LOS ANGELES, Jan. 9, 2015 (GLOBE NEWSWIRE) -- Cryptocurrency services startup, Coin Citadel (OTC:CCTL) today announced the installation of its first Bitcoin ATM at the Woodland Hills, California corporate headquarters of CrowdGather, Inc. (CRWG). The ATM is the Satoshi1 cryptocurrency vending unit manufactured by San Diego based, Genesis Coin (www.bitcoinatm.com). Coin Citadel also provided an update on its launch strategy
"We are very excited to announce our first bitcoin vending location at the offices of CrowdGather, a social media and gaming company in Los Angeles," said Bill Schaefer, Coin Citadel's CEO. "CrowdGather will offer access to our machine for any visitors seeing to purchase bitcoins from us, but we also intend to host semi-regular meetups at their offices in order to develop ties to bitcoin developers and startups that we intend to partner with."
Schaefer continued, "This installation represents the official launch of our activities while we prepare for the filings we must complete in order to receive our MTB license. Once these applications are accepted, we intend to reopen our leading edge online exchange platform, Bitcoiner7. We have also started acquiring other bitcoin assets including hard drives with inaccessible or corrupted bitcoins. Our goal is to use our Bitcoiner7 exchange, and our physical network of ATM locations to serve as the core of all of our bitcoin initiatives while we continue to pursue opportunities that will also allow our company to accumulate a sizeable position in cryptocurrencies on behalf of our shareholders."
About Coin Citadel, Inc.
Coin Citadel, Inc. is incorporated in the State of Nevada. We are a development stage cryptocurrency services company that plans to engage both as an online bitcoin exchange as well as an owned and operated network of physical bitcoin ATM machines that will serve as physical locations to connect with our exchange when it comes online.
Coin Citadel, Inc. owns Bitcoiner7.com (www.bitcoiner7.com) which is one of the oldest and most established Bitcoin businesses in operation today, having developed a reputation based on reliability and stability, allowing users to trade with confidence. Bitcoiner7 is a functional Bitcoin exchange allowing buyers and sellers to meet in a secure cyber marketplace. The fully functional platform is currently signing up members and will launch in the USA after it obtains the required MTB (money transmitter) License. Coin Citadel will also ultimately operate Bitcoin ATM's connecting bitcoiner7.com members with ATM/cash conversion and withdraw convenience.
Additionally, Coin Citadel intends to seek other opportunities to provide services and resources to the high growth, rapidly evolving cryptocurrency landscape.
About CrowdGather, Inc.
With its growing portfolio of special interest forums and enthusiast message board communities, CrowdGather (www.crowdgather.com) has created a centralized network to benefit forum members, forum owners, and forum advertisers. CrowdGather provides a highly interactive and informational social network for members, a management and revenue-sharing resource for third-party forum owners, and a largely untapped advertising network for marketers worldwide.
CrowdGather subsidiary, Plaor, a company that specializes in developing highly scalable multi-platform games, is located in the heart of Boston's fast growing Innovation District. Plaor produces Mega Fame Casino, an innovative and highly rated social casino available on iOS, Android & desktop. With over 20 employees, the Plaor team is a mix of rising-star newcomers and widely-recognized game development veterans from companies including Rockstar Games, Turbine, Harmonix, Irrational Games, Nanigans, Sony Online Entertainment, ThoughtWorks, THQ, and Caesars Interactive Entertainment.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth and business strategy. Words such as "expects,""will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company's business; general economic, industry and market sector conditions; the ability to obtain additional financing; the ability to manage the Company's growth; the ability to develop and market new technologies to respond to rapid technological changes; competitive factors in the market(s) in which the Company operates; and other events, factors and risks disclosed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.