Netcents Technology Inc NTTCF

NCCO Update?

[rydnhi]

NetCents would like to provide an update as to the current status of the NCCO coin, notably on the coin no longer trading on the NetCents exchange and on the Foundation's funds remaining in escrow with a Canadian law firm. On February 24, 2019, NetCents had originally scheduled the removal of the NCCO from the exchange for maintenance. At that time, the BCSC who is conducting an ongoing review of the initial sale of the NCCO coin requested that the NCCO coin stop trading on the NetCents exchange. The issue at hand is the nature of the NCCO coin - should the NCCO coin be deemed to be a security or transactional currency. When it was decided to develop NCCO, it was and has always been the intention for the coin to be a part of the NetCents transactional gateway as a way for consumers to buy and sell goods and services online. The question remains, is whether or not the process in which the coin was introduced was done so as a security. NetCents has made a clear submission to the BCSC as to why it believes that the NCCO coin is not a security. The BCSC has not finalized its determination - this is what has been keeping the NCCO coin in limbo for so long. This ongoing investigation is specific to NCCO and is not related to the company. NetCents, the Foundation, and both parties legal counsel continues to do all that it can to resolve the issue with the BCSC as quickly as possible but unfortunately does not control the timeline. As indicated previously, all proceeds from the initial coin sale, which were to be transferred to the Foundation, remain in escrow with a Canadian law firm pending final determination by the BCSC. The funds that remain in trust is the reason why the foundation cannot uphold its ability to service the coin as intended. In the interim, in order to ensure the continued success of the NCCO for coin holders and its transactional value as a currency, there have been discussions with a number of alternative exchanges that reside outside of Canada to list the NCCO coin by the Foundation. The Foundations hope is to have this established in the weeks to come. While NCCO may not be available through the NC Exchange, once resolved, it will be available through the NetCents merchant gateway to make transactional purchases at participating merchants. After speaking with Jean-Marc Bougie, Chairman of the NCCO Foundation Company, he stated, "The original premise of the NCCO coin of creating an independent asset-backed cryptocurrency with market-driven release mechanism is as relevant today as when the Foundation issued its original white paper. Its use case has actually become even more relevant these days - a cryptocurrency to be developed as a widely used transaction coin rather than an instrument of speculation."