PHILADELPHIA, PA / ACCESSWIRE / July 12, 2022 / Pennexx Foods (OTC PINK:PNNX) has decided to terminate its cryptocurrency licensing agreement announced in its November 15, 2021, press release and is developing an internal universal loyalty and rewards program which will be released with a future version of our Your Social Offers software this year.
The internal Rewards program adds additional features to our technology platform that will enhance users' functionality of our YSO technology.
The Board decided in this day and age of uncertainty and the concerns of the potential threats of digital hacking, and unforeseen future legislation, it is advantageous for Pennexx to develop our own proprietary system.
Vincent Risalvato, CEO Pennexx said, "By continuing the development of the companies proprietary Universal Loyalty and Rewards program the company has the highest flexibility in providing its merchants access to the technology they need to incentivize customers as well as insulating against future changes or fears in the Cypto Currency marketplaces."
"Considering the electronic and proprietary nature of these assets, cyber perils such malicious attacks that result in the damage or destruction of data, cyber extortion, unauthorized access and distribution of such data can have significant financial and reputational consequences. Additionally, there are potentially significant exposures related to the abatement and defense of intellectual property rights," According to Joe Ziolkowski, managing director of Relm, a Bermuda based insurer that specializes in emerging risks such as those faced by digital asset enterprises…
"The rise of these other digital coins may create significant investment opportunities. But regulatory uncertainty about the status of cryptocurrencies leaves economic transactions based on cryptocurrencies subject to regulatory attack and private litigation.", ALMLAW.COM PRO
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About Pennexx Foods Inc. (PNNX: OTCMKTS US). Pennexx, through its wholly owned subsidiaries, is a holding company within the Software/Internet Industry that focuses on social media, prepaid debit cards, cryptocurrency, artificial intelligence, targeted marketing, and consumer rewards.
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For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.
SOURCE: Pennexx Foods, Inc.