VANCOUVER, Nov. 30, 2017 /CNW/ - Glance Technologies Inc. (CSE: GET.CN)(CSE: GET.WT)(OTCQB: GLNNF)(FKT: GJT) announces that it has entered into a non-binding LOI to acquire the blockchain and cryptocurrency with rewards tokenization platform Blockimpact from Ztudium Limited, a company founded and led by leading blockchain influencer Dinis Guarda. Ranking.influencer.world ranks Mr. Guarda #4 worldwide in Blockchain and Crypto.
The LOI contemplates that Glance will acquire all of the intellectual property comprising the Blockimpact platform in consideration for payment to Ztudium of US$1.1 million, 80% of which will be paid upon closing of the acquisition and 20% of which shall be paid on completion of the integration of Blockimpact with the Glance Pay mobile payment platform. Glance has paid Ztudium US$100,000 towards the purchase price.
Blockimpact is a full end-to-end cryptocurrency blockchain solution, which includes the following features:
- Biometric ID
- Blockchain Distributed Ledger Technology
- Digital messaging / group chat (with functionality similar to Whatsapp)
- Financial wallet
- Open application program interface
- Crypto/token/fiat wallet (which allows seamless conversion between currencies)
- Reward system
- Encrypted cyber security
- In-app support system
- Document sharing
- Social network features
- Peer to Peer marketplace functionality
Glance intends to utilize the Blockimpact cryptocurrency platform to accelerate the creation of its rewards based cryptocurrency, which is also intended to be implemented on the Glance Pay platform. Glance hopes to complete the Blockimpact acquisition within the next 15 days and then work to integrate the Blockimpact blockchain technology with the existing Glance pay mobile payment network architecture.
Completion of the acquisition is subject to the parties negotiating and entering into a binding agreement for the acquisition, on the satisfactory completion of due diligence by Glance, and upon the approval of the transaction by Board of Directors of Glance. Ztudium has agreed to a 30-day exclusivity period during which it will not negotiate the potential sale of Blockimpact other than with Glance.
Closing of the acquisition is further conditional upon Mr. Guarda and other members of the Ztudium management team responsible for the development of Blockimpact entering into a consulting agreement with Glance on terms satisfactory to each of Glance and the Consultants pursuant to which Guarda and the Consultants will assist Glance with Glance's adoption and use of the Blockimpact platform, in planning and executing Glance's planned rewards based cryptocurrency strategy, and by introducing Glance to blockchain experts, influencers and partners.
"We are selling the Ztudium Blockimpact platform at a significant discount to what we believe is its true value because we are extremely excited about the opportunity to apply our team and technology to the Glance Pay rewards cryptocurrency," says Dinis Guarda, "We feel strongly that there is a large potential for this in the marketplace and we feel the combinations of our teams, technologies, and marketing capabilities are unmatched in the cryptocurrency space today," added Guarda.
The Glance rewards based token will be granted as rewards to users of the Glance Pay mobile payment app every time they spend on the Glance Pay mobile payment network, whether they have paid with the new cryptocurrency or via other payment methods. This strategy is intended to support rapid adoption of the cryptocurrency to a broad range of consumers, although the app will also be marketed to crypto users in leading urban centers.
Glance also intends to apply elements of its anti-fraud technology to cryptocurrencies to reduce the risk associated with converting traditional currencies to and from cryptocurrencies.
The market cap of all cryptocurrencies has gone from $17 billion USD one year ago to over $245 billion recently, which is an increase of over 1,340% (according to coinmarketcap.com). This incredible expansion of the cryptocurrency market demonstrates a significant increase in demand for cryptocurrencies and increased demand for ways to spend them.
In addition to the recently announced $11 million CAD bought deal financing, Glance currently has cash in the bank in excess of $10 million CAD, which puts Glance in a strong position to pursue acquisition and partnership deals such as this.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom automated rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance Pay has entered into significant licensing agreements to access the cannabis, fitness and wellness, foreign student and tourist markets through Cannapay Financial Inc., Active Pay Distribution Inc. and Euro Asia Pay Holdings Inc. Glance Pay is currently developing a rewards based cryptocurrency to be integrated into its platform.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward- looking information") within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: "will" "may" "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking complete discussion of such risk factors and their potential effects which may be accessed through the Glance's profile on SEDAR at http://www.sedar.com. in particular, Glance may not be successful in building its planned cryptocurrency or there may not be sufficient support for the cryptocurrency to make it a success.
SOURCE Glance Technologies Inc.
For further information: about Glance, please go to http://www.glance.tech or contact: Christina Rao, Vice President, Investor Relations, +1(604) 723-7480, [email protected]