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BTCS Management Demonstrates Commitment to Execute on Key Milestones by Voluntarily Escrowing 15% of the Outstanding Shares of BTCS Common Stock
Bitcoinist | Feb 22, 2016 | 06:24
Arlington, VA – (Marketwired – February 22, 2016) –BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company which secures the blockchain through its transaction verification services business, management demonstrates their commitment to execute on key milestones by voluntarily escrowing 24 million founder shares of their BTCS common stock holdings valued at approximately $2.14 million as of February 19, 2016.
Should the Company fail to close its pending merger with Spondoolies-Tech Ltd. (“Spondoolies”), half the escrowed shares (12 million) will be returned to the Company for cancellation for no consideration. The remaining half of the escrowed shares (12 million) will be returned to the Company for cancellation for no consideration should it fail to complete an up listing to a major exchange such as the Nasdaq or NYSE.
“Michal and I are extremely confident in our ability to complete these key strategic milestones well within the timetable established in the escrow agreement,” stated Charles Allen, CEO of BTCS. “Voluntarily placing shares representing 15% of the Company in escrow under the terms outlined shows how committed we are to executing on our plans and the future growth of the Company.”
Allen continued,
“Blockchain technologies are set to revolutionize transaction based business globally, and BTCS is well-positioned to be a leader in the space. Research from Goldman Sachs and analysis by leading publications such as The Economist forecast blockchain technologies will become a significant multi-billion dollar market opportunity. We’ve focused on building a strong foundation to capitalize on this opportunity, and we’re now ready to reap the rewards.”
The escrowed shares, representing 15% of BTCS shares outstanding, are personal holdings of Charles Allen, CEO, and Michal Handerhan, COO. The shares will remain in escrow until the completion of each respective milestone or December 31, 2016, whichever comes first.
Full details of the share escrow agreement are available in the Company’s 8-K filed with the Securities and Exchange Commission on February 22, 2016.
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