TORONTO, ONTARIO--(Marketwired - May 25, 2015) - BitGold Inc. (TSX VENTURE:XAU) ("BitGold"), a platform for savings and payments in gold, announces further information on the Acquisition Agreement dated May 22, 2015 to purchase the operating and intellectual property assets of GoldMoney Network Limited ("GoldMoney"), subject to regulatory approvals and other customary closing conditions.
The following information was presented in a press release on Friday, March 22, 2015. For further clarification, (i) the line item, "Net Operating Income (Gross Margin)", is clarified to refer to, "Gross Margin", and (ii) the line item "Profit (Loss) For the Financial year after tax", has been replaced with data which is the, "Profit (Loss) from Operations".
The following is an updated summary of the financial performance of the GoldMoney business for the indicated periods.
|Twelve Months Ended March 31|
|Gross Value of Sales of Gold Grams and Currencies||237,065,580||431,142,576||224,740,275||193,991,824||107,294,000|
|Gross Value of Sales of Silver Ounces and Currencies||261,590,262||421,015,451||174,879,728||122,438,226||69,186,000|
|Gross Value of Sales of Platinum Grams and Currencies||12,098,260||13,108,379||6,636,868||4,304,178||3,891,000|
|Gross Value of Sales of Palladium Grams and Currencies||1,389,027||2,206,501||1,928,321||1,993,089||3,092,000|
|Storage Fee Income||3,502,525||5,509,749||5,310,756||2,464,112||2,140,000|
|Total Cost of Metals and Currencies Sold and Storage Fees||(504,340,686||)||(854,864,415||)||(404,754,157||)||(321,018,155||)||(182,677,000||)|
|Profit (Loss) from Operations for the financial year(2)||9,488,976||7,318,449||279,785||(9,521,773||)||(596,000||)|
|Net Operating Cash Flow (after movement of working capital)||5,134,916||949,280||2,176,154||(1,560,095||)||(810,000||)|
|(1)Based on unaudited financial information subject to audit.|
|(2)Profit (Loss) for the financial year includes certain gains and losses on unhedged metal inventories which is not a recurring business for BitGold. In addition, in 2014 certain software assets were written down.|
BitGold and GoldMoney will host a joint conference call on Tuesday, May 26th, further information to be released.
BitGold's mission is to make gold accessible and useful in digital payments and secure savings. The BitGold platform provides innovative solutions to the challenge of transacting with fully allocated and securely vaulted gold. BitGold accounts are free and convenient to open by anyone, anywhere* in just minutes. BitGold provides users with a secure vault account to purchase gold using a variety of electronic payment methods. The platform will also provide transaction capability including: instant cross-border gold payments, merchant invoicing and processing for gold, debit card spending of gold at traditional points of sale, conversions to a customer's external digital-wallet or bank, and physical gold redemptions. All physical gold acquired through the platform is owned by the customer, stored in vaults administered by The Brink's Company, acting through Brink's Global Vault Services International, Inc. ("Brink's"), which insures gold through third party insurance providers.
BitGold is a Canadian corporation with offices in Toronto, Canada, and Milan, Italy. BitGold has partnered with established professionals in bullion dealing, vault security and web security, payment processing, and is committed to best-practice systems for compliance with all applicable laws and regulations regarding anti-money Laundering ("AML") and Know Your Customer ("KYC").
*The BitGold Platform will not initially be available to U.S. Residents and will be unavailable to residents of sanctioned countries
GoldMoney is a gold and precious metals vaulting business founded in 2001 by James Turk and Geoff Turk. GoldMoney offers an easy way to buy gold, silver, platinum and palladium online and safely store for customers these precious metals in five countries. It is GoldMoney's vision that the benefits and dependability of gold and silver should be easily available to everyone, while providing its customers with assurances of integrity so they know their money is safe.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risk factors relating to the acquisition of GoldMoney, being satisfaction of closing conditions, receipt of regulatory approvals and, generally, the completion of the acquisition on the terms as described if at all; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; unproven markets for the Company's product offering; volatility of gold prices & public interest in gold investment; lack of regulation and customer protection; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; foreign currency and gold trading risks; use and storage of personal information and compliance with privacy laws; use of the Company's services for improper or illegal purposes; global economic and financial market conditions; uninsurable risks; and those risks set out in the Company's public documents filed on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.