FORT LEE, N.J., Jan. 16, 2019 (GLOBE NEWSWIRE) -- GD Entertainment and Technology (OTC PINK: GDET) ("GDET" or the "Company"), a leading diversified cryptocurrency transactional-based enterprise issues the following letter to its Shareholders:
Dear Valued Shareholder,
It is with great enthusiasm that I highlight the company’s milestone objectives both completed and forthcoming. Following the adjustment in the cryptocurrency market, the company has identified and adapted a business model which captures the most promising sectors in the blockchain industry.
GDET has widely developed from its humble beginnings as a cryptocurrency mining company into a transactional-based blockchain enterprise. The company now has footprints in both the “white-label” credit/debit card market, through its acquisition of DreamCard, as well as the rapidly growing Cryptocurrency ATM market with its latest purchase of a state-of-the art Satoshi 2 Cryptocurrency ATM machine.
Since my last Shareholder Update, we have accomplished the following objectives:
In August of last year, GDET announced the acquisition of DreamCard which consists of the following near-term objectives:
- Upgrade the existing ecommerce website: dreamcard.cc
- Engage with reputable firm to develop crypto-backed RFID- protected, cards
- Launch cold-storage products where users can store cryptocurrency on their custom cards
- Integrate cryptocurrency products in the custom, debit/credit product line
In September, GDET retained BitAML to secure cryptocurrency AML compliance in an effort to enter the ATM market sector. The firm was responsible for creating the company’s entire AML/KYC, Anti-Money Laundering, Know-Your-Customer, Compliance scripts. The purpose of this compliance was necessary in order to obtain approval from FINCEN, the Financial Crimes Enforcement Network.
In November, GDET was proud to announce that its ATM subsidiary HyperDigital technologies was registered as an MSB, Money Services Business, transmitter. Under Federal Law, Money Services Businesses ("MSB") are required to register with the Financial Crimes Enforcement Network ("FINCEN") before they can operate their business. The main purpose of the registration is to help prevent money laundering and other financial crimes.
HyperDigital is an MSB because it provides Bitcoin ATM services to the public, and thus, is required to register with FINCEN. The approved registration allows the company to operate in compliance with federal law across the United States. Some states require additional registration with a state banking agency before HyperDigital can operate within the State.
Moving into the end of the year, GDET successfully registered with the Financial Crimes Enforcement Network (FINCEN) in the state of Texas. This strategic move allowed the company to set up for their launch of the Cryptocurrency ATM program throughout designated cities throughout the state of Texas.
The decision to enter the cryptocurrency ATM space was strategical in our vision to becoming a transactional-based enterprise in the blockchain sector. Only companies with full FINCEN compliance are able to purchase and host these ATM units, which creates strict barriers to entry in the space. GDET plans to apply with FINCEN for MSB registration in additional states in order to launch these units nationwide.
The company chose to engage Genesis Coin, a leading supplier of Cryptocurrency ATMs, to fulfill its initial purchase order. GDET was proud to announce the beginning of the new year the purchase of their first Satoshi 2 Cryptocurrency ATM unit. The state of the art ATM unit features some of the following specifications: a 14-inch LCD touch screen, counterfeit money/bill detector, QR barcode scanner, EMV card reader, HD web/security camera, electronic locking system, uninterruptible power supply (UPS), Ethernet/Wi-Fi capabilities, and a cash dispensing unit (CDU).
In addition to Bitcoin, the ATM units have the software to support other popular alternative cryptocurrencies or “altcoins” such as Litecoin, Ethereum, and Bitcoin Cash. This feature will allow users to explore and access additional currencies in the growing $120 billion cryptocurrency market.
The launch of these ATM units worldwide has taken the media by storm. In terms of potential profit, CBS News states that these ATM units yield an average of 8.93% in comparison to conventional currency ATMs. According to bitcoinexchangeguide.com the Cryptocurrency ATM market is rising fast, averaging 6 new machines installed on a daily basis. The total number of machines installed worldwide is estimated at 4155 in over 75 countries.
This growth in the market does not apply solely to the mainstream ATM operators as even larger institutions such as Bank of America have expressed interest in the space. According to investinblockchain.com, on December 26, 2018 the bank had filed a patent to develop blockchain-based ATMs targeting the handling of cash.
At this time, our cryptocurrency mining facility is still currently operational and I am proud to announce that GDET has yielded revenues for the first time in the recent years. Whereas most facilities have shut down due to the volatility of Bitcoin, we are running at full capacity while exploring alternative energy options to maximize our profits.
Management is currently focused achieving the following objectives:
- An upgraded DreamCard website with live prototypes developed
- Receive additional Money Transmitter License (MSB) licenses from Financial Crimes Enforcement Network (FINCEN) in other strategically chosen states
- Purchase/launch additional cryptocurrency ATMs following MSB license issuances
- Explore alternative energy options for our cryptocurrency mining operation to maximize profit
The company is looking forward to developing premium products in a growing marketplace with a very high demand from industry-passionate customers. In an effort to integrate GDET products into the mainstream market, the Company is undergoing testing with the DreamCard products to be accessible at these cryptocurrency ATMs. Once the final product is compatible with ATM software, GDET will continue to progress in the transaction-based segment of the blockchain.
GDET shareholders can expect new updates very soon as the Company enters an aggressive phase of operational development over the near term.
Best Regards,
Anil Idnani, GDET CEO
About GDET
GD Entertainment & Technology, also known as GDET, is a result driven, blockchain-oriented company focused on becoming a premier Cryptocurrency mining facility. GDET will build and manage a Cryptocurrency mining colocation and mining facility 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 overseas to ensure future purchasing.
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 & Technology annual and quarterly financials for a 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
Contact:
732-851-3756
anil@gdet.co
1 Bridge Plaza
2nd Floor
Fort Lee, NJ 07024
SOURCE: GD Entertainment And Technology