Jacksonville, FL, May 06, 2020 --(PR.com
)-- OBITX, Inc., (OTCMKTS: OBTX) shareholders were addressed by the Company’s CEO/CFO Michael Hawkins.
To OBITX, Inc. shareholders:
"The past couple of weeks have been a busy time for our Company. With the recent turnover in our executive team, we are at the forefront of a paradigm shift on how we view our business. We are discontinuing our broad-based operations belief where sales would be generated by social media and marketing software via web search logics and personalized marketing. We will laser focus on our core competency brought by our new management team of blockchain technologies and decentralized computing.
"The Company has spent the last few years attempting to launch software in marketing and social media that has never been effectively operational, which is evident by our recording zero revenue in the fiscal year ending January 31, 2020. While resources were expended, revenue was not recorded. We are expecting to record losses of $2.6 million and $2.1 million for the years ending January 31, 2020 and 2019, respectively.
"We have reach settlement agreements with most of the former officers and directors. In addition, we agreed to return the social media software to MCIG, Inc., in exchange for the forgiveness of the debt the Company owed to MCIG, and the conversion of 5,000,000 shares of its OBITX common stock into 500,000 shares of Series B Preferred stock with a minimum 18 month conversion right. Subsequently we terminated the line of credit agreement with MCIG, Inc.
"The good news is, the past has been addressed, we have self-corrected, and we are positioned to move forward with new leadership and purpose. With a virtual clean slate, we are free to focus on the growth of our business opportunities in blockchain technologies."
Where do we go from here:
"Our new mantra... Everything Blockchain! Our focus is going to be centered in the blockchain industry. Just in the past couple days we have seen a tremendous surge in blockchain publicity across the world as BitCoin is poised for its halvening in just a couple weeks. Truly exciting times! Our management team and personnel will be focused on providing services, solutions, and consulting in blockchain development. With skilled personnel in FinCen, security, healthcare, decentralized processing, and infrastructure on technologies, we have developed unique processes and services that are tailored to clients and their business models, goals, and desires. We will work with companies and individuals looking to enter this cryptic society and help them navigate through the process.
"I encourage our shareholders to continue to watch for upcoming news as we begin to expand operations both nationally and internationally.
"We are launching our new website at www.obitx.com that will provide insight into the various operations, services, and products we offer, or will be offering, in the blockchain industry."
Headquartered in Fleming Island, Florida, OBITX, Inc., (OTCMKTS: OBTX) is a consulting and services organization specializing in blockchain technologies and decentralized processing.
Forward Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate,” “seek,” intend,” “believe,” “estimate,” “expect,” “project,” “plan,” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.