TORONTO, ONTARIO--(Marketwired - May 5, 2015) - Loma Vista Capital Inc. ("Loma Vista" or the "Company") (CSE:LOV) announces that BitGold Inc. has launched its new global operating system for gold as described in the news release below.
Further to the releases of Loma Vista dated January 28 and February 19, 2015, Loma Vista announced an amalgamation with BitGold. The Amalgamation was unanimously approved by shareholders at the respective shareholder meetings of BitGold and Loma Vista, held on March 16, 2015. On April 27, 2015, the TSX Venture Exchange ("TSX-V") conditionally approved the listing of the common shares ("Common Shares") of the resulting issuer of the Amalgamation under the trading symbol "XAU". Final approval is conditional upon the Company fulfilling all of the listing requirements of the TSX-V, including filing a listing application, escrow of securities held by principals of the Company and confirmation of restrictions on seed shares held by non-principals of the Company, and submission of final documentation on or before July 27, 2015. The Company expects for the Common Shares to commence upon fulfillment of these conditions and receipt of final approval in early May 2015. Further announcements will be made on the status of the transaction.
Announcing a New Global Operating System for Gold
BitGold Inc. announces the public launch of the BitGold platform, inviting people everywhere to open free accounts, build savings, and make payments with securely vaulted gold - fully insured with no storage fees, full reserved and fully redeemable, spendable with debit card or electronic payments.
May 04, 2015 06:15 PM Eastern Daylight Time
TORONTO - (BUSINESS WIRE) - BitGold Inc. announces the public launch of the BitGold platform, a software service that connects free vault storage with payment networks, enabling a 'banking' like platform for gold. The BitGold platform has previously been operating in private beta, with invitees opening accounts, sending and spending gold by email or text message, purchasing gold in vaults around the world, and redeeming physical gold cubes.
"We are excited to unveil the BitGold platform," said Co-founder and CEO, Roy Sebag, "an architecture and technology that's taken careful planning and execution, which now allows users to seamlessly use gold again as a store of value and medium for payments. As a global asset, gold is recognized in nearly every culture as a long term protector of value, but has been a poor medium of exchange compared to the advances in money technology. We felt that gold needed the modernization and mobilization that's now happening in the global payments revolution. We have built a financial services platform that is as close to being counterparty-free as possible, enabling economic transactions within the existing global financial system to be settled in full reserved gold bullion."
BitGold is not a bank and does not take risks with a customer's deposits, not a cryptocurrency like bitcoin, and there are no IOUs and no securitized assets like gold ETFs. As a Trusted, Limited Third Party, the platform is a software service that allows for the quick settlement of independent-physical gold trades so that a users' gold is easily acquired and accessible across various payment networks. The platform is powered by BitGold's patent-pending locational-gold exchange and vault management system linking vault custodians and bullion banks with real-time settlement. The BitGold technology allows users to choose where in the world they want their gold physically stored and connects the securely-vaulted gold to international payment rails such as SWIFT, Visa, MasterCard, Interac, SEPA, UnionPay, Discover, American Express and others.
"At BitGold we have a mission to democratize global access to gold for stable savings, and to make gold useful in micro-transactions using the internet or mobile phones," said co-founder and Chief Strategy Officer, Josh Crumb. "No matter where you live in the world, gold has held value over time relative to costs like food and energy that we require as humans, making it one the most important savings tools for most of the human population. We believe that by broadening access to a commodity-money that holds value we can help combat the rise in wealth inequality and the short-termism."
About BitGold
BitGold's mission is to make gold accessible and useful in digital payments and secure savings. The BitGold platform provides innovative solutions to the challenge of transacting with fully allocated and securely vaulted gold. BitGold accounts are free and convenient to open by anyone, anywhere* in just minutes. BitGold provides users with a secure vault account to purchase gold using a variety of electronic payment methods, or with currency through a proposed ATM network. The platform also provides transaction capability including: instant cross-border gold payments, merchant invoicing and processing for gold, debit card spending of gold at traditional points of sale, conversions to a customer's external digital-wallet or bank, and physical gold redemptions.
BitGold is a Canadian corporation with offices in Toronto, Canada, and Milan, Italy. BitGold has partnered with established professionals in auditing, vault security and web security, bullion dealing, and is committed to best-practice systems for compliance with all applicable laws and regulations regarding anti-money Laundering ("AML") and Know Your Customer ("KYC").
*The BitGold Platform will not initially be available to U.S. Residents and will be unavailable to residents of sanctioned countries
BitGold Inc. is pending TSX Venture Exchange listing under the symbol: XAU. Commencement of trading will be announced following final exchange approvals.
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Cautionary Statement
Completion of the transaction is subject to a number of conditions, including Canadian Securities Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular of Loma Vista to be prepared in connection with the transaction, any information released or received with respect to the transactions described herein may not be accurate or complete and should not be relied upon. Trading in the securities of Loma Vista should be considered highly speculative.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The Canadian Securities Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this press release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about the proposed business combination, the consolidation of the Loma Vista common shares, the Financing, the Debenture Conversion, the change of the Company's name, and the future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the subscription of certain persons to the Financing, the intentions, plans and future actions of the Company following the business combination, the timing for the implementation of the business combination, the listing of the Common Shares on the Canadian Securities Exchange, the potential benefits of the business combination, the likelihood of the business combination being completed, and receipt of applicable shareholder approvals.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of Loma Vista at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to uncertainties associated with the business combination; risks relating to the business combination agreement terminating in certain circumstances; risks relating to certain directors and officers of the Company possibly having interests in the business combination that are different from other shareholders; risks that other conditions to the consummation of the business combination agreement are not satisfied; global economic climate; dilution; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although Loma Vista has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Loma Vista undertakes no obligation to revise or update any forward-looking information other than as required by law.
Contact Information:
Director
604-363-3932