NEWS BTCS Announces Letter to Shareholders from CEO Silver Spring, MD, Jan. 08, 2018 (GLOBE NEWSWIRE) -- BTCS Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), a blockchain technology focused company, released a Letter to Shareholders updating current activities and outlining its corporate strategy, as follows: Dear Shareholders, Thank you for your continued dedication and support to our company. The performance of the blockchain space over last year validates our original business thesis, which began in early 2014. Despite having the right idea at the right time, the challenge of raising the necessary capital to execute impacted our ability to truly realize the potential from this disruptive opportunity. We entered 2017 with $45.3 million in total liabilities and only $98 thousand in assets. Through capital raises and debt restructuring achievements during last year, we've dramatically improved our financial position. Together with other major accomplishments we believe we have positioned the company for what may be a brighter future. Over the course of 2017, we've: -- Restructured our toxic convertible debt -- Raised $2.1 million through two rounds of equity financing (May and October) -- Began building our portfolio of digital assets -- Broadened our board directors with the appointment of Jonathan Read and David Garrity -- Eliminated all anti-dilution and investor friendly features from certain of our securities As a result of the above efforts and accomplishments as of December 31, 2017 we had no debt and cash of approximately $303K and digital assets valued at $621K for an aggregate of $924K in total assets. With respect to the merger with the Australian blockchain company, due to delays in receiving their audited financials and other due diligence items, the board unanimously decided to evaluate other potential merger targets. While it is still possible we may complete the merger with the Australian company, we are actively focused on other opportunities and in preliminary discussions with other potential targets that may drive shareholder value. We cannot assure you we will complete any acquisition. Lastly, while recent SEC filings noted the intention of management and current employees to resign should the merger with the Australian company fail to materialize, we have agreed to remain onboard for a limited time to evaluate other potential directions for the company. On behalf of our entire team, I want to again personally thank you for your continued support. Sincerely, Charles Allen CEO and Chairman
