Blockchain Global Co-Leads $1m Investment with Bitcoin Ahead of Planned Merger Silver Spring, MD (InvestorsHub NewsWire
October 11 2017 - 8:45AM
InvestorsHub NewsWire
Blockchain Global Co-Leads $1m
Investment with Bitcoin Ahead of Planned Merger
Silver Spring, MD (InvestorsHub NewsWire -- October 11, 2017)
BTCS Inc. (OTC: BTCS)
("BTCS" or the "Company"), a blockchain technology focused company,
announced today it has secured $1,000,000 in financing, which
includes $250,000 (59.38) in bitcoin.
"This financing represents a major milestone in the ongoing
evolution of our Company," stated Charles Allen, CEO of BTCS. "With
the opportunity in the burgeoning blockchain space is still in its
infancy, our planned merger with Blockchain Global Ltd. ("BGL")
positions us with a diversified business model that sets the stage
for market leadership globally, and this financing represents a
strong commitment to move forward."
Under the terms of the agreement, BTCS has closed on the first
$100,000 (the "First Closing") of the financing. BGL funded
$250,000 in bitcoin. The balance of the funding is to be released
upon the Company's filing of Form 10-Q for the period ended June
30, 2017 (the "10Q"); provided, however if the Company fails to
file its 10Q within two weeks from the First Closing, unless
otherwise extended by one of the investors that invested cash, the
escrow agent will be required to return the $650,000 remaining in
escrow and the Company will return all the bitcoins. The full terms
of the financing are detailed in a Form 8-K filed with the SEC on
October 10, 2017.
Additional conditions of the planned merger, disclosed in a
press release issued on August 21, will be met upon the completion
of the financing, including the waiver of anti-dilution protections
by four BTCS shareholders and the settlement of all of BTCS'
outstanding debt.
Sam Lee, CEO of BGL, stated, "We believe joining together the
expertise of our organizations through this merger will further our
leadership position in blockchain technologies. Completing this
financing is the first step in bringing this vision to
reality."
The planned merger is subject to negotiation and execution of a
definitive merger agreement, BGL shareholder and board approvals
and other customary closing conditions. Further, BTCS can provide
no assurances or guarantees it will be able to consummate the
planned merger.
About BGL:
Blockchain Global (formally Bitcoin Group) is a leading
multi-national pure-play Blockchain Technology company operating
across four business segments, including transaction verification
services, an institutional exchange platform, a blockchain start-up
accelerator, and a blockchain technology consultancy. BGL's vision
is to increase availability and transparency of data to make both
public and private sector industries more efficient and integrated.
BGL leverages industry IP and knowhow to commercialize blockchain
enabled platforms that uplifts trust throughout the digital
spectrum.
About BTCS:
BTCS is an early entrant in the Digital Asset market and one of
the first U.S. publicly traded companies to be involved with
Digital Assets and blockchain technologies. Subject to additional
financing, BTCS plans to create a portfolio of digital assets
including bitcoin and other "protocol tokens" to provide investors
a diversified pure-play exposure to the bitcoin and blockchain
industries. BTCS intends to acquire digital assets through: open
market purchases, participating in initial digital asset offerings
(often referred to as initial coin offerings). Additionally, BTCS
may acquire digital assets by resuming our transaction verification
services business (often referred to as mining) through outsourced
data centers and earning rewards in digital assets by securing
their respective blockchains. BTCS is also keenly focused on growth
through acquisition and has signed a non-binding letter of intent
to merge with Blockchain Global Ltd. The blockchain is a
decentralized public ledger and has the ability to fundamentally
impact all industries on a global basis that rely on or utilize
record keeping and require trust. For more information visit:
www.btcs.com
Forward-Looking Statements:
Certain statements in this press release, including those
related to the planned merger and filing the 10Q, constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. While the Company
believes these forward-looking statements are reasonable, undue
reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set
forth in the Company's filings with the Securities and Exchange
Commission, not limited to Risk Factors relating to its digital
currency business contained therein and contractual issues that
arise in the negotiations of the planned merger. Thus, actual
results could be materially different. The Company expressly
disclaims any obligation to update or alter statements whether as a
result of new information, future events or otherwise, except as
required by law.
BTCS Investor Relations:
Michal Handerhan
BTCS Inc.
IR@btcs.com
BGL Media Contact:
Samantha Yap
media@blockchainglobal.com