Global Remote (CSE:RGT) (OTCMKTS: $RGTZF) Signs LOI to Acquire 1Linx #Blockchain Technologies
VANCOUVER, British Columbia - November 16, 2017 (Investorideas.com Newswire) Global Remote Technologies Ltd. ("Global Remote" or the "Company") (CSE:RGT), (OTCMKTS:RGTZF), (Frankfurt Stock Exchange:GR9) is pleased to announce that it has signed a non-binding Letter of Intent ("LOI") to acquire 1Linx Blockchain Technologies Corp ("1Linx"), a New York based blockchain technology company, for their highly successful proprietary Blockchain authentication platform and suite of Blockchain security services.
In the United States, Bitcoin exchanges are considered Money Services Businesses (MSBs) subject to various obligations and regulation. As a "financial institution", MSBs are required to comply with Bank Secrecy Act laws and regulations. 1Linx provides a suite of customer and security services that cater to meeting the regulatory requirements of Blockchain MSBs.
1Linx operates four distinct business lines: operator look-up, customer look-up, IP information, and customer friendly user-experience; all four business lines offer transaction verification services backed by the 1Linx proprietary blockchain technology platform. 1Linx was founded in 2013 by veterans in the mobile data and blockchain space, and have since boasted significant growth year over year. Their proprietary platform has attracted flagship customers like Coinbase.
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Founded in 2012 Coinbase is one of the largest digital currency wallet platforms where merchants and consumers can transact with new digital currencies and has quickly become, "the world's most popular way to buy and sell Bitcoin, Ethereum, and Litecoin."
The LOI is subject to a number of conditions including the approval of 1Linx's shareholders and board, the approval of RGT's board, and the settlement of all of 1Linx's debt prior to closing. The LOI also outlines the execution of a definitive agreement of which the parties agree to execute within 30 days following the Company receiving the audited financial statements of 1Linx. This agreement will result in RGT acquiring all of the outstanding securities of 1Linx, such that 1Linx will become a direct wholly owned subsidiary of RGT.
This acquisition, and the future development of Blockchain software will allow RGT to provide our Resources, Oil and Gas clients with the most cutting edge security and process development software. We will be able to significantly increase our partner profit margins and will decrease liability for asset and project management.
About Global Remote Technologies
The objective at Global Remote Technologies is to reduce operational costs in the energy domain, specifically the oil sector, with unique, proprietary techniques and technologies that support upstream, midstream and downstream processes. Services are developed to create custom solutions that improve performance, improve health and safety standards, and bring significant savings to clients. GRT operates in rugged locations around the globe, with offices in Canada, Mexico, Oman, and the United States. Global Remote Technologies is a public company, traded in Canada and Germany under the symbols CSE: RGT and FRA: GR9.
On behalf of the Board of Directors
CEO, President and Director
This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company's management believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward- looking information because the Company cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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