EDMONTON, Alberta, July 28, 2021 (GLOBE NEWSWIRE) -- Bitcoin Well Inc. (“Bitcoin Well” or the “Company”), a company offering convenient, secure and reliable ways to buy, sell and use bitcoin through a trusted Bitcoin ATM network and suite of web-based transaction services, is pleased to announce that, effective at the opening of markets on Friday, July 30, 2021, the common shares of Bitcoin Well will commence trading on the TSX Venture Exchange (the "TSXV") as a Tier 2 Technology Issuer under the symbol "BTCW". In addition, we have now expanded into international markets through the acquisition of a privately-held, UK-based ATM operator, Paradime LTD o/a AlphaVend.
New Listing Details
Prior to and in connection with the listing of Bitcoin Well common shares on the TSXV, our Filing Statement dated May 17, 2021 has been filed with and accepted by the TSXV and filed on SEDAR under the Company's profile. We announced the closing of our arm’s length qualifying transaction (the “Transaction”) on June 14, 2021, along with the conversion of the subscription receipts (the “Subscription Receipts”) issued in connection with the Company’s previously announced $7.0 million private placement offering (the “Offering”). The TSXV issued its final exchange bulletin confirming the completion of the Transaction on July 28, 2021.
“We are thrilled to begin this next phase of evolution for Bitcoin Well as we embark on life as a public company. We believe our listing will help to raise the profile of Bitcoin Well for new prospective investors and other market participants, who can also learn more about bitcoin and its role in aiding individuals to achieve financial sovereignty,” said Adam O’Brien, CEO of Bitcoin Well. “Through our non-custodial model, we offer bitcoiners a secure and safe platform to buy and sell bitcoin, and will continue to pursue expansion of our Bitcoin ATM network, while also seeking to enhance our service offerings as a means of supporting our growth trajectory.”
Current and prospective investors and other interested parties can access investor-related information for Bitcoin Well, including a current corporate presentation, through the following link: https://investors.bitcoinwell.com.
Paradime LTD Acquisition Details
By acquiring Paradime LTD o/a AlphaVend – currently the second largest Bitcoin ATM operator in the UK – Bitcoin Well now owns and operates 26 machines across England, Scotland and Wales. This offers an established presence in key metropolitan centres such as London, Manchester and Glasgow. Given the Paradime LTD assets are currently operating under a temporary registration through the provisional license, Bitcoin Well will cease UK operations should any licensing changes occur that would result in non-compliance with regulations.
This type of acquisition supports our goal of enabling the purchase and sale of bitcoin in the fastest and safest way possible and sets the stage for further growth in Europe and around the world. As there are more than 35 existing operators in the UK region, Bitcoin Well can continue to evaluate potential acquisition opportunities. We look forward to applying our marketing approach and operational processes to capture efficiencies in this exciting new market. In accordance with the terms of the acquisition agreement, the new UK subsidiary of Bitcoin Well is currently seeking to secure a permanent license and certain approvals from the Financial Conduct Authority in the UK. For additional details regarding the acquisition, please see the Company’s Filing Statement dated May 17, 2021, accessible on SEDAR.
Update to Escrowed Shares
Bitcoin Well also provides a correction to the number of shares subject to Tier 2 - Surplus Escrow that was originally reported within our June 10, 2021 press release to 73,992,191 common shares, which updates and supersedes the originally reported 76,992,161 common shares.
About Bitcoin Well
Bitcoin Well offers convenient, secure and reliable ways to buy and sell bitcoin through a trusted Bitcoin ATM network and suite of web-based transaction services. The Company generates revenue and based on management’s assessment of publicly-available data, will become the first publicly traded Bitcoin ATM company, with an enterprising consolidation strategy to deliver accretive and cost-effective expansion in North America and globally. As leaders of the longest-running, founder-led Bitcoin ATM company in Canada, management of Bitcoin Well brings deep operational capabilities that span the entire value chain along with access to proprietary, cutting-edge software development that supports further expansion. Sign up for our newsletter and follow us on LinkedIn, Twitter, YouTube, Facebook, TikTok and Instagram to keep up to date with our business.
Contact Information
For investor information, please contact:
Bitcoin Well
10142 82 Avenue NW
Edmonton, AB T6E 1Z4
bitcoinwell.com
investors@bitcoinwell.com
Adam O’Brien, President & CEO or
Dave Bradley, Chief Revenue Officer
Tel: 1 888 711 3866
IR@bitcoinwell.com
For media queries and further information, please contact:
Karen Smola, Director of Marketing
Tel: 587-735-1570
k.smola@bitcoinwell.com
Reader Advisory / Forward-Looking Statements
Statements in this press release regarding Bitcoin Well which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as the timing of expansion plans and activities, the obtaining of a permanent license and certain approvals from the Financial Conduct Authority in the UK, allocation of the proceeds from the private placement as well as various business objectives. 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. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the permanent license from the Financial Conduct Authority in the UK is not obtained. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) adverse market conditions; (ii) the need for additional financing; and (iii) changes in laws and regulations. Except as required by law, Bitcoin Well does not intend to update any changes to such statements.