Fredericksburg, VA, Dec. 19, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BitFrontier Capital Holdings, Inc. (OTC: BFCH) announced today that it has signed a non-binding Letter of Intent ("LOI") to acquire all of the issued and outstanding shares in TelesisIT, LLC ("TelesisIT"). A copy of the LOI has been posted to the Company’s OTC Markets page.
The transaction would include all assets owned by TelesisIT that are used in, related to, or necessary for a majority interest in the business, including associated trademarks, trade names, brand names, goodwill, customer lists, contracts, warranties, leases, rights, arrangements, and other assets.
The final terms and closing of the transaction are subject to the negotiation and execution of a definitive agreement. The transaction is expected to close in the first quarter of 2019.
The entering into of the LOI is a significant step forward for the Company in building a portfolio of companies under the BitFrontier brand. The Company is actively pursuing additional acquisition opportunities to add to its portfolio in the future.
The Company’s cryptomining facility is still on schedule and will continue to be the forefront of the Company. Updates regarding construction of the first cryptomining facility will be provided to shareholders as they develop.
In other news, the Company expects its share cancellation of 12,260,000,000 (12.26 Billion) shares of Common Stock, 2 shares of Series A Preferred Stock, and 14,000,000 (14 Million) shares of Preferred B Stock, making up almost 99% of BitFrontier's issued and outstanding shares of Common Stock, and 100% of the issued and outstanding Series A Preferred Stock and Series B Preferred Stock classes to come to a close in the first quarter of 2019. The Company has not heard back from any of the shareholders and BitFrontier’s attorneys have filed a motion to serve notices by publication which is the final step in getting the fraudulently issued shares cancelled.
About BitFrontier Capital Holdings, Inc.
BitFrontier Capital Holdings business plan is to concentrate on cryptocurrency related investments and development opportunities through cryptocurrency mining, investments in private and/or public entities, joint ventures and acquisitions of blockchain related companies. BitFrontier Capital Holdings has two wholly owned operating subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc. Through the Company's wholly owned subsidiary, BitFrontier Technologies, Inc., the Company plans to build a warehouse specifically designed for hosting cryptocurrency mining equipment. Cryptocurrency mining (e.g. bitcoin mining) entails running ASIC (application-specific integrated circuit) servers or other specialized servers which solve a set of prescribed complex mathematical calculations in order to add a block to a blockchain and thereby confirm digital asset transactions. A party which is successful in adding a block to the blockchain is awarded a fixed number of digital assets in return.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at https://www.otcmarkets.com/
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.