NXChain Inc. Acquires 49.9 Percent of ExPay Payment Platform in Asia
Facilitating Broad Integration of Digital Currency in the Digital Payments Markets
LOS ANGELES, Calif., July 14, 2017 (Newswire.com) - NXChain Inc. (OTCMarkets: NXCN), a fully reporting Shell Company traded on OTCMarkets (“NXCN”), today announced its entry into a binding contract to acquire 49.9 percent of ExPay Asia, a privately-held payments company operating in the Asian market. The companies will work together to implement future payment solutions based on the digital assets platform developed by NXCN. NXCN has previously completed the purchase of digital currency backbone technologies from LXCCoin Ltd UK, and this is an important step for the upcoming launch of services for the company. NXCN has been operating in stealth and will continue to do so for some time yet.
Foreign ownership is restricted in Thailand, and NXCN has requested regulatory clearances from BOI in regards to its foreign ownership. Once permission is granted NXCN may execute an option it is currently holding for a 51 percent majority ownership.
About ExPay AsiaWe firmly believe that our platform of blockchain technology will induce a paradigm shift in the way we do transactions today. Our team has worked on our platform extensively for years, at present we are including certain other technologies to work in concert with our services. We have great faith in ExPay being a key component in our future business.
The ExPay Group was formed in 2012 by finance industry executives to develop an open platform for online merchants incorporating intelligent back office solutions. The company has grown steadily and is currently turning over an approximate $40 million annually with a net result of $1.25 million. The company focuses on combining a range of innovative services to existing payment solutions and has through the partnership with NXCN already secured new business, aiming at doubling both turnover and result next year. More information can be found at http://expay.asia.
About NxChain, Inc.
NxChain, Inc. is a fully reporting and trading Company on OTCMarkets under the trading symbol NXCN.QB. The Company is growing its business through acquisitions and mergers of cryptocurrency companies and technologies to provide a fixed-price cryptocurrency platform to multiple levels of the financial industry in various markets worldwide. More information can be found at http://www.nxchain.com.
NXCN and ExPay are working jointly on constructing a digital currency gateway combining several technologies, including amongst others the NXCN-owned LXCCoin Digital Currency backbone.
Mr. Sean Tabatabai, CEO of NXChain comments: "We firmly believe that our platform of blockchain technology will induce a paradigm shift in the way we do transactions. Our team has worked on our platform extensively for years, and at present we are including certain other technologies to work in concert with our services. We have great faith in ExPay being a key component in our future business."
Mr. Chakrit Ahmad, CEO of ExPay comments: "We expect blockchain to become a core of future money transactions, but until we started testing with NXCN and their stable currencies we did not see how volatile and/or slowly transacting digital currencies could be integrated into what we are doing. While still focusing on current business; we anticipate that being part of the NXCN technology platform presents some unique advantages and we look forward with excitement to releasing services together."
This press release contains forward-looking statements identified by words such as "estimate," "project," "expect," "intend," "believe," "anticipate" and similar expressions. These forward-looking statements are made in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, the execution or entry into a merger agreement on satisfactory terms; a decline in general economic conditions nationally and internationally; decreased demand for our products and services; market acceptance of our products; the ability to protect our intellectual property rights; the impact of any litigation or infringement actions brought against us; competition from other providers and products; risks in product development; changes in government regulation; the ability to complete customer transactions; and other factors relating to our industry, our operations and results of operations and any businesses that may be acquired by us.
You should not place any undue reliance on these forward looking statements, which speak only as of the date of this press release. Additional information concerning factors that might affect our business or stock price, which could cause actual results to materially differ from those in forward-looking statements is contained in NXChain's filings, including quarterly and annual reports that we file with the Securities and Exchange Commission. Such forward-looking statements only speak as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as otherwise required by law.
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