NEW YORK, NY / ACCESSWIRE / June 17, 2019 / Blockchain Industries, Inc. (OTC PINK: BCII) ("Blockchain Industries" or the "Company"), technology company focused on providing advisory services in the blockchain and crypto currency sector, today is providing an update to shareholders on the Company's ongoing operations and its previously announced letter of intent (the "Letter of Intent") with Blockchain Exchange Alliance ("BXA").
- Although the structure of a potential transaction with BXA has materially changed from the Letter of Intent, and is likely to continue to evolve, the Company maintains a strategic, ongoing relationship with BXA. The Company's management believes this relationship will ultimately create value for the Company's shareholders, however no guarantees can be made until a definitive transaction is consummated between the parties.
- In addition to our existing business and pursuing a transaction with BXA, the Company is actively pursuing other strategic acquisitions in the blockchain sector. The Company will continue to keep shareholders apprised of any material events related to our existing business or acquisition activity.
- The Company's former Chief Executive Officer, Patrick Moynihan, submitted his resignation to the Board of Directors effective June 17, 2019. Concurrent with his resignation, Mr. Moynihan has agreed to immediately return to the Company's treasury 6.5 million shares of common stock of BCII. Paul Kim has been appointed Chief Operating Officer and Interim Chief Executive Officer and is expected to continue to guide the Company through the anticipated strategic partnership with BXA and a potential asset acquisition.
"I am thankful to Patrick Moynihan for his service and wish him the best in his future endeavors," stated Paul Kim, Interim Chief Executive Officer and Chief Operating Officer of Blockchain Industries. "I want to reiterate to our entire shareholder base that our sole objective is to build the long-term value of the Company. We believe we are making progress on establishing or acquiring a business synergistic with our own that can participate in the anticipated growth of the blockchain sector."
About Blockchain Industries, Inc.
Blockchain Industries, Inc. is a technology company focused on providing advisory services in the blockchain and crypto-currency sector. For more information on Blockchain Industries, visit http://www.blockchainind.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC.
SOURCE: Blockchain Industries, Inc.