BTL GROUP LTD. (TSX VENTURE:BTL) (“BTL” or the “Corporation”) is pleased to announce that it has completed its previously announced acquisition of blockchain company, Xapcash Technologies Inc. (“Xapcash”).
“The completion of this acquisition marks a strategic milestone for BTL and the addition of the Xapcash management and blockchain expertise are a perfect compliment to the BTL team.” commented Guy Halford-Thompson, CEO of BTL. “The Xapcash platform will change the way consumers and businesses send money abroad, and allow BTL to penetrate the global remittance market with our blockchain solutions and start building revenues and margin.”
“BTL’s acquisition of Xapcash will help build a future where smooth, secure, and efficient global money transfers are a reality for individuals and businesses worldwide,” commented Jackson Warren, Xapcash founder and CEO. “I believe 2016 is the year that the world will get a real taste of what blockchain technology has to offer, and that BTL will play a significant role in leveraging this new technology to eliminate inefficiencies in remittance, gaming, and regulation.”
BTL acquired all of the issued and outstanding common shares of Xapcash in exchange for 220,000 common shares of BTL.
BTL and Xapcash have been working together on new blockchain based remittance products utilizing Xapcash’s front-end remittance product and BTL’s back-end remittance platform (Interbit) to transmit funds globally, efficiently and at significantly reduced costs to users. Of particular importance to the acquisition and the launch of BTL’s blockchain remittance solution is the money service business (MSB) registration that Xapcash has obtained in Canada.
BTL is a technology company whose current business is focused on developing blockchain technologies to disrupt and transform existing industries. Technology is developed in-house and through BTL’s incubator and accelerator programs, based in Vancouver, British Columbia. BTL’s first technology platform is a remittance business called Interbit with a focus on leveraging blockchain technology to create rapid and cost effective “cash-in cash-out” settlement solutions from Canada and the United Kingdom to target countries.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Certain statements in this release are forward-looking statements, which include the development and launch of BTL’s technologies and products, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the development of competitive technologies, the marketplace acceptance of BTL’s technologies and products, and other factors, many of which are beyond the control of BTL. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BTL disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BTL undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.