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Stockholm IT Ventures AB: STOCKHOLM IT VENTURES AB ACQUIRES WYRIFY FROM CONSORTIUM OF STAKEHOLDERS LED BY NXCHAIN INC.
Nacka Strand (pta/28.09.2017/20:00) 28 September 2017Stockholm IT Ventures AB (SITV) have completed the purchase of the Wyrify blockchain payment technology for 3 million Euros in an all share deal from a consortium of stakeholders led by NXChain Inc. The purchase has been made prior to the launch of the Wyrify ICO which is scheduled for the 6th of October 2017.Stockholm IT Ventures AB, listed on Börse Frankfurt (SVAB), have concluded the asset purchase transaction of the Wyrify Blockchain Payment Technology from a consortium of stakeholders led by NXChain, Inc, a company listed on the QB list on the OTC Markets Exchange in New York (NXCN.QB). The purchase was concluded ahead of the release of the Wyrify ICO, scheduled for the 6th to the 14th of October 2017 with a range of partners. Wyrify utilizes a superfast blockchain transaction layer to interface all integrated digital/crypto and fiat currencies at merchant transaction Point-of-Sales level, already having gone through development and pilot testing, ready for release with contracted customers in several markets.
The technology uses beacons to replace other POS equipment, and a combination of apps and aligned technologies (NFC/Bluetooth) for instant payment facilitation. The Wyrify system has speeds similar to other systems used today, but at a fraction of the cost. The system has been in R&D since 2013, and has been tested with pilot customers since 2015. There are several customers moving from pilot testing to full operational status, including Macau Junket operations, through the Wyrify partnership with WI Holding in Asia. This partnership is expected to be major revenue driver in the Asia Pacific region for the combined company.
Wyrify is launching its own ICO on the 6th of October 2017 in collaboration
with its Asian partners, on the Ethereum blockchain. It is anticipated
to be the first ICO in history concluded by a listed company, giving token
holders a 30% part of the revenue of the platform for five years. Wyrify and Stockholm IT Ventures AB targets raising USD200 million in the Wyrify ICO.
“Customers can pay instantly with a wide range of digital currencies, if
they have sufficient number of coins in their wallet on our platform. We
settle instantly and lock a matching number of the selected coin(s) in
the customer wallet, following standard longer settlement procedures for
bitcoin or other digital currencies to settle against the carrier currency with zero volatility. We keep exchange fees at a minimum, and merchant fees
at a minimum. The hardware we aim to give for free to merchants world
wide, since the beacons used at POS are low cost and installs in
seconds. We allow for micro transactions, thereby reaching the world
population with smart/feature phones and not only those with credit cards.
Merchants get fixed prices, zero volatility, zero chargebacks and
instant full settlements. We expect this to become a game-changer for the
POS terminal industry and possibly also the payment card industry.”
-Henrik Onarheim, Wyrify founder.
“We’re integrating Wyrify with regular banking, so users will be able to
pay their bills and arrange lending in fiat (normal) currencies. Through
this, customers will have all their banking needs covered through the
Wyrify platform. We can even furnish Wyrify users with Debit- and Credit
cards to use where there are not yet Wyrify payment beacons in stores”
-Chakrit Ahmad, CEO of Expay Group (an integrated component of the Wyrify platform)
“We have been a key part of the Wyrify development with our core technology platforms based on digital currencies and mobile phone apps, and will continue a close working relationship with Wyrify as an important part of our services platform. We have strived not to focus on hardware development ourselves, despite the exceptionally important place hardware has in our service suite, and are very pleased to see this taken care of on a highly professional level by Wyrify”.
-Sean Tabatabai, CEO of NXChain, Inc. (NXCN.QB, New York).
“I was shocked when I understood the potential of Wyrify, experiencing
the technology live and speaking to pilot customers. This is so much
more than just a payment platform; this is the beginning of a paradigm
shift. This targets the whole world, solving a long list of payment
transaction problems, giving merchant access to free digital
payment tools. I expect Stockholm IT Ventures AB to benefit greatly from acquiring the Wyrify platform, continuing the long-running relationship with NXChain in the US markets and our Asian partners”
-Wayne Lochner, Chairman of Stockholm IT Ventures AB.
Stockholm IT Ventures AB has moved out of a recent restructuring arrangement, as the new board have concluded a review of the business and established the focus of the business moving forward. As a result of this review the board has invited Anthony Norman to rejoin the company as Group CEO.
“We are delighted to have Anthony rejoin us. He has been very much at the heart and soul of the business and guided it through some difficult times in the past. We are sure that Anthony will assist the board in guiding the company through what we feel are very exciting times ahead.”
-Wayne Lochner, Chairman of Stockholm IT Ventures AB.
As a consequence of the transaction, Stockholm IT Ventures will propose to its members at the next General Meeting to change its name to Wyrify, and may change its ticker code to fully align with its new branding and purpose. Current lines of business may either be continued or sold as a result of the transaction.
Stockholm IT Ventures AB
Stockholm IT Ventures AB heads a technology group currently operating throughout Europe, focussed on the monetisation of e-platforms, social media and e-merchandising. Within the group, Pimboo is based in Estonia and the Ukraine and utilises the skills of some of the most highly experienced e-commerce specialists in Europe to allow users to both create and monetise their e-platforms around the globe. Fantrac Global is the social media division that allows any celebrity, team or franchise from the world of entertainment, music and sport to monetise their existing social media following. It does this through tailored relationships with major brands like Mastercard, Amazon and Dentsu Aegis Corporation and by creating new and unique ways for each celebrity to interact with their fans.
This release contains forward-looking statements based on current experience, estimates and projections of the management board and currently available information. They are not guarantees of future performance. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Many factors could cause the actual results, performance or achievements of Stockholm IT Ventures AB to be materially different from those that may be expressed or implied by such statements. These factors include those discussed in Stockholm IT Ventures AB’s public reports. Forward-looking statements therefore speak only as of the date they are made. Stockholm IT Ventures AB does not assume any obligation to update the forward-looking statements contained in this release or to conform them to future events or developments
Stockholm / New York / California, 28 September 2017,
Stockholm IT Ventures AB / NXChain, Inc. / Wyrify team
emitter: Stockholm IT Ventures AB, PO Box 1268, 13128 Nacka Strand, Sweden
contact person: Wayne Lochner
phone: +44 207 148 6214
Exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Dusseldorf; open market in Berlin,