Global Remote Signs LOI to Acquire 1Linx Blockchain Technolo 2017-11-16 08:30 ET - News Release
VANCOUVER, British Columbia, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Global Remote Technologies Ltd. (“Global Remote” or the “Company”) (CSE:RGT), (OTCMKTS:RGTZF), (Frankfurt Stock Exchange:GR9) is pleased to announce that it has signed a non-binding Letter of Intent (“LOI”) to acquire 1Linx Blockchain Technologies Corp (“1Linx”), a New York based blockchain technology company, for their highly successful proprietary Blockchain authentication platform and suite of Blockchain security services.
In the United States, Bitcoin exchanges are considered Money Services Businesses (MSBs) subject to various obligations and regulation. As a “financial institution”, MSBs are required to comply with Bank Secrecy Act laws and regulations. 1Linx provides a suite of customer and security services that cater to meeting the regulatory requirements of Blockchain MSBs.
1Linx operates four distinct business lines: operator look-up, customer look-up, IP information, and customer friendly user-experience; all four business lines offer transaction verification services backed by the 1Linx proprietary blockchain technology platform. 1Linx was founded in 2013 by veterans in the mobile data and blockchain space, and have since boasted significant growth year over year. Their proprietary platform has attracted flagship customers like Coinbase.
Founded in 2012 Coinbase is one of the largest digital currency wallet platforms where merchants and consumers can transact with new digital currencies and has quickly become, “the world’s most popular way to buy and sell Bitcoin, Ethereum, and Litecoin.”
The LOI is subject to a number of conditions including the approval of 1Linx’s shareholders and board, the approval of RGT’s board, and the settlement of all of 1Linx’s debt prior to closing. The LOI also outlines the execution of a definitive agreement of which the parties agree to execute within 30 days following the Company receiving the audited financial statements of 1Linx. This agreement will result in RGT acquiring all of the outstanding securities of 1Linx, such that 1Linx will become a direct wholly owned subsidiary of RGT.
This acquisition, and the future development of Blockchain software will allow RGT to provide our Resources, Oil and Gas clients with the most cutting edge security and process development software. We will be able to significantly increase our partner profit margins and will decrease liability for asset and project management.