First Bitcoin Capital Corp Engages PCAOB Auditor to Achieve Up listing; Releases Third Quarter Results
TEL AVIV, ISRAEL / ACCESSWIRE / December 7, 2017 / First Bitcoin Capital Corp. (OTC PINK:BITCF), the world's most prolific generator of cryptocurrencies, announced today that its Board of Directors unanimously ratified the appointment of Hay & Watson as the company's independent registered public accounting firm for the fiscal years ending Dec. 31, 2016 and 2017. The action reflects the company's and the Board of Directors' commitment to strong corporate governance. The decision was made following an extensive and competitive review involving a number of accounting firms.
The Company plans to file its annual reports on Form 20F for the years ended 2016 and 2017 as soon as the audit is completed.
"With the selection of Hay & Watson, First Bitcoin Capital has engaged a top audit firm with significant experience in the industry," added Greg Rubin, CEO. "This selection is another step forward in transforming the strategic direction of the Company, to up list and become a fully reporting publicly traded company."
Hay & Watson is a well-established boutique firm of Chartered Professional Accountants. The firm's team of 20 professionals and staff who provide a full range of financial and management consulting services to public companies.
Hay & Watson is registered with the Institute of Chartered Accountants of British Columbia, the Canadian Public Accountability Board, and the Public Company Accountability Oversight Board (PCAOB) in the United States.
The Company previously announced that it retained two top law firms, including a securities industry expert, to assist the Company in its efforts to up-list to the OTCQB market and to minimize the recurrence of any future regulatory concerns.
Being incorporated in British Columbia, Canada, the Company chose McMillan LLP based on their international expertise as a top Canadian firm specializing in areas most suitable in assisting the Company in its effort to move First Bitcoin Capital forward in the capital markets.
The Company chose Sylvia Scott of Holmes, Taylor, Scott & Jones LLP due to her extensive experience as former senior counsel with the Financial Industry Regulatory Authority ("FINRA," then known as the National Association of Securities Dealers) and the U.S. Securities and Exchange Commission ("SEC") in order to meet the regulatory challenges facing small-cap companies such as BITCF.
Quarterly Results (Unaudited)
For the nine months ending September 30, 2017. The Company's gross revenues increased to $738,552 resulting in net profits of $681,105 while total assets increased to $ 1,049,344. The increase excludes the illiquid market values of majority interests in dozens of cryptocurrencies that the Company has either generated for its own account or for third parties. The report can be viewed here: http://bitcoincapitalcorp.com/investors/2017-q3/
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTCMARKETS: BITCF) (NASDAQOTH:BITCF) (COIN:BITCF) is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange - www.CoinQX.com (in Beta). We see this step as a tremendous opportunity to create further shareholder value by leveraging management's experience in developing and managing complex Blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies. First Bitcoin Capital Corp is developing a consortium of cannabis businesses (Cannabloq) which will include 7 initial members. Ownership in $WEED will be a prerequisite to joining Cannabloq. First Bitcoin Capital has already launched a similar consortium for the petroleum industry at www.PetroBloq.com. Some of the company's other developments can be followed at http://bitcoincapitalcorp.com/projects/
Cautionary Note to Investors
Investors and potential shareholders in the Company should carefully consider the high risks involved in speculating in our common stock both in the OTC markets as well as in the cryptocurrency markets and should be aware that the inventory of altcoins developed or maintained by the Company, while showing significant potential, is highly speculative and that such cryptocurrencies are extremely illiquid and only trade sporadically on small, foreign cryptocurrency exchanges.
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
SOURCE: First Bitcoin Capital Corp.