion by 2020 (source: Future Market Insights). According to research firm Future Market Insights, the worldwide mobile payment market is expected to reach $2.8 trillion by 2020, up from $392 billion in 2014 and representing a CAGR of 39.2%.

In one of DCC’s initial target markets, the United States, Forrester estimates that the size of the mobile payments market is expected to reach $142 billion by 2019, up from approximately $50 billion currently. Remote mobile payments (payments made through mobile apps and mobile websites) is expected to comprise the largest part of this market, totaling $91 billion in the U.S. by 2019. Peer-to-peer payments are anticipated to total $17 billion in the U.S. in 2019, up from $5.2 billion in 2015.

eMarketer believes that mobile payment user growth in the U.S. will grow 61.8% YoY to 37.5 million users in 2016, and will ultimately reach 69.8 million users by 2019. AirPocket is being launched at an opportune time, as the Company can potentially acquire many of these new users that are entering the marketplace.

Investment in Blockchain technology has already surpassed US$1 billion (source: CNN) and DigitalX expects that the adoption of Blockchain technology is poised to revolutionize a range of industries. CNN reports that over $1b has been invested in blockchain technology to date. It is not only technology companies seeing this as an opportunity, with recent investments by global finance heavyweights including Goldman Sachs, Deloitte, Amercian Express, the New York Stock Exchange, NASDAQ, and JP Morgan indicating the importance of blockchain technology to the finance industry as well. These names highlight the significant potential of the products and services that could benefit from blockchain technology.

Examples of products that are being built on the blockchain by financial firms include the NASDAQ and Australian Stock Exchange announcing that they are testing financial transactions powered by the blockchain, JP Morgan partnering with online lender One Deck, and BNP partnering with crowd-funding platform Smart Angels Deck. These financial products are in addition to exciting products being created in the tech industry.

The size of the global remittance market was over $601 billion in 2015 (source: World Bank). AirPocket’s planned initial launch locations for the money remittance service (Latin American, Caribbean, and Asian markets) represent a $384 billion market opportunity. AirPocket is also launching in the U.S., which had by far the largest recorded remittance outflows in 2014, totaling $56.3 billion. The following chart from the World Bank shows the top 10 remittance receiving countries in 2015. The top four countries (India, China, the Philippines, and Mexico) all represent initial target markets for AirPocket:

The Latin American and Caribbean region is also well suited to a mobile remittance option, as the region has limited access to banks and high mobile phone adoption rates. According to the World Bank, in 2014 there were 111.3 mobile cellular subscriptions per 100 people in this region. There is a large Latin American migrant workforce in the U.S., providing a substantial market opportunity for DCC. Three quarters of Latin American remittances came from such migrant workers, and 54% of foreign-born Hispanics send money from the U.S. to their home countries. Mexico is well suited to a mobile remittance option as the Mexico-U.S. migration corridor was the largest corridor in the world in 2013, accounting then for 13 million migrants.

An early commercialization deal with a subsidiary of tier 1 Telecom Provider Telefónica gives DigitalX access to approximately 100 million users for the execution of mobile recharge transactions between the U.S. and certain Latin American countries. This initial commercialization deal with a large Latin American telco gives DCC immediate access to a significant portion of the lucrative Latin American remittance market and also validates AirPocket’s technology, as extensive testing was done by the telco. The partnership is for mobile recharge transactions and will give DCC access to 100 million users in Latin America (Argentina, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, México, Nicaragua, Panamá, Perú and Uruguay). Latin America has approximately 400 million mobile phone users; thus DCC will access approximately 25% of the market through this agreement.

For initial marketing efforts, DCC and Telefónica will launch a large text message campaign to familiarize users with AirPocket. Along with collecting transaction fees, DCC will receive a commission on transfers of $2-$70. Longer-term, DCC is close to agreements in several other emerging markets.

Other potential markets for AirPocket include India. After its Latin American launch, AirPocket plans to launch in India, which represents the world’s top remittance receiving country. India received $72.2 billion in remittance in 2015.

India has many additional characteristics beyond its substantial remittance market that makes it attractive for AirPocket. The banking system in India is severely underdeveloped, with India’s population using cash at a much higher rate than other leading developing nations. India’s cash-to-GDP ratio is 12%, much higher than the ratios seen in nations such as Brazil (3.9%) and Mexico (5.3%). Only 500 million of India’s 1.2 billion population is banked, and only 15% of adults in India have used a bank account to make or receive a payment. However, while the banking system in India remains underdeveloped, India’s population is well versed in mobile usage. In 2014, 41% of India’s e-commerce transactions were made on mobile, and 50% of India’s internet users only access the internet through a mobile device. These statistics indicate that a service such as AirPocket could achieve considerable market share.

Long-term, AirPocket has the potential to grow beyond mobile payment and money transfers. AirPocket’s product offering has the potential to grow far beyond mobile payments and money transfers. Some of these services include app-to-app money transfers, local 24/7 money withdrawals, paying relatives’ bills across borders, a point of sale payment system for merchants, “smart contracts,” and potential for peer-to-peer lending for the under-banked. Most of these services represent very large, multibillion dollar markets. The p2p lending market, in particular, has shown extremely rapid growth, and many of these other potential services are expected to grow significantly in the next five years.

Fintech companies have generated high valuations. Excitement in fintech companies is driven by a combination of new technological advancements that are enabling them to provide superior services, and costs and operational issues in current services offered by traditional financial service providers.

The peer companies in our table represent a small sampling of publicly-traded fintech companies (the peer chart has both fintech companies in the mobile payments industry, such as SQ and PYPL, and established money transfer companies, such as WU); 24 fintech companies have valuations exceeding $1 billion, with Chinese peer-to-peer lender Lufax currently estimated at a $19 billion valuation. We note that significant EV/S multiples are given to SQ and PYPL, which are two companies that have a focus on mobile payments and p2p transfers, along with EVTC, a full-service transaction and payment processing company that has its primary operations in Latin America, which is an initial target market for DCC. The majority of these fintech companies are private.

The blockchain has the potential to power a new generation of fintech companies that can provide superior services relative to what is available from current providers. The blockchain can enable companies to offer services at a lower cost and with higher levels of security, thus giving consumers an improved value proposition.

The mobile payments and remittance markets represent a significant, multitrillion dollar market opportunity for DCC. AirPocket, as it is built on blockchain technology, has the potential to provide a superior service to existing providers such as Western Union, which generate significant revenues and enjoy large market caps. Additionally, we believe that high mobile adoption rates in many emerging markets and AirPocket’s lower fees are likely to make it a much more convenient and superior option to other legacy system competitors. We believe that an effective sales and marketing strategy to drive awareness of AirPocket is likely to have a substantial impact on AirPocket’s overall adoption rates.

We are applying a 1.5x EV/S multiple to our FY17E revenue projection of $67.3 million and our year-end FY17E shares outstanding estimate of 208.1 million. This generates a target price of A$0.65. We are choosing a multiple lower than the median of our peer group due to the fact that AirPocket has only recently been commercially launched and because we expect DCC to operate at breakeven or net losses at least over the near-term. Conversely, we believe that solutions built on the blockchain have the potential to provide superior value versus what is currently available in the marketplace, thus providing considerable upside to DCC. As AirPocket and other companies build products on blockchain technology gain market acceptance, we anticipate these companies obtaining higher valuation multiples.

Our model has projections through the end of FY17E, and we are assuming during this time period that AirPocket only generates sales from the U.S. and Latin America. We are also assuming that the Company will not be generating a profit during this time, as we believe that DCC will reinvest cash flows into further improving AirPocket and expanding AirPocket’s user base. Longer-term, we believe that DCC will expand AirPocket into markets beyond the U.S. and Latin America, and that AirPocket has significant long-term profit potential. We are also assuming additional share dilution of 30 million shares in FY17E, driven by a capital raise with the proceeds being used for further investment in AirPocket.

There is no guarantee that AirPocket will achieve commercial acceptance. There is no guarantee that AirPocket will achieve commercial acceptance. Commercial acceptance will primarily be driven by the quality of AirPocket and the effectiveness of the Company’s sales and marketing strategy.

There are a significant number of potential competitors for AirPocket.120+ e-wallet consumer payments start-ups have launched recently, and there are also a significant number of start-ups utilizing blockchain technology for remittance services, including companies such as Abra, Align Commerce, and Bitspark. Given the emergence of blockchain technology and the significant size of the remittance market, it is no surprise that there are many competitors in the space.

Additional regulations may be enacted which could adversely affect the Company’s business. The regulatory environment for financial services and money transfer could undergo changes over time, some of which may be unforeseen. Regulations could restrict the number of areas the Company can operate in, or they may increase DCC’s operating costs, thus cutting into profits.

While the blockchain improves upon current security in a number of ways, there could still be security breaches in the future. Technology continues to evolve at a faster pace, and while the blockchain gives applications built on its technology natural security advantages and makes customer data more difficult to hack than current centralized systems, applications built off of the blockchain could potentially be hacked in unforeseen ways.

Auditor: Deloitte Touche Tohmatsu
Transfer Agent: Computershare Investor Services Pty Limited

AirPocket Website

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Company Information

About RedChip Company Profiles

This Company Profile contains information about DigitalX Limited and its products – AirPocket and DigitalX Direct as of May 25, 2016. The information in this Company Profile is of general background and does not purport to be complete. It should be read in conjunction with the Company’s other periodic disclosure announcements filed with the Australian Securities Exchange, which are available at www.asx.com.au. This Company Profile is not investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision. RedChip has prepared this Company Profile based on information available to it at the time of preparation including information provided by the Company. Neither the Company nor RedChip makes any representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this Company Profile. To the maximum extent permitted by law, neither the Company nor RedChip, their related bodies corporate (as that term is defined in the Corporations Act) and their respective officers, directors, employees, advisers and agents of those entities accept any responsibility or liability including, without limitation, any liability arising from fault or negligence on the part of any person, for any loss arising from the use of this Company Profile or its contents or otherwise arising in connection with it.

Certain statements made in this Company Profile are forward-looking statements. These forward-looking statements are not historical facts but rather are based on RedChip’s and/or the Company’s current expectations, estimates, assumptions, and projections about the industry in which the Company operates. Material referred to in this document that use the words, without limitiation, ‘estimate’, ‘project’, ‘intend’, ‘expect’, ‘plan’, ‘believe’, ‘guidance’, and similar expressions are intended to identify forward-looking statements and should be considered an at-risk statement. These forward-looking statements are not a guarantee of future performance and involve known and unknown risks and uncertainties, some of which are beyond control or which are difficult to predict, which could cause the actual results, performance, or achievements of the Company to be materially different from those which may be expressed or implied by these statements. These statements are based on RedChip’s and/or the Company’s current expectations and are subject to a number of uncertainties and risks that could change the results described in the forward- looking statements. Risks and uncertainties include, but are not limited to, the risk that AirPocket will not reach commercial acceptance, general industry conditions and competition, general economic factors, the impact of industry developments, the risk of additional regulations in Australia, the United States and in other countries that AirPocket is conducting, or plans to conduct, business in, and challenges inherent in new product development. Investors should be aware that there are no assurances that results will not differ from those projected and are cautioned not to place undue reliance on these forward-looking statements, which reflect the view of RedChip and/or the Company only as of the date of this presentation. Neither RedChip nor the Company is under a duty to update any forward-looking statement as a result of new information, future events or otherwise, except as required by law or by any appropriate regulatory authority.

RedChip’s investor awareness services and programs are designed to help small-cap companies communicate information to the public including about their industries, products, competition and strategies to capture market share through the preparation of research or company profile(s), multimedia marketing, and other awareness services. DigitalX is a client of RedChip and has agreed to pay RedChip a monthly cash fee for three (3) months of RedChip investor services including for the preparation and publication of this Company Profile.

RedChip Companies and its affiliates may buy and sell shares of securities or options of the issuers mentioned on its website at any time.

Stock market investing is inherently risky. RedChip Companies is not responsible for any gains or losses that result from the opinions expressed in this Company Profile, on its website, in any other of its Company Profiles or in other investor relations materials or presentations that it publishes electronically or in print. RedChip Companies Inc. is not promoting the sale or purchase of securities in DigitalX Limited (DCC).

We strongly encourage all investors to conduct their own research before making any investment decision. For more information on stock market investing, visit the Australian Securities Exchange at www.asx.com.au and the Securities and Exchange Commission ("SEC") at www.sec.gov.

Company Contact Info:

DigitalX Limited
25 Recreation Park Drive, Suite 108
Hingham, MA 02043
617-544-3150

Investor Contact Info:

RedChip Companies Inc.
1017 Maitland Center Commons Blvd.
Maitland, FL 32751
(407) 644-4256
www.RedChip.com

 

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