Vancouver, British Columbia--(Newsfile Corp. - December 1, 2017) - Glance Technologies (CSE: GET) (FSE: GJT) (OTCQB: GLNNF) has entered into a non-binding letter of intent to acquire Blockimpact, a blockchain and cryptocurrency with rewards tokenization platform, from Ztudium Limited. Ztudium (www.ztudium.com) was founded, and is led by Dinis Guarda, who is ranked in 4th place worldwide in blockchain and crypto by ranking.influencer.world.
InvestmentPitch Media has produced a "video news alert" which provides a brief overview of the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Glance" in the search box.
Under the letter of intent, Glance will acquire all of the intellectual property comprising the Blockimpact platform for a cost of US$1.1 million, of which 80% will be paid upon closing of the acquisition, with the balance of 20% paid upon completion of the integration of Blockimpact with the Glance Pay mobile payment platform. Glance has paid US$100,000 towards the purchase price.
Blockimpact is a full end-to-end cryptocurrency blockchain solution, which includes the following
● 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
Dinis Guarda stated: "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. 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."
Glance hopes to complete the Blockimpact acquisition within the next 15 days and then work to integrate the blockchain technology with the existing Glance pay mobile payment network architecture, to accelerate the creation of its rewards based cryptocurrency. Completion of the acquisition is subject to the finalization of a binding agreement, on satisfactory completion of due diligence by Glance, and upon the approval by Board of Directors of Glance. Closing of the acquisition is further conditional upon Mr. Guarda and other members of Ztudium management team entering into a consulting agreement with Glance. Glance has been given a 30 day exclusivity period to close the transaction.
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.
Glance plans to launch a "Glance" token which will be granted as a reward to users of the Glance Pay mobile payment app every time they make a payment on the Glance Pay mobile network. This reward will apply to all payments, whether the payment is made with the new cryptocurrency or by other payment methods. Unlike many of the other services, which require custom hardware, Glance's track technology doesn't need custom hardware for swiping cards or using chip and pin machines.
According to www.coinmarketcap.com, the market cap of all cryptocurrencies has soared from US$17 billion a year ago to more than US$294 billion this week, an increase of 1,629%. 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 CDN$11 million bought deal financing, Glance currently has cash in the bank in excess of CFN$10 million, which puts Glance in a strong position to pursue additional acquisition and partnership deals. The shares are trading at $3.14, and with 127 million shares outstanding, the company is capitalized at $399 million.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Barry Morgan, CFO