NEW YORK, March 13, 2018 /PRNewswire/ --
Virtual Crypto Technologies, Inc. f/k/a Emerald Medical Applications Corp. (VRCP), is a Delaware corporation formerly engaged through an Israeli subsidiary in efforts to develop and sell its proprietary, FDA-approved DermaCompare software products designed to facilitate the detection of cancerous moles and skin anomalies using digital technology for the early detection of Melanoma/skin cancer. The Company failed to generate revenues from its DermaCompare operations and at the end of December 2017, the Company reported its intention to form a new operation to diversify its business and commence operations that would generate revenues and profits.
On January 19 and January 24, 2018, the Company filed Forms 8-K reporting: (i) the formation of a new Israeli subsidiary, Virtual Crypto Technologies Ltd. ("Virtual Crypto Israel"), to develop and market software and hardware products for the purchase and sale of cryptocurrencies through ATMs, tablets, PCs and/or mobile devices (the "VC Products"); and (ii) entry into a binding term sheet with Chiron Refineries Ltd., a public company listed on the Tel-Aviv Stock Exchange (CHR.TA) appointing a subsidiary of Chiron as an exclusive distributor of the Company's cryptocurrency Products in the territories of North Cyprus and Turkey, in consideration for the payment of $250,000, $150,000 of the total appointment fee deemed as an advance payment on account of future Product purchases.
On February 12, 2018, the Company filed a DEF 14C to change its name to Virtual Crypto Technologies Inc.to better reflect its new operations and further disclosed the appointment of Mr. Alon Dayan as CEO of Virtual Crypto Israel.
The Company's business plan is to market this technology, subject to local permission and applicable regulations.to the following industries; Automatic Teller Machine (ATM) production and retro fitting existing ATM machines to allow the purchase and cashing out of such coins, for use of the ATM's at locations such as restaurants, retail stores, casinos, pawn shops, among other high traffic locations that wish to offer customers the ability to buy, sell and trade crypto currencies and provide immediate settlement of the currencies.
To that end, Virtual Crypto Israel is developing a proprietary, algorithmic technology that it expects will be able to confirm in real-time the purchase or sale of any crypto currency. At present, such confirmations require as many as 6 independent source confirmations and up to 20 minutes or more to settle a bitcoin trade. However, we reasonably expect that our proprietary algorithm, when fully-developed, should be able to predict with very high accuracy whether the bitcoin trade will be confirmed by at least 6 "miner" sources. We further believe that the ability to immediately confirm bitcoin and its equivalent transactions in real-time should be a major competitive breakthrough in making the purchase and sale of crypto currencies user friendly.
The Company expects that it will be able to combine this algorithmic technology with the ability to simultaneously search among any number of exchanges to find the lowest cost and fastest execution of each designated coin transaction.
While there are other technologies that do this, we do not believe that they are capable of combining with the algorithm with immediate confirmation of a coin transaction. We further believe that our combined technologies, when fully-developed, should dramatically improve the experience of the average trader of bitcoin and its equivalents, meaning faster execution and lower costs.
Alon Dayan, CEO of Virtual Crypto Technologies Ltd. commented "We are extremely excited about the transition of our Company represented by the implementation of the name change procedure. Being a wholly-owned subsidiary of a public company will help us share our technological breakthroughs in making the purchasing and sale of crypto currencies a user-friendly experience."
About Virtual Crypto Technologies Inc.
Virtual Crypto Technologies Inc is an R&D company aim to complete the development and market software and hardware products for the purchase and sale of cryptocurrencies through ATMs, tablets, PCs and/or mobile devices (the "VC Products"); To that end, its fully owned subsidiary Virtual Crypto Israel is developing a proprietary, algorithmic technology that it expects will be able to confirm in real-time the purchase or sale of any crypto currency. At present, such confirmations require as many as 6 independent source confirmations and up to 20 minutes or more to settle a bitcoin trade. However, we reasonably expect that our proprietary algorithm, when fully-developed, should be able to predict with very high accuracy whether the bitcoin trade will be confirmed by at least 6 "miner" sources. We further believe that the ability to immediately confirm bitcoin and its equivalent 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.