Bitcoin Shop, Inc. Acquires Additional Equity Interest in Coin Outlet
Bitcoin Shop, Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), which is undertaking the build-out of a universal digital currency ecosystem, announced today that the Company has acquired an additional 2% equity ownership in Coin Outlet from Eric Grill, Coin Outlet's CEO, for 701,966 shares of the Company's common stock. BTCS now owns approximately 4.2% of Coin Outlet's equity and has the ability to own up to 11% upon exercise of its previously issued option and warrant.
BTCS CEO Charles Allen commented, "Today we are pleased to announce our additional ownership interest in, and partnership with, Coin Outlet. Their ATMs should allow consumers to exchange fiat currency for bitcoins through one fundamental and easy-to-use transaction. Additionally, with the help of Coin Outlet, we plan to leverage their ATM network as another on-ramp to our planned universal digital currency ecosystem."
Eric Grill, Chief Executive Officer of Coin Outlet, commented, "Together we are focused on driving bitcoin and digital currency adoption through a systematic roll out of ATMs across key cities from coast to coast. The partnership with BTCS encompasses the perfect collaboration of resources and technology."
BTCS plans to build a universal digital currency platform with the goal of enabling users to engage in the digital currency ecosystem through one point of access. The Company currently operates its public beta site (www.btcs.com) where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 250,000 items. Customers can access competitive pricing options from 256 retailers through BTCS's "Intelligent Shopping Engine." All ecommerce customer orders are fulfilled by third party vendors. The Company plans to use its ecommerce platform as a customer on-ramp for a broader digital currency platform. BTCS actively partners with strategic digital currency companies who have technologies, services or products that are complementary to its business strategy by making investments in them and integrating with them.
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.