Place/Date: Zurich, Switzerland - April 30th, 2019 at 6:00 pm UTC · 5 min read
Contact: Timeless Luxury, Source: Timeless Luxury
Zurich, Switzerland. April 30 2019 – Timeless Luxury Group AG, a Swiss business focused on offering premium luxury holiday villas, resorts and lifestyle products, announced today that it has launched its Digital Security Offering (DSO) as part of its planned expansion program.
Timeless Luxury Group (“Timeless”) is a luxury hospitality business that brings the entire premium lifestyle experience under one brand. It consists of four divisions:
Timeless is an established business operating in Europe. It previously used capital markets to raise funds with a bond issuance on the Düsseldorf Stock Exchange with a volume of €10 million in 2013, and €10 million in 2017. It is now embracing security tokens to expand the business, and give DSO investors the opportunity to participate in the planned development of the company, as well as generous discounts on holidays.
Michael Gössl, CEO of Timeless, explains further:
“Raising money using capital markets offers no flexibility, and the rules are very rigid. For bonds, there is the loaned amount, the coupon and the maturity date. Sure, there are slightly different ways to structure bonds, but it’s all a variation on a theme.”
“An asset-backed digital security token offers something totally different. The terms are flexible and written into a smart contract, and it’s instantly liquid on crypto exchanges or peer-to-peer. It offers a new way of investing, and we’re at the tip of the iceberg in terms of where it will go. Timeless is pioneering this method of fundraising that will become the new normal.”
The Timeless digital security token will be ERC20-based and give holders the right to earn a percentage of future company profits:
Additionally, holders of at least 1,000 tokens will be eligible for a discount of 20% on bookings of Timeless Hideaways and Timeless Resorts.
Timeless has taken a trusted approach to regulation by working with established US partners, ensuring it is compliant with SEC guidelines and can be offered to accredited investors in the US. With the additional measures in place, it gives extra reassurance to international investors too.
Therefore, TriPoint Global Equities, LLC, working with its online division BANQ (www.banq.co), will act as the lead managing placement agent for investors in the Timeless DSO and New York City-based Vstock Transfer, LLC will act as the SEC-registered transfer agent for the issuance and custody of digital securities.
Michael Gössl, CEO of Timeless said:
“We have taken regulation very seriously with the DSO. It adheres to SEC guidelines, and we have worked closely with our partners to ensure we take appropriate measures to safeguard investors.”
“We are also the first DSO in the US to use an SEC-registered transfer agent to ensure the process of investing is as secure and transparent as possible and the investors’ funds are safe. As an established business, we can’t cut corners or take risks with this process. That’s why we have committed to this fully compliant, regulated offering.”
“With the Timeless DSO we bring together years of experience in high-end hospitality, an ambitious business plan for growth, and generous benefits to this one-of-a-kind security token.”
TMLS Tokens are issued in accordance with the Ethereum ERC-20 standard and in the United States, pursuant to the exemption from registration under the Securities Act provided by Regulation D, Rule 506(c) and to international investors using Regulation S. The Reg D 506(c) DSO will be offered and sold to accredited investors only. This DSO will be the first offering in the United States to use an SEC Registered Transfer Agent for the issuance and custody of digital securities by engaging New York City based Vstock Transfer, LLC powered by www.custodyware.com.