$LITH US Lithium Corp. Signs LOI To Acquire European Developed Blockchain based Cryptocurrency Assets
HENDERSON, Nev., Aug. 22, 2017 (GLOBE NEWSWIRE) — US Lithium Corp. (OTC QB: LITH), announces it has entered into a Letter Of Intent to purchase blockchain based technology assets from Czech Republic software developer Bank Call s.r.o. Under the terms of the agreement LITH will acquire the website kaboomcoin.com, various registered European trademarks and all of the IP associated with kaboomcoin’s cryptocurrency wallet. LITH will be paying $100,000 in cash and 4,500,000 shares of LITH for the assets.
Kaboomcoin.com is an Etherium based cryptocurrency wallet that caters to the 18-35 demographic and the products they purchase, be them virtual or brick and mortar. This is the most technologically oriented generation in history and the majority of their purchases, communications, social media and payment platforms are tied to their smartphones. LITH believes that this age demographic will more than likely be influenced and adapt to an application and payment method i.e. kaboomcoin, due to their peer circle and social media feeds adopting the product. LITH will be placing resources into the marketing and social media diaspora with kaboomcoin.com
According to http://www.techcrunch.com/ companies such as Coinbase has facilitated almost $15B in digital currency exchange in just the first half of 2017, which is 5x more that was exchanged in the entirety of 2016. At this pace the startup may see a 10x increase in transaction volume from full-year 2016 to full-year 2017. REF: (https://techcrunch.com/2017/08/10/coinbase-raises-100m-at-a-1-6b-valuation-amid-explosive-growth/) LITH is looking at localizing the digital currency experience for the US and the purchasers of and will have product offerings out for 2017 catering to the unique each state and its set of purchasing rules and regulations.
LITH sees high growth in crypto currencies especially given that the Japanese government formally recognized the cryptocurrency in April 2017, giving it greater legitimacy in Asia’s richest major economy. There’s been steady growth of international money-transfer services that use Bitcoin to move cash from one country to another. LITH views vertical integration is a necessity and a natural progression of the sector.
“We are very excited to be entering and have found and purchased an asset to create a comprehensive and sustainable business model that focuses on enhancing joint company value and shareholder value. We strongly believe that we can develop and finalize an agreement that will profit all stakeholders,” stated Gregory Rotelli, President of US Lithium Corp.
Disclaimer: This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Family Room Entertainment Corp. and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact: Gregory Rotelli