Toronto, Ontario, June 11, 2014 – GreenBank Capital Inc (CSE: GBC) (“GreenBank”) is pleased to announce that it has signed a definitive agreement (“Agreement”) to acquire all the rights, title and interest to the GreenCoin cryptocurrency software. When all aspects of the GreenCoin software are completed, GreenCoin will be a new innovative cryptocurrency featuring digital identification that aims to resolve the “trust based concerns” with other virtual currencies.
Users of other cryptocurrencies are not identifiable and therefore those cryptocurrencies are not only susceptible to be used for illegal purposes, but are not easily taxable by governments. These concerns make global acceptance of cryptocurrency transactions more difficult. GreenCoin will provide a solution by adding email, or phone identification to all GreenCoin transactions. Those intending illegal activities will not use GreenCoin as they can be easily identified. Global governments will be able to collect taxes based on GreenCoin transactions with rules for each type of transaction.
GreenBank’s newly formed subsidiary GreenCoin Inc, which now owns all the rights, title and interest to GreenCoin, intends to complete the software by adding additional features to the GreenCoin software protocol, prior to launching it on the market. Upon launch it will commence an awareness and marketing campaign for GreenCoin. At that time Greencoin Inc will seek to add GreenCoin miners and GreenCoin retail users and create a GreenCoin network, and will seek acceptance of GreenCoin by governments and banking institutions.
GreenBank owns 75% of GreenCoin Inc, the lead developer Nilam Doctor owns 5%, and First Cyberking Network Limited (“FCN”) which has participated in the development of Greencoin owns 20%. GreenBank’s CEO, Danny Wettreich, has been appointed Chairman and CEO of GreenCoin Inc, and FCN’s CEO, Maxime Ngan, has been appointed a Director and Vice Chairman. Other directors of GreenCoin Inc are Nilam Doctor who is Chief Technology Officer, Paul Cullingham and Mark Wettreich.
Mr Ngan is an entrepreneur and investor based in Mauritius with business interests in telecommunications, shipping, and hotels. Mr Doctor is the lead developer of GreenCoin and a technology consultant and programmer. He is a Grant Committee Member of the Bitcoin Foundation and has assisted in multiple cryptocurrency projects.
“As an identified digital cryptocurrency, I believe that GreenCoin will represent a big step forward in the effort to resolve governmental concerns and users trust issues” said Danny Wettreich, CEO of GreenBank.
“We are delighted to be working with GreenBank to complete the development of GreenCoin and launch it on the market” said Maxime Ngan, CEO of FCN.
GreenCoin Inc is a software development company developing a unique cryptocurrency product featuring digital identification. GreenCoin has not yet been launched on the market. Securities regulatory authorities in Canada, including the Ontario Securities Commission, have yet to determine the impact of an investment product that invests in cryptocurrencies, including whether or not cryptocurrencies constitute a suitable asset class for retail investors. Upon the launch of the GreenCoin cryptocurrency on the market an investment manager registration or a dealer registration may or may not be required, and if required there is no guarantee that such registration applications if made would be granted. GreenBank has previously filed on Sedar on March 27, 2014 a Material Change Report containing disclosures with regard to the risk of investing in cryptocurrencies, and has filed today a further Material Change Report adding to such disclosures with respect to GreenCoin. There is no guarantee that the GreenCoin software will be completed, and if completed will be utilized in the market, and if utilized will be successful.
GreenBank is a corporate finance investment business investing in the medical marijuana space, bitcoin startups, and Canadian small cap companies. GreenBank’s subsidiary Canada Marijuana Agricorp intends to be a commercial producer of medical marijuana, and GreenBank’s subsidiary Bitcoin Angel Capital is seeking to make investments in early stage Bitcoin and other cryptocurrency companies. GreenBank also owns www.MarijuanaForCanada.ca a web based information source for the Canadian medical marijuana industry. For more information please see www.GreenBankCapitalinc.com or contact Danny Wettreich at (647) 931 9768 or dw@GreenBankCapitalinc.com.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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