Toronto, Ontario (FSCwire) - The Special Committee of BitRush Corp. (CSE:BRH,
Frankfurt:0XSN) (“BitRush” or the "Company") announces that the Company has received a formal
notice from kb-spirit GmbH (“KB”), the owner and operator of the software used to operate the ANOON service
(www.anoon.com), a next generation universal payment service based on cryptographic
technology, that it will cease to make the service available effective December 31, 2017. KB notes in its notice that
Werner Boehm (“Boehm”), the former CEO of the Company, failed to secure the use of the service and the ownership
of the technology and IP for the Company at the relevant time; that KB has continued to provide the service to the Company as a
goodwill gesture to the Company to give it time to settle the matter; and that KB has been bearing the ongoing operational costs
of the servers and data cloud used for the ANOON service. In light of such notice, the Company is considering and
evaluating its options.
As previously reported (see November 17, 2017 news release), in its decision dated November 14, 2017 (the
“Superior Court Decision”), the Ontario Superior Court (Commercial List) (the “Court”) found that Boehm acted
oppressively towards BitRush and its shareholders for a number of reasons, including, for failing to have taken the steps to
complete his agreements with Dr. Joachim Kalcher, the inventor of the ANOON technology to secure the ANOON technology.
All ANOON accountholders are required to transfer out their balance if any before December 31,
2017.
On January 5, 2018, the Court will hold a further hearing for the purpose of determining the value of the shares to
be cancelled pursuant to paragraph 84(d) of the Superior Court Decision, which represents a cancellation of shares relating to
the Court’s finding that Boehm misappropriated $561,373 from BitRush.
FORWARD LOOKING INFORMATION
This press release is for informational purposes only and is not an offer to buy or the solicitation of an
offer to sell any securities in any jurisdiction.
This press release contains certain “forward-looking information”. All statements, other than statements of
historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may
occur in the future (including, without limitation, statements relating to the upcoming hearing) constitute forward-looking
information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information
currently available to the Company as well as certain assumptions including, the ability of the Court to hold the hearing as
scheduled and for the Court to determine the value of the shares in question as the Company anticipates . Forward- looking
information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of
the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are
realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to differ materially from current expectations, include, but are not
limited to, the inability of the Company to obtain the result it seeks in the further Court hearing.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as
a result of new information,
future events or results or otherwise. Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly
undue reliance should not be put on such information due to the inherent uncertainty therein.
On behalf of the Special Committee,
Karsten Arend
President, Director
For further information, contact Karsten Arend at (416) 847-1831 or info@bitrush.com.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/BitRush12182017.pdf
Source: BitRush Corp. (CSE:BRH)
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