EDMONTON, Alberta, December 01, 2020 (GLOBE NEWSWIRE) – Bitcoin Solutions (1793001 Alberta Ltd.), a profitable entity that offers convenient, safe and reliable ways to buy and sell bitcoin and other cryptocurrencies through our trusted bitcoin ATM network and ‘ n web. transaction based services, proud to announce corporate rebranding and provide a summary of our highest ever third quarter 2020 financial and operational results.
“I am delighted with the tremendous progress we have made so far in 2020, which includes significant growth in financial and operational performance year on year, together with a newly re-imagined corporate identity that reflects who we are and where we are going, ”said Adam O’Brien, Founder and CEO of Bitcoin Well. “Today we are located in almost every major city across Canada with over 75 ATMs nationally, complemented by our easy-to-use online services to buy, sell or use bitcoin. Bitcoin Well is set to become the world’s first publicly traded bitcoin ATM company while continuing to fulfill our mission of providing the fastest and safest way for the world to buy and sell bitcoin. “
Unveiling Bitcoin Well
Consistent with how a water fountain provides life and support to communities globally, we have rebranded our corporate identity and service offer to Bitcoin Well (the “Company”), a name that denotes our ability to provide accessible, transparent and safe mechanisms for people to ‘go to the well’ and gain sustainable benefit. We will begin conducting business under the banner of Bitcoin Well effective December 1, 2020 and unveiled a new logo, shown below, along with a revamped corporate website to reflect Bitcoin Well’s new identity. To learn more, visit bitcoinwell.com.
Following the closing of the Company’s reverse takeover transaction (the “RTO”) with Red River Capital Corp. (“Red River”) as previously described in our news releases dated September 8 and 14, 2020, the Company’s common shares are expected to be publicly listed on the TSX Enterprise Exchange (the “TSXV”), under the “BTCW” trading symbol. Further communications regarding the RTO will be provided in accordance with TSXV policies and procedures.
Recording Highlights of Q3 and Year to Date 2020
We are also pleased to share selected financial and operational results for the three and nine months ended September 30, 2020, both being record periods for Bitcoin Well.
- Sales revenue increased 185% to $ 29.1 million for the first nine months of 2020 compared to the same period in 2019, while Q3 2020 sales revenue increased 286% over Q3 2019 to $ 14.6 million.
- Gross profit totaled $ 3.5 million for the first nine months of 2020, reflecting 246% growth over the first nine months of 2019, while Q3 2020 gross profit was $ 1.8 million, a 551% increase over Q3 2019.
- Adjusted EBITDA in the first nine months of 2020 was $ 1.0 million, 358% higher than the same period in 2019, with Q3 2020 Adjusted EBITDA totaling $ 726,666, or 3,549% higher than Q3 2019.
- Cash balance of $ 2.5 million as of September 30, 2020.
- 16 new ATMs were added during the third quarter that contributed to the Company’s current total of 79 machines installed throughout Canada on December 1, 2020.
- Average monthly revenue per machine of over $ 49,500 was recorded in Q3 2020, with an average transaction size per machine of $ 988.
The Company’s Financial Statements and Notes, together with the Management Discussion and Analysis (“MD&A”) for the three and nine months ending September 30, 2020, are available on the Company’s website.
About Bitcoin Well
Bitcoin Well offers convenient, secure and reliable ways to buy and sell bitcoin and other cryptocurrencies through a trusted bitcoin ATM network and a suite of web-based transaction services. We are profitable and in a position to become the first publicly traded bitcoin ATM company, with an aggressive consolidation strategy to ensure cumulative and cost-effective expansion in North America and globally. As leaders of the longest-running, founder-led bitcoin ATM company, our managers bring deep operational capabilities that span the entire value chain along with access to proprietary, cutting-edge software development that supports further expansion.
For further information, please contact:
10142 82 Avenue NW
Edmonton, AB T6E 1Z4
Adam O’Brien, President and CEO
Phone: 1 888 711 3866
Shyra Craig, Communications Lead
Phone: 1 888 711 3866
Advising / Looking Forward Statements
Statements in this press release about Bitcoin Well that are not historical facts are “forward-looking statements” that contain risks and uncertainties, such as the timing of expansion plans and activities, close the RTO and time it, as well as various business objectives. In general, such information can be identified using forward-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or its negative or similar variations. As forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closure will not occur for any reason. The actual results in each case could be materially relevant to those currently envisaged in such statements due to factors such as: (i) adverse market conditions and (ii) the need for additional funding. Except as required by law, Bitcoin Well does not intend to update any changes to such statements.
Investors are warned that, except as disclosed in the filing statement prepared in connection with the RTO, any information released or received in connection with the transaction may not be accurate or complete and should not be relied upon.
The TSX Venture Exchange Inc. is not. has in no way transmitted the merits of the RTO and has not endorsed or endorsed the contents of this press release.