PNNX Acquires Triple 888's Logistics Inc., and its Intellectual Property "Bit Gift"™
24 October 2019 - 1:11AM
InvestorsHub NewsWire
PNNX Acquires Triple 888’s Logistics Inc., and its Intellectual
Property “Bit Gift”™
Philadelphia, PA --
October 23, 2019 -- InvestorsHub NewsWire
-- Pennexx Acquires Triple 888’s Logistics Inc., a
prepaid debit card for cryptocurrency company and “Your Social
Offers” artificial intelligence will be utilized to obtain and
monetize the data as customers use the
cards.
As set forth in our 8K
which was filed on October 21, 2019, Pennexx Foods Inc. (“PNNX” or
“the company”) acquired Triple 888’s Logistics Inc., as a wholly
owned subsidiary. As a result of this acquisition PNNX will offer
BitGift prepaid cryptocurrency cards in stores and on the domain
bitgiftme.com. BitGift is an open loop prepaid gift card which can
be redeemed for an equivalent value in Crypto Currency or used for
real time redemption in fiat currency (US Dollars) at any merchant
in the world that accepts MasterCard. Purchasers may hold the cards
as an investment or simply spend them.
Pennexx is paid via
“Bit Gift” at the time of purchase as well as when the cardholder
spends his or her cryptocurrency as a fee incurred during the
conversion process from cryptocurrency to fiat
currency.
“We anticipate
significant revenues will be generated from sales as well as usage
of BitGift. We project selling a minimum of 5 to 10 million BitGift
cards annually. The company has upcoming contract negotiations with
one of the world’s leading cryptocurrency exchange companies which
has more than $50 Billion in transactions over the past 12 months
as of May 2019. The prepaid card denominations to be offered are
$50, $100, $250, and $500,” said Alexander Cook, President of PNNX.
Mr. Cook continued, “Pennexx will negotiate the conversion fee of
3% to 5% of the dollar amount exchanged for each card transaction
from the exchange while converting cryptocurrency to fiat currency
at any merchant in the world that accepts MasterCard. Pennexx will
also receive between $2.95 to $4.95 for every card sold (based upon
the denomination) and the cost of each card produced is expected to
be forty cents.”
Further updates from
PNNX will be forthcoming.
About Pennexx
Corporation (PNNX: OTCMKTS US). Pennexx, through its wholly owned
subsidiaries Your Social Offers and Triple 888 Logistics Inc., is a
holding company within the Software/Internet Industry that is
focused on prepaid debit and credit cards and utilizing artificial
intelligence to gather information for targeted
marketing.
Safe Harbor Act: This
release may contain "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report.
For additional
information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on
Twitter @Pennexx.
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