FORT LEE, N.J., Nov. 20, 2018 (GLOBE NEWSWIRE) -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”) is excited to announce that it has engaged with a leading manufacturer in the space to fulfill its initial purchase of Cryptocurrency ATMs.
The company is in discussion with the senior management team of Genesis Coin to purchase the latest ATM units available to the market. Genesis Coin is a reputable supplier of user-friendly cryptocurrency ATMs that can seamlessly multi-task between cycling through traditional money dispensing, purchasing Crypto-coins and selling Crypto-coins. Once the initial order is completed and fulfilled, GDET will retain a branding consultant to white-label the units.
Company CEO Anil Idnani commented, “Now that we have registered as a Money Services Business, MSB, with the Financial Crimes Enforcement Network, FINCEN, we are ready to launch an immediate ATM pilot location.
"I chose to work with Genesis Coin simply because they are one of the most reputable cryptocurrency ATM suppliers in the market today. Not only can we take advantage of competitive pricing and availability but also benefit from Genesis Coin’s full support to ensure the success of their clients.
"In addition, I look forward to working with their management to secure this initial purchase order and make them our preferred supplier moving forward.”
At present, the Company is working to achieve the following near-term objectives:
- Confirm initial cryptocurrency ATM with Genesis Coin
- Locate pilot location for ATM launch
- Spearhead an aggressive marketing/branding campaign for the ATM units
- Register with additional states through strategic locations
The state of the art ATM units feature 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 has 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 $180 billion cryptocurrency market.
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 continue to expect frequent updates as the Company’s objectives proceed over the near term.
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 and Technology annual and quarterly financials for a more 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:
GD Entertainment and Technology
732-851-3756
anil@gdet.co
www.gdet.co
1 Bridge Plaza
2nd Floor
Fort Lee, NJ 07024