GDET Issues LOI to Install and Operate Bitcoin ATM at iVapeATX
FORT LEE, NJ -- December 5, 2019 -- InvestorsHub NewsWire -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”), an emerging leader in the CBD, Blockchain, and Luxury Retail markets, is excited to announce that the Company has issued a Letter of Intent (the “LOI”) for the establishment of a lease for the Company’s Bitcoin ATM Machine to be housed and operated within iVapeATX, a premier vape products store located at 12233 Ranch Rd 620 N 108, Austin, TX 78750.
“iVape is a perfect partner for the establishment of this machine,” noted Anil Idnani, CEO of GDET. “The popular vape store and its high-traffic and forward-looking surrounding community mesh well with our envisioned target market for the BTC ATM business. This is an ideal location for the full commercial launch of our HyperDigital Technologies subsidiary.”
The proposed terms of the agreement include a lease of Twelve (12) Months in duration with a base rent to be paid by the Company to the landlord holding the master lease of the property in exchange for the rights to install and operate the Company’s Bitcoin ATM Machine within the iVapeATX store for the duration of the lease term. GDET will provide the physical ATM as well as all related logistics involved in operating the ATM at the location, and will derive all proceeds from operating the ATM over the life of the lease.
Management notes that the Crypto ATM market is expected to show dramatic growth over coming years as alternate and digital payment methods penetrate deeper into mainstream culture. As a case in point, a recent report from MarketsandMarkets notes that the crypto ATM market will reach $144.5 million by 2023 from $6.8 million in 2017, representing a CAGR of 54.7%.
Mr. Idnani continued, “Given our positioning in both the Crypto market and the CBD products market, there are obviously other implications to a deepening relationship with iVape, which happens to be a store that sells CBD products in high volume. We will comment further on that potential very soon.”
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
Safe Harbor Provision Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state.
GD Entertainment and Technology
1 Bridge Plaza
Fort Lee, NJ 07024