CYPRESS, TX--(Marketwired - Jul 30, 2015) - Costas Inc. (OTC PINK: CSSI) today announces the mutual termination and replacement of a previously announced Original Share Exchange Agreement with AuthentaTrade Inc., an Alberta, Canada corporation.
The initial agreement, in which Costas would acquire 48% of the shares AuthentaTrade in exchange for 250,000 shares of Costas, has not been completed and has been replaced by an agreement with AuthentaTrade Ltd. (a Republic of Seychelles corporation, "AuthentaTrade Seychelles"). AuthentaTrade Seychelles is currently in negotiations with an Asian based company that brings significant value to their business. Based on the value added in AuthentaTrade Seychelles, Costas has negotiated an increase in shares used as consideration in this new share swap agreement. Details on the letter of intent between AuthenaTrade Seychelles and the Asian based group will be released shortly.
Pursuant to the new agreement, Costas will own 48% of the AuthentaTrade Seychelles in exchange for 4,000,000 shares of Costas. The physical share exchange is expected to occur within the next 30 days. In addition, AuthentaTrade Seychelles shall remain liable to pay to Costas USD $200,000 as a debt owning.
AuthentaTrade Seychelles is in the business of developing a high security digital currency exchange. Costas believes that the management of digital currencies is a burgeoning market ripe with opportunity. To this accord, AuthentaTrade Seychelles is developing technology to simplify transactions in digital currencies, such as Bitcoin, while specifically addressing security concerns of the broader digital currency market.
AuthentaTrade Seychelles' operations in the Province of Alberta will cease, and will now be managed outside of Alberta. Costas advises that it is subject to a cease trade order issued by the Alberta Securities Commission for its jurisdiction of Alberta.
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