Company to receive $100,000 payment following the initial $50,000 after submitting beta version of software for testing
ROSH HAA'YIN, Israel, April 17, 2018 /PRNewswire/ -- Virtual Crypto Technologies Ltd. (VRCP), developer of software and hardware for the purchase and sale of crypto-currencies through ATMs, tablets, PCs and or mobile devices, today announced the completion of the first milestone defined in the binding MOU from January 2018, with Chiron Ltd. for the distribution of virtual-crypto's products in the territory of Turkey and North Cyprus.
In January 2018, Virtual Crypto (or the "Company") signed a binding term sheet with Chiron Refineries Ltd., (CHR.TA) granting its subsidiary, Chiron Ltd., exclusive rights as a distributor of the Company's cryptocurrency products in the territories of North Cyprus and Turkey. Under the terms of the agreement, Chiron will pay the Company a total of $250,000, $150,000 of which was made on account of future purchases.
Chiron has also agreed to pay a revenue share by which the Company will receive a fee of 30% of the net revenues received. There is no minimum purchase quota in the first year of the agreement, however Chiron has agreed to purchase at least $30,000 during the second year, and $50,000 during the third year of the agreement. Chiron also acquired the option to expand the distribution business to Nigeria within 12 months of the agreement. If exercised, Chiron will pay the Company an additional fee not higher than $250,000.
Chiron Refineries Ltd, is an Israeli company whose shares are listed for trade on the TASE, and its management is located in Turkey/North Cyprus which is engaged in the business of relocation of oil refineries. The company recently elected to further diversify its operation to include the "cryptocurrency accessibility" sector and entered the agreement with Virtual Crypto.
According to Chiron, the company intends to market the Company's technology to casino cashiers, ATM operators, Currency Exchange offices and Coffee Shops, among other businesses who wish to offer their customers the ability to buy, sell and trade crypto currencies and provide immediate settlement of the currencies.
Alon Dayan, CEO of Virtual Crypto Technologies Ltd. commented on the announcement, "We are excited to be working with the Chiron team as they seek to achieve their objectives in the cryptocurrency sector. I believe they have a significant opportunity to establish a leadership position in both Turkey and North Cyprus, and our technology will facilitate their ability to provide consumers with a secure, fast and cost-effective way to participate in the cryptocurrency market."
Rony Kuperberg CEO of Chiron refineries commented "I am very impressed with Virtual Crypto Technologies' ability to achieve such an important milestone within the time frame of our MOU. I believe that after we will make the proper adjustments to our customers' needs the Virtual Crypto technologies NetoBit line of products will set a new standard in the Crypto Currency industry".
About Virtual Crypto Technologies Inc.
Virtual Crypto Technologies Inc. (www.virtual-crypto.com), through its wholly owned Israeli subsidiary Virtual Crypto Technologies Ltd., has developed the NetoBit Trader, a proprietary, Cryptographic algorithmic technology that it is able to confirm in real-time the purchase or sale of any cryptocurrency.
Virtual - Crypto's NetoBit products dramatically improve the cryptocurrency trading experience with faster execution and lower costs. Setting a new time to transaction standard, trading in seconds rather the industry norm of 20 minutes Because of its speed, customers enjoy the best crypto exchange rate at the point of transaction.
The company is marketing it's NetoBit Trader software and hardware products for the purchase and sale of cryptocurrencies through ATMs, tablets, PCs and mobile devices (the "VC Products"). Virtual Crypto Technologies further believes that the ability to immediately confirm Cryptocurrency transactions in real-time should be a major competitive breakthrough in making the purchase and sale of crypto currencies user friendly. For more information please visit http://www.virtual-crypto.com/
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about the Company's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company, f/k/a Emerald Medical Applications Corp., with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause Virtual Crypto's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause Virtual Crypto's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in the Company's filings with the SEC (under its former name, Emerald Medical Applications Corp.) In addition, Virtual Crypto operates in a relatively new industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. Virtual Crypto does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Reference is made to the disclosure contained in our Form 8-K filed with the U.S. Securities and Exchange Commission on March 12, 2018, with respect to the change in our business operations and the change in the Company's name and trading symbol.
For more information go to http://virtual-crypto.com/
CEO Virtual Crypto Technologies Ltd