NEWS: Peerless Development acquired Blockchain Loyalty Inc. in a reverse merger transaction. https://www.globenewswire.com/news-release/2018/02/21/1372870/0/en/Peerless-Developments-Acquires-Blockchain-Loyalty-Inc.html
LOS ANGELES, CA, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Peerless Development Ltd (OTC-PEDE) announced today that it has acquired Blockchain Loyalty Inc. in a reverse merger transaction.
According to the share exchange agreement, Peerless Development will issue a total of 250,000,000 common shares for the acquisition of 100% of Blockchain Loyalty Inc. as well as its wholly owned subsidiary OnKard Ltd. Subsequently, Peerless Development will change its name to Blockchain Loyalty Inc.
"Blockchain Loyalty is an incredible business and the management's experience in the loyalty space is second to none" said Chris Nassif, CEO of Peerless Developments Ltd.(PEDE) "The client list and partnerships Blockchain Loyalty has built up over the years will establish the company as a major player," further added Mr. Nassif.
About Blockchain Loyalty
Blockchain Loyalty is a technology company that provides merchants with a virtual loyalty platform, connecting them directly to customers for rewards through their existing payment systems. The platform launched first in Dubai and London with Etihad Airways, Jumeirah Hotels & Resorts and Visa.
Blockchain Loyalty will broaden the scope of the cryptocurrency universe by integrating cryptocurrencies into the global loyalty ecosystem. Without incurring any technical investment, merchants can seamlessly create their own loyalty currency or reward customers on purchases in miles, points and now the cryptocurrency of their choice.
Blockchain Loyalty management team has deployed dozens of innovative solutions across Europe and North America for travel loyalty programs and financial services providers including Visa Europe, Air Miles UK, Shell, SAS Airlines, Hilton HHonors and Paypal.