Bitcoin Shop, Inc. (f/k/a TouchIt Technologies, Inc.) Announces Acquisition of New Line of Business
SILVER SPRING, Md., Feb. 8, 2014 /PRNewswire/ -- Bitcoin Shop, Inc. (otcqb: TUCND) ("we", "us" or the "Company"), announced that on February 5, 2014 it acquired Bitcoinshop.us LLC ("Bitcoin Shop"), an ecommerce marketplace platform provider that enables shoppers to purchase products using virtual currencies such as Bitcoin, through a share exchange transaction. In connection with the acquisition of Bitcoin Shop, the Company closed on the private placement of its Series C Preferred Stock and Warrants to certain accredited investors with gross proceeds to the Company of $1,875,000. Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is categorized as a cryptocurrency, as it uses cryptography for security, making it difficult to counterfeit. Bitcoin issuance and transactions are carried out collectively by the network, with no central authority, and allow users to make secure, verified transfers.
The Company operates an ecommerce website (www.bitcoinshop.us) where consumers can purchase products using virtual currency such as Bitcoin, by searching through selection of over 400 categories and over 140,000 items. A copy of the Company's corporate presentation can be found on our website: http://investors.bitcoinshop.us.
Charles Allen, the Company's Chief Executive Officer and Chief Financial Officer, commented, "We are enthusiastic about the growing acceptance of virtual currency as part of the global economy and excited for our customers and the rapidly growing numbers of Bitcoin holders who will now benefit from the opportunity to utilize our ecommerce platform, www.bitcoinshop.us. We're one of the first publicly traded companies in the virtual currency space with a business to consumer model. We believe this transaction is consistent with ongoing efforts to provide us with an opportunity to deliver improved shareholder value in the future."
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 (the "SEC"), not limited to Risk Factors relating to its Bitcoin 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.