Silver Spring, MD, Oct. 25, 2017 (GLOBE NEWSWIRE) -- BTCS Inc. (OTC: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, announced today it has closed on the remaining balance of its previously announced financing, which was co-led by Blockchain Global Ltd. (“BGL”). The Company received a total of $1.1 million from the sale of its Series C -1 Convertible Preferred Stock (the “C-1”) and Warrants. On October 10, 2017, the Company closed on the initial $100,000 of a $1 million minimum financing which included $250,000 in bitcoin paid directly to BTCS and $750,000 in cash. The Escrow Agent was permitted to release $100,000 to BTCS which allowed BTCS to pay its auditors, a valuation consultant, an accounting advisory firm and counsel so it could file its Form 10-Q for the six months ended June 30, 2017. The Form 10-Q was filed on October 24th after which the Escrow Agent paid BTCS the $650,000 held in escrow as well as an additional $100,000 paid by a new investor.
“We’ve now secured the necessary funds to settle all of our debt, excluding derivative liabilities, a key step in moving forward with our planned merger with BGL,” stated Charles Allen, CEO of BTCS. “With the filing of Form 10-Q and other key BTCS merger conditions now met from the C-1 financing, we’re well-positioned to execute on what we believe will be a transformational milestone for our companies.”
The planned merger is subject to negotiation and execution of a definitive merger agreement, BGL shareholder and board approvals and other customary closing conditions. 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 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.