ROSH HAA'YIN, Israel, May 21, 2018 /PRNewswire/ -- Virtual Crypto Technologies Inc. (VRCP), a technology company acting through its wholly owned Israeli subsidiary Virtual Crypto Technologies Ltd., announced today that the second milestone payment of $50,000 under the January 2018 binding Memorandum of Understanding ("Memorandum") with Chiron Refineries Ltd. (CHR.TA) ("Chiron") for the distribution of the Company's products in the territory of Turkey and North Cyprus will be paid in Chiron stock.
Virtual-Crypto elected to accept the $50,000 payment in 380,000 Chiron shares at the price of 0.55 NIS per share in lieu of cash, to be made following delivery by the Company to Chiron of its Beta version of the software for its tablet product. The allotment of shares is subject to the approval of the Tel Aviv Stock Exchange for listing thereof for trade. Following receipt of this payment, the Company will have received a total of $100,000 under the Memorandum.
Alon Dayan, CEO of Virtual-Crypto, commented, "Our collaboration with Chiron continues to progress at an accelerated pace, largely driven by their desire to establish an early foothold in the Turkish and Cypriot markets. Preliminary testing of the modified software was extremely successful and we expect to maintain this momentum, providing them with a next version we expect to be released in the following weeks."
Rony Kuperberg, CEO of Chiron Refineries, added, "We decided to enter the cryptocurrency sector as we envision a significant increase in market participation and believe that there is a real opportunity to generate substantial revenues by making cryptocurrency accessible and understandable to the mainstream consumer. Virtual-Crypto's platform does that, and I am confident that it will provide us with a real competitive advantage with our target audience."
In January 2018, the Company's subsidiary signed a binding Memorandum of Understanding with Chiron Refineries Ltd. granting Chiron's wholly owned subsidiary exclusive rights as a distributor of the Company's cryptocurrency products in the territories of North Cyprus and Turkey. According to 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 the Company a fee of 30% of the net revenues received from the sales of Chiron's products. 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 was also granted the option, exercisable within 12 months, to expand the distribution territory to Nigeria. If exercised, Chiron will pay the Company an additional fee not higher than $250,000.
About Chiron Refineries Ltd.
Chiron Refineries Ltd. is a public company whose shares are traded on the Tel Aviv Stock Exchange and which is engaged, through subsidiary, in the acquisition, refurbishment and reconstruction of refineries. In 2016, Chiron and its partners won a tender of the government of Nigeria for the construction of a refinery in Port Harcourt in the south of Nigeria, and Chiron is active in the realization of this tender. At the beginning of 2018, Chiron elected to further diversify its operations to include the "cryptocurrency accessibility" sector and entered the agreement with Virtual Crypto.
According to Chiron, it intends to market Virtual Crypto's technology to casino cashiers, ATM operators, currency exchange offices, coffee shops and any other business that wishes to offer their customers the ability to buy, sell and trade in cryptocurrencies.
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. These products are 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 its 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/
Corporate Communications Contact: firstname.lastname@example.org
CONTACT: Virtual Crypto Technologies Ltd, Tel: +972-54-487-7959, email@example.com