Global Remote Signs LOI to Acquire 1Linx Blockchain Technologies
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Global Remote Technologies Ltd. /
Global Remote Signs LOI to Acquire 1Linx Blockchain Technologies
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VANCOUVER, British Columbia, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Global Remote
Technologies Ltd. ("Global Remote" or the "Company") (CSE:RGT), (OTCMKTS:RGTZF),
(Frankfurt Stock Exchange:GR9) is pleased to announce that it has signed a non-
binding Letter of Intent ("LOI") to acquire 1Linx Blockchain Technologies Corp
("1Linx"), a New York based blockchain technology company, for their highly
successful proprietary Blockchain authentication platform and suite of
Blockchain security services.
In the United States, Bitcoin exchanges are considered Money Services Businesses
(MSBs) subject to various obligations and regulation. As a "financial
institution", MSBs are required to comply with Bank Secrecy Act laws and
regulations. 1Linx provides a suite of customer and security services that cater
to meeting the regulatory requirements of Blockchain MSBs.
1Linx operates four distinct business lines: operator look-up, customer look-up,
IP information, and customer friendly user-experience; all four business lines
offer transaction verification services backed by the 1Linx proprietary
blockchain technology platform. 1Linx was founded in 2013 by veterans in the
mobile data and blockchain space, and have since boasted significant growth year
over year. Their proprietary platform has attracted flagship customers like
Coinbase.
Founded in 2012 Coinbase is one of the largest digital currency wallet platforms
where merchants and consumers can transact with new digital currencies and has
quickly become, "the world's most popular way to buy and sell Bitcoin, Ethereum,
and Litecoin."
The LOI is subject to a number of conditions including the approval of 1Linx's
shareholders and board, the approval of RGT's board, and the settlement of all
of 1Linx's debt prior to closing. The LOI also outlines the execution of a
definitive agreement of which the parties agree to execute within 30 days
following the Company receiving the audited financial statements of 1Linx. This
agreement will result in RGT acquiring all of the outstanding securities of
1Linx, such that 1Linx will become a direct wholly owned subsidiary of RGT.
This acquisition, and the future development of Blockchain software will allow
RGT to provide our Resources, Oil and Gas clients with the most cutting edge
security and process development software. We will be able to significantly
increase our partner profit margins and will decrease liability for asset and
project management.
About Global Remote Technologies
The objective at Global Remote Technologies is to reduce operational costs in
the energy domain, specifically the oil sector, with unique, proprietary
techniques and technologies that support upstream, midstream and downstream
processes. Services are developed to create custom solutions that improve
performance, improve health and safety standards, and bring significant savings
to clients. GRT operates in rugged locations around the globe, with offices in
Canada, Mexico, Oman, and the United States. Global Remote Technologies is a
public company, traded in Canada and Germany under the symbols CSE: RGT and FRA:
GR9.
On behalf of the Board of Directors
Akash Patel
CEO, President and Director
Further information about the Company is available under its profile on the
SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its
website, www.grtcse.com.
Contact: Brian Biles
Telephone: 604-329-4421
Website: www.grtcse.com
Forward-Looking Information: This press release may include forward-looking
information within the meaning of Canadian securities legislation. The forward-
looking information is based on certain key expectations and assumptions made by
the management of the Company. Although the Company's management believes that
the expectations and assumptions on which such forward-looking information is
based are reasonable, undue reliance should not be placed on the forward-
looking information because the Company cannot provide any assurance that it
will prove to be correct. These forward-looking statements are made as of the
date of this press release, and the Company disclaims any intent or obligation
to update publicly any forward-looking information, whether as a result of new
information, future events or results or otherwise, other than as required by
applicable securities laws.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Global Remote Technologies Ltd. via GlobeNewswire
Datum: 16.11.2017 - 09:01 Uhr
Sprache: Deutsch
News-ID 568442
Anzahl Zeichen: 5494
contact information:
Town:
Vancouver
Kategorie:
Business News
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"Global Remote Signs LOI to Acquire 1Linx Blockchain Technologies"
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