POSaBIT Completes Reverse Takeover Transaction and Will List on the CSE April 8, 2019 under Symbol “PBIT”
Summary
TORONTO & SEATTLE--( BUSINESS WIRE )--POSaBIT Systems Corporation (the “Company”) (formerly Foreshore Exploration Partners Corp.), a leading financial technology company delivering unique blockchain-enabled payment processing and point-of-sale (POS) systems for cash-only businesses, is pleased to announce, further to its news releases of June 11, 2018, December 17, 2018 and March 29, 2019, the completion of its reverse takeover transaction (the “Transaction”) with POSaBIT, Inc. Certain shares issued to the principals of the Company are subject to escrow conditions required by applicable securities laws and policies of the CSE. Further details of the Transaction are set out in the final prospectus dated March 25, 2019 of the Company, a copy of which is available under the Company’s SEDAR profile at www.sedar.com . In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of regulatory approvals, the state of the capital markets, tax issues associated with doing business internationally, the ability of POSaBIT to successfully manage the risks inherent in pursuing business opportunities in the payment processing and technology industry, and the ability of POSaBIT to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its business. POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly and utilizes top-of-the-line hardware.