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VANCOUVER, British Columbia, April 02, 2019 (GLOBE NEWSWIRE) -- Netcoins Holdings Inc. (the “Company” or “Netcoins”) (CSE: NETC), announces that it will be undertaking a strategic review of the company’s cryptocurrency business model and direction. The Company has observed that publicly traded cryptocurrency companies, regardless of their business models, are not receiving fair valuations and are not creating incremental shareholder value. While the Netcoins operating subsidiaries are generating revenue, and advancing on their business plans, the Netcoins stock (CSE: NETC) is under performing the expectations of the Board due to overall sector weakness and the fact that the business is currently not profitable and may require significant additional capital to develop the business.
The Board is currently reviewing options, including but not limited to, divestiture of the Netcoins operating business. There is no certainty of achieving a sale of the company’s operating business given the current state of the sector. The public Company maintains a healthy cash balance of approximately $4.5 million, positive net working capital, no debt, and believes shareholder value can be increased by reinvesting its capital in other well-established sectors. The Company expects further announcements to be made and any subsequent decision shall be subject to regulatory approval.
About Netcoins
The Company is in the business of developing software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor through brokerage services.
ON BEHALF OF THE BOARD OF DIRECTORS
“Mark Binns”
Mark Binns
CEO and Director
For information please contact Netcoins at 778-785-1175 or ir@gonetcoins.com.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.