Fleming Island, Florida, June 07, 2021 (GLOBE NEWSWIRE) -- EVERYTHING BLOCKCHAIN, INC. (OTC Markets: OBTX) today announces earning for May 2021. During the month of May 2021, which represents the first month of the second fiscal quarter, Everything Blockchain recorded $3.5M in revenue with $1.5M in net profit. This represents a 342% increase in revenue and a 350% increase in net profit during the first month of this quarter as compared to the revenue earned from February thru April 2021; bringing the total for the first four months of this fiscal year for Everything Blockchain to $4.8M in revenue with a net profit of $2.1M.
This rapid growth in revenue and profits stem from the Company’s involvement with HEX, claimed to be the Blockchain’s first high yield certificate of deposit. Robert Adams, Director and Chief Technology Officer stated, “HEX is a fully-functioning, decentralized high yield certificate of deposit project that reached completion of its Adoption Amplifier (sales) and operates according to the smart contracts that govern its protocols. It is not vapor-ware, an idea, still in development, but is a mature, fully-functioning and highly-complex mathematical masterpiece, and currently a Top Ten cryptocurrency according to its market valuation of $34 billion.” HEX has seen growth, acceptance, and adoption worldwide. A HEX “certificate of deposit” referred to as staking, is currently yielding an average 25-40% APY interest. Mr. Adams went on to say, “The potential market for HEX is trillions, when compared with other multi-national brick and mortar banking offerings. We we with HEX from the beginning, and our position in HEX is significant.”
Eric Jaffe, Everything Blockchain’s Chief Executive Officer stated, “While its not customary to release numbers for a single month, we felt compelled to release this information to the public for two reasons. In addition to this rapid growth in revenue that puts the Company on pace to reach $14 million in revenue this year, we have received notification from certain officers and directors who intend to purchase up to 10% of the Company’s common stock on the open market. While the Company is current in its filings, we believe it’s important to ensure our shareholders are as up to date as management on the Company’s success when management is acquiring shares in the open market.”
The notification that certain members of the Company's management team plan to purchase the Company's ordinary shares from the public market at "market prices" is noteworthy. Management’s plan to purchase public market shares demonstrates management’s confidence in the Company and their ongoing commitment to delivering value to our shareholders. The share purchases will be purchased directly by each management team member in their individual capacity, or through an indirect source in which the management member has controlling interest. They expect to purchase shares in an aggregate value of up to 10% of the public float over a three-month period. There will be no restrictions on management concerning the disposition of the shares acquired. Management will be subject to the Company's insider trading policy and the SEC reporting obligations.
About Everything Blockchain:
Headquartered in Fleming Island, Florida, Everything Blockchain, Inc., formerly known as OBITX, Inc., (OTCQB: OBTX) is a development, engineering and services organization specializing in blockchain technologies and decentralized processing.
Forward Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.