Bitcoin Well Retains Independent Trading Group (ITG) as Market Maker, Announces Issuance of Incentive Stock Options and Management Changes
September 20 2021 - 7:18PM
Bitcoin Well Inc. (TSXV: BTCW) (“Bitcoin Well” or the “Company”) is
pleased to announce that we have retained Independent Trading Group
Inc. (ITG) to provide market-making services in accordance with TSX
Venture Exchange (“TSXV”) policies. In addition, Bitcoin Well has
granted 300,565 incentive stock options (“Options”) to directors of
the Company with an exercise price of $0.31 and a term of five
years, expiring September 30, 2026.
ITG RETAINED AS MARKET
MAKER
“By partnering with an established firm like
Independent Trading Group, we are thrilled about the opportunity to
enhance our liquidity and hopefully attract a broader investor
base,” said Adam O’Brien, Founder and CEO of Bitcoin Well. “Having
recently become the first publicly-traded bitcoin ATM company, we
are committed to further raising awareness about our story and
engaging with the investment community.”
ITG will trade shares of the company on the TSXV
for the purposes of maintaining an orderly market and improving the
liquidity of the Company's shares. ITG will not receive shares or
options as compensation. However, ITG and its clients may have or
may acquire a direct interest in the securities of the company.
Bitcoin Well and ITG are unrelated and unaffiliated entities. ITG
is a member of the Investment Industry Regulatory Organization of
Canada (IIROC) and can access all Canadian stock exchanges and
alternative trading systems. The capital and securities required
for any trade undertaken by ITG as principal will be provided by
ITG.
The agreement is for an open-ended term of at
least three months which may be terminated on a 30-day notice. ITG
will be compensated $5,000 per month for the initial term and will
be paid by the company from its working capital resources.
About Independent Trading Group
Inc.
Independent Trading Group Inc. (ITG) is Canada’s
only brokerage firm dedicated specifically to professional trading.
As Canada’s foremost Market Making Firm, ITG provides Market Making
and Liquidity Provider services that are objective and focused. ITG
employs real traders and provides real liquidity, with an
underlying emphasis on integrity and success.
CHANGE IN SENIOR MANAGEMENT
Bitcoin Well also announces changes to its
senior management team. The Company’s Chief Financial Officer,
Mandy Johnston, MBA, CPA (US), CMA (US), CSCA, was relieved of her
duties at Bitcoin Well effective September 17, 2021 (the “Effective
Date”).
Bitcoin Well appreciates Ms. Johnston’s
contributions to the Company over the past year and wishes her well
in her future endeavours.
As of the Effective Date, the Company’s Board of
Directors has appointed current Financial Controller, Luke
Thibodeau, CPA, CAMS, to act as interim Chief Financial Officer
until a permanent CFO is named. In addition, Jason Vandenberg CPA,
CA, who acted as CFO for the Company earlier in 2021, continues to
be retained in an advisory capacity to provide oversight over the
Company’s financial operations.
About Bitcoin Well
Bitcoin Well offers convenient, secure and
reliable ways to buy and sell bitcoin through a trusted Bitcoin ATM
network and suite of web-based transaction services. The Company
generates revenue and based on management’s assessment of
publicly-available data, is the first publicly traded Bitcoin ATM
company in the world, with an enterprising consolidation strategy
to deliver accretive and cost-effective expansion in North America
and globally. As leaders of the longest-running, founder-led
Bitcoin ATM company in Canada, management of Bitcoin Well brings
deep operational capabilities that span the entire value chain
along with access to proprietary, cutting-edge software development
that supports further expansion. Sign up for our newsletter and
follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram to
keep up to date with our business.
Contact Information
For investor information, please contact:
Bitcoin Well 10142 82 Avenue NW Edmonton, AB
T6E 1Z4 bitcoinwell.com Adam O’Brien, President
& CEO or Dave Bradley, Chief Revenue Officer
Tel: 1 888 711 3866 ir@bitcoinwell.com
For media queries and further information, please contact:
Karen Smola, Director of Marketing Tel:
587-735-1570 k.smola@bitcoinwell.com
Reader Advisory / Forward-Looking
Statements
Statements in this press release regarding
Bitcoin Well which are not historical facts are “forward-looking
statements” that involve risks and uncertainties, such as the
timing of expansion plans and activities, the maintenance of an
orderly market and improving liquidity of the Company's shares, as
well as various business objectives. Such information can generally
be identified by the use of forwarding-looking wording such as
“may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and
“continue” or the negative thereof or similar variations. Since
forward-looking statements address future events and conditions, by
their very nature, they involve inherent risks and uncertainties
such as the risk that the closing may not occur for any reason.
Actual results in each case could differ materially from those
currently anticipated in such statements due to factors such as:
(i) adverse market conditions and (ii) the need for additional
financing. Except as required by law, Bitcoin Well does not intend
to update any changes to such statements whether as a result of new
information, future events or otherwise. These factors should not
be construed as exhaustive.
Neither TSXV nor its Regulation Services
Provider (as that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
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