VANCOUVER, BC, Sept. 2, 2021 /CNW/ - Lightning Network focused
company, LQwD Fintech Corp. (TSXV: LQWD) (OTC: LQWDF) is pleased to
provide the following corporate highlights since the Company
completed the acquisition of LQwD Financial Corp. on
June 9, 2021:
- advances in the development of the Lightning Network SaaS
platform having achieved the milestone of establishing LSP
services, payment channels and watchtowers, as well as launching
beta testing of the platform;
- adding highly qualified engineers and strategic advisors to the
team, including: Joost Jager, a
Lightning Infrastructure Engineer with a M.Sc. in CS and
specialization in artificial intelligence; and Roy Sheinfeld, co-founder and CEO of Breez
Technology Inc., a privately-held company that combines an LSP,
point-of-sale app for merchants, and non-custodial end-user
app;
- the cumulative purchase of over C$3
million worth of Bitcoin at an average price of C$46,000;
- filed a preliminary short form base shelf prospectus that when
final will allow LQwD to offer and issue up to $50 million of common shares, warrants,
subscription receipts, units, debt securities, or any combination
of such securities during the 25-month period that the prospectus
is effective; and
- the grant of 3,325,000 stock options exercisable for a period
of five years at a price of C$0.60
per share to various directors, officers, employees and
consultants. The stock options will be subject to deferred vesting
over two years and is part of LQwD's ongoing strategy of granting
stock options to attract and retain talent, as well as motivating
its team.
Shone Anstey, LQwD's CEO commented, "We are very pleased with
the progress that our team has made since completing the
transaction in June. Using our highly skilled in-house team, we are
continuing to develop a Lightning Network SaaS platform that
enables the set-up of payment channels as a service. LQwD's
Lightning Network SaaS platform is at an advanced level of
development, with beta testing having commenced in the second half
of 2021. We look forward continuing along this growth trajectory
and maximizing shareholder value in the process."
About the Lightning Network
The Lightning Network is a solution to mass scaling the usage of
Bitcoin for microtransactions globally, dramatically improving upon
fees, as well as instant settlement times. The Lightning Network
has experienced explosive growth in the past 90-days with node
growth doubling and Lightning Network BTC capacity increasing
51.74%. Some well-known companies such as Jack Dorsey's Twitter and Square have expressed
their enthusiasm to incorporate Lightning Network into their
platforms.
About LQwD Fintech Corp.
LQwD is a Lightning Network focused company developing payment
infrastructure and solutions. The Company's mission is to develop
institutional grade services that support the Lightning Network and
drive improved functionality, transaction capability, user adoption
and utility and scaling Bitcoin. LQwD also holds Bitcoin as an
operating asset establishing nodes and payment channels across the
Lightning Network.
Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of applicable securities laws relating to the
Company's business plans and the outlook of the Company's industry.
Although the Company believes, in light of the experience of its
officers and directors, current conditions and expected future
developments and other factors that have been considered
appropriate, that the expectations reflected in this
forward-looking information are reasonable, undue reliance should
not be placed on them because the Company can give no assurance
that they will prove to be correct. Actual results and developments
may differ materially from those contemplated by these statements.
The statements in this press release are made as of the date of
this release and the Company assumes no responsibility to update
them or revise them to reflect new events or circumstances other
than as required by applicable securities laws. The Company
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of the Company, LQwD,
their securities, or their respective financial or operating
results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
View original
content:https://www.prnewswire.com/news-releases/lqwd-provides-corporate-update-301368169.html
SOURCE LQwD FinTech Corp.