Fleming Island, Florida, Jan. 13, 2021 (GLOBE NEWSWIRE) -- OBITX, Inc., (OTC MARKET: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today it has engaged legal consultants in the establishment of a corporate sponsored Special Purpose Acquisition Company (SPAC), Everything Blockchain, a Cayman Island company to acquire emerging companies in blockchain technologies.
The blockchain market was valued at $200 billion in 2017 and is expected to register a CAGR of 46.3% from 2020 to 2025. DAVOS, a World Economic Forum survey suggested that 10% of global GDP will be stored on the blockchain by 2027. On January 7, 2021 the blockchain’s cryptocurrency market exceeded $1 trillion dollars. Cryptocurrencies are now the world’s fifth most circulated currency by value. Multiple governments have published reports on the potential implications of blockchain, and the past two years alone have seen more than half a million publications on and 3.7 million Google search results for blockchain.
Michael Hawkins, OBITX CEO stated, “even with all this news, blockchain is still an immature technology, with a market that is still trying to find its way. Companies are expending large amounts of capital, for example, IBM has more than $200 million invested in the blockchain-powered Internet of Things (IoT). Our vision and goal at OBITX is to find businesses that have garnered success in the blockchain, with similar and sound management and developments, merging them into a leading, trend setting, policy making entity recognized worldwide.”
Mr. Hawkins went on to say, “It is my goal as CEO to increase shareholder value and develop a sustainable, long lasting, and industry leading organization. SPAC’s are companies formed to raise capital in an initial public offering (“IPO”) with the purpose of using the proceeds to acquire one or more unspecified businesses or assets. Sponsoring a Special Purpose Acquisition Company is the next logical step in achieving that goal.”
Forward-Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent the Company’s current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company’s management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: potential, expect, look forward, believe, dedicated, building, or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by the Company herein are often discussed in filings the Company makes with the United States Securities and Exchange Commission (SEC) available at www.sec.gov and on the Company’s website at https://www.obitx.com.
