GDET Signs Lease to Install and Operate First Bitcoin ATM
FORT LEE, NJ -- December 10, 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 pleased to announce that it has officially signed the lease for placing the Company’s first Bitcoin ATM at iVapeATX, a premier vape products store located in Austin, Texas.
“Today, we have taken a significant step toward bringing our HyperDigital subsidiary to a cash-flow positive status, and we believe this will lead to additional installations, all in very strong, high-traffic crypto-friendly locations,” commented Anil Idnani, CEO of GDET.
According to the results of a survey of Bitcoin ATM operators published on CoinATMRadar.com, operators reported $30K in average monthly transaction volume for each Bitcoin ATM in operation. According to the survey results, some machines were reported as high as $100K per month in average transaction volume.
Management believes the establishment of this location will lead directly to other locations for the placement of other Bitcoin ATMs operated by GDET in the near future. The Company will update current and prospective shareholders as further information becomes available.
“This is a scalable business with huge potential returns,” continued Idnani. “The future of this business, and for our HyperDigital subsidiary, is much brighter than the present context as cryptocurrencies continue to become more popular over time. But even under present circumstances, we believe each machine will represent a profitable venture, accounting for all-in costs.”
The signed lease covers twelve (12) months, and grants GDET full rights to install and operate one Bitcoin ATM at iVapeATX. The Company will be working to expand its fleet over time as analysts continue to anticipate dramatic growth in the overall Crypto ATM space, including a recent MarketsandMarkets report calling for the space to jump to $144.5 million by 2023 from $6.8 million in 2017 at a CAGR of 54.7%.
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