Fredericksburg, VA, Jan. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BitFrontier Capital Holdings, Inc. (OTC: BFCH) announced today that it has signed an acquisition agreement to acquire all of the issued and outstanding shares in TelesisIT, LLC ("TelesisIT"). A copy of the acquisition agreement has been posted to the company’s OTC Markets page.
The transaction includes all assets owned by TelesisIT that are used in, related to, or necessary for operation of the business. This includes associated trademarks, trade names, brand names, goodwill, customer lists, contracts, warranties, leases, rights, arrangements, and other assets. TelesisIT produced annual revenue of $550,797.97 in 2016 and $542,181.11 in 2017 while producing a net profit annually.
Spencer Payne, CEO of BitFrontier Capital Holdings, states, “The acquisition of TelesisIT is a huge step forward for the Company. TelesisIT will not only add significant revenue and assets to the books, it will provide an opportunity to rapidly expand into the blockchain software industry through existing clients of TelesisIT. We are excited about the opportunity to expand into this huge potential growth industry with experienced professionals who understand how to implement blockchain into their operations.” According to IDC worldwide blockchain spending is anticipated to grow to $9.7B in 2021.
TelesisIT will continue to operate in the same fashion that has made it profitable annually with current management running the business while operating under the BitFrontier umbrella. We will be looking to further expand our portfolio of companies over the coming months with the ambition of building out a solid core of companies. All transactions will be vetted with our shareholders’ interests in mind and with the goal of rapid growth for BitFrontier in 2019.
The company will also be providing an update on the share cancellation and progress of its cryptomining facilities in the near future.
About BitFrontier Capital Holdings, Inc.
BitFrontier Capital Holdings business plan is to concentrate on cryptocurrency related investments and development opportunities through cryptocurrency mining, investments in private and/or public entities, joint ventures and acquisitions of blockchain related companies. BitFrontier Capital Holdings has two wholly owned operating subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc. Through the Company's wholly owned subsidiary, BitFrontier Technologies, Inc., the Company plans to build a warehouse specifically designed for hosting cryptocurrency mining equipment. Cryptocurrency mining (e.g. bitcoin mining) entails running ASIC (application-specific integrated circuit) servers or other specialized servers which solve a set of prescribed complex mathematical calculations in order to add a block to a blockchain and thereby confirm digital asset transactions. A party which is successful in adding a block to the blockchain is awarded a fixed number of digital assets in return.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at https://www.otcmarkets.com/
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.