Bitcoin Shop Management Voluntarily Cancels All Outstanding Options and Grants New Performance Based Options
Bitcoin Shop, Inc. (OTCQB: BTCS) ("Bitcoin Shop" or the "Company"), operator of the digital currency ecommerce marketplace www.btcs.com, which is undertaking the build-out of a universal digital currency ecosystem, announced today that management has agreed to cancel all 6,201,472 currently outstanding options and grant new performance based options.
Charles Allen, Chief Executive Officer of Bitcoin Shop, commented,
"This is yet another voluntary action taken by management to ensure we are building a performance based culture and aligning our interests with our shareholders. These incentives are based off of the Company's revenue, EBITDA and operating goals going forward. We are confident in our ability to achieve our performance based goals."
Key members of management have been awarded the following performance based options which vest based on the criteria as set forth below:
| Executive | 2015 | 2016 | ||
| Charles Allen | • 3.5m options vest if 2015 EBITDA is at least $500,000 and EBITDA per share is at least $0.003 | • 5m options vest if 2016 EBITDA is at least $3,000,000 and EBITDA per share is at least $0.014 • 1m options vest if the Company is listed on NASDAQ or NYSE prior to December 31, 2016 |
||
| Michal Handerhan | • 250k options vest if 2015 EBITDA is at least $500,000 and EBITDA per share is at least $0.003 • 850k options vest upon the successful completion of various milestones on or prior to December 31, 2015 |
• 350km options vest if 2016 EBITDA is at least $3,000,000 and EBITDA per share is at least $0.014 • 1 million options vest if revenue of the Company's wholly owned subsidiary Bitcoinshop.us LLC for its 2016 fiscal year is at least $1,000,000 |
||
| Total | 4.6m | 7.85m | ||
About Bitcoin Shop, Inc.
Bitcoin Shop, Inc. 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. We currently operate our legacy ecommerce website (www.bitcoinshop.us) and are operating our 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 2 million items. We provide our customers competitive pricing options from over 85 retailers through our "Intelligent Shopping Engine". All ecommerce customer orders are fulfilled by third party vendors. We plan to use our ecommerce platform as a customer on-ramp for a broader digital currency platform. We have been actively partnering with strategic digital currency companies who have technologies, services or products that are complementary to our business strategy by making investments in them and integrating with them.
Digital currencies use peer-to-peer networks to facilitate instant payments. They are categorized as cryptocurrencies, as they use cryptography as a security measure. Digital currency issuances and transactions are carried out collectively by the network, with no central authority, and allow users to make verified transfers.
Bitcoin Shop, Inc.
http://www.bitcoinshop.us/
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 virtual 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.
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