VANCOUVER, BC, Oct. 31, 2023 /PRNewswire/ - LQWD Technologies Corp. (TSXV: LQWD), (OTC: LQWDF) ("LQWD" or the "Company") announces has filed its financial results for the six-months ending August 31, 2023. A copy of LQWD's financial statements and management discussion and analysis for the interim period ending August 31, 2023, are available on SEDAR+ at www.sedarplus.ca and on the company's website at www.lqwdtech.com.
Highlights for the reporting period include the implementation of AI technology integrated into LQWD's Lightning Network nodes, resulting in a 4,500% increase in channels for the LQWD-Canada node. The node now ranks among the top five nodes on the entire Lightning Network, recently surpassing the Kraken exchange node.
During the reporting period, LQWD appointed accomplished public company executive Alex P. Guidi to its Board of Directors and closed two non-brokered private placements totaling $1,182,000. LQWD is well positioned to capitalize on its Lightning Network business, with no debt, approximately $1.1 million in working capital, and ~114 Bitcoin that is beginning to earn fees in the form of Satoshi's on the network.
Overall growth of the Lightning Network continues to accelerate at a phenomenal pace with network transaction volumes growing by 1,200% growth over the past two years. LQWD's 18 strategically placed international nodes also continue to achieve growth reaching transaction volume now over 240,000. With the implementation of AI to the Company's operations, combined with exponential growth of the Lightning Network, it is expected LQWD's Lightning business will also increase at a rapid rate.
About LQWD Technologies
LQWD Technologies Corp. is a Lightning Network Liquidity Provider focused on developing payment infrastructure and solutions accelerating the global mega trend of Bitcoin adoption through the Lightning Network. LQWD also owns Bitcoin that is used as an operating asset establishing nodes and payment channels on the Lightning Network.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE LQwD FinTech Corp.
