Foodtech International Inc. is in the process of acquiring the licensing rights to the FLASH cryptocurrency technology. The company aims to merge FLASH with existing barter exchanges, creating increased security for members of barter networks as they use blockchain technology to carry out transactions. Read full press release below.
FTI Brings Crypto-Currency to the Barter Industry with FLASH
published: December 27, 2017
TORONTO, Dec. 27, 2017 (GLOBE NEWSWIRE) — (TSX Venture:FTI) FTI Foodtech International Inc. (“FTI”) has signed a Letter of Intent with Safe Cash Payment Technologies, Inc., of Mill Valley, CA, USA (“Safe Cash”) and a Letter of Intent with Christopher Kitze, of Mill Valley, CA, USA (“Kitze”) for the licensing rights to the FLASH cryptocurrency technology.
By merging FLASH with current barter exchanges, FTI expects to allow members to safely and securely conduct transactions using blockchain technology. This increased security provided by FLASH should give users a higher level of confidence in the integrity of the barter exchanges.
The LOIs are subject to the negotiation and execution of definitive agreements with commercially reasonable terms. The Safe Cash contemplates that, on closing, FTI would acquire the Safe Cash technology for an initial payment of US$100,000 and a quarterly royalty for a period of one year in the amount of 10% of the net revenues; provided that aggregate of the royalty payments shall not exceed $100,000.00. The FLASH LOI contemplates that, on closing, FTI would acquire the FLASH cryptocurrency technology for 1,000,000 FTI common shares and 500,000 warrants, with each warrant granting the right to purchase 1 additional FTI common share at $0.40 for a period of 2 years from the closing date.
Willian (Bill) Hullah, President of FTI commented that, “FTI is very excited to provide enhanced security and convenience to its barter transactions through Safe Cash and FLASH cryptocurrency technologies”.