IRVINE, Calif., Dec. 4, 2015 (GLOBE NEWSWIRE) -- Global Future City Holding Inc. (OTCQB:FTCY) (the "Company") would like to announce that the Company has never been affiliated with Future World, E-Gold ("EGD"), and any EGD operations and platform in any capacity. Lei Pei resigned from management positions in the Company since August 2015 and is no longer affiliated with the Company. We have never solicited, marketed or sold any Future World, EGD or Mr. Pei products nor does the Company endorse any views or offers expressed by Mr. Pei, EGD or Future World.
During February 2015, the Company filed a No-Action Letter with the SEC to obtain clarification that the SEC will not recommend enforcement action against us and our related subsidiaries regarding our use of the EGD. Despite several inquiries made by our Company, we have not received any response from the SEC, which led our management to elect to spin-off the previous contribution of the 4,000,000 EGD in October 2015.
The Company's strategic partner, Great Coin, Inc., has filed a registration statement with the SEC for the registration of "GX-Coins" a digital security to be utilized by the Company's wholly-owned subsidiary, GX-Life Global, Inc., in its multi-level marketing and retail business operations. GX-Life Global has acquired 5,000,000 GX-Coins from Great Coin, Inc. pursuant to a private placement, and intends to distribute the GX-Coins to members of the GX-Life Global community as loyalty points. Members of GX-Life Global will be able to redeem their status points, reward points, and status reward points for GX-Coin at 100 percent of their points' dollar value. Each member of GX-Life Global will be issued a GX-Life Global-branded debit card that holds both redeemed cash and GX-Coin. Holders of GX-Coin will be able to use their GX-Coins to purchase products offered by GX-Life Global or sell them on the online trading platform for cash.
Great Coin, Inc. and GX-Coins are in no way and have never been affiliated with EGD, Future World or Mr. Pei products in any capacity.
About Great Coin, Inc.
Great Coin, Inc., a Nevada corporation, is a technology company in the process of developing "Great Coin" or "GX-Coin" which is an open source digital security that functions as a store of value and a medium of exchange. GX-Coins will be freely tradable on an online trading platform, and the price of a GX-Coin once on the trading platform will be determined by market forces through trading activity. Great Coin plans to freely sell the GX-Coins directly and via GX-Life Global pursuant to a registration statement as a "digital security." As a digital security, GX-Coin will be offered as an uncertificated security, the ownership and transfer of which are recorded on an encrypted, secured distributed ledger system using technology similar to the distributed ledger technology used for trading digital currencies.
About GX-Life Global, Inc.
GX-Life Global is in the process of developing a robust, scalable platform to support multi-level marketing ("MLM") opportunities throughout the world. The state of the art platform is intended to replace the Company's previous interest in EGD. GX-Life Global plans to replace EGD with "GX-Coins" which are an open source digital security that functions as a store of value and a medium of exchange. These coins are being registered by Great Coin, Inc., a Nevada corporation. GX-Life Global plans to deploy the GX-Coins it acquires from Great Coin by distributing them to members of their MLM program community as loyalty points for the members' participation in the MLM program. Members of GX-Life Global will be able to redeem their status points, reward points, and status reward points for GX-Coin at 100% of their points' dollar value. Each member of the MLM program will be issued a GX-Life Global-branded debit card and a separate wallet that holds GX-Coins. Additionally, holders of GX-Coin will be able to use their GX-Coins to purchase products offered by GX-Life Global.
About Global Future City Holding Inc.
Global Future City Holding Inc. is a holding company focused on implementing an EB-5 immigrant investor program for foreign investors who are interested in acquiring lawful permanent residence in the United States, and the marketing and deployment of its MLM loyalty-based retail program. The Company plans to focus its initial efforts on acquiring qualified investment projects that are aligned with the recently acquired EB-5 Regional Center and launching the digital security-based MLM program. Additional information on the Company may be viewed at http://www.gf.city.
Information about Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company pursuing digital currency, which could have fluctuations in demand and pricing, the introduction and impact of new competitive products or digital currency, the Company's ability to acquire and maintain customer strategic business relationships in the MLM space, growth in targeted markets, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting the Company, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.