NEW YORK, NY / ACCESSWIRE / June 17, 2019 / Blockchain Industries, Inc. (OTC PINK: BCII) ("Blockchain Industries" or the "Company"), technology company focused on providing advisory services in the blockchain and crypto currency sector, today is providing an update to shareholders on the Company's ongoing operations and its previously announced letter of intent (the "Letter of Intent") with Blockchain Exchange Alliance ("BXA").
Although the structure of a potential transaction with BXA has materially changed from the Letter of Intent, and is likely to continue to evolve, the Company maintains a strategic, ongoing relationship with BXA. The Company's management believes this relationship will ultimately create value for the Company's shareholders, however no guarantees can be made until a definitive transaction is consummated between the parties.
In addition to our existing business and pursuing a transaction with BXA, the Company is actively pursuing other strategic acquisitions in the blockchain sector. The Company will continue to keep shareholders apprised of any material events related to our existing business or acquisition activity.
The Company's former Chief Executive Officer, Patrick Moynihan, submitted his resignation to the Board of Directors effective June 17, 2019. Concurrent with his resignation, Mr. Moynihan has agreed to immediately return to the Company's treasury 6.5 million shares of common stock of BCII. Paul Kim has been appointed Chief Operating Officer and Interim Chief Executive Officer and is expected to continue to guide the Company through the anticipated strategic partnership with BXA and a potential asset acquisition.
"I am thankful to Patrick Moynihan for his service and wish him the best in his future endeavors," stated Paul Kim, Interim Chief Executive Officer and Chief Operating Officer of Blockchain Industries. "I want to reiterate to our entire shareholder base that our sole objective is to build the long-term value of the Company. We believe we are making progress on establishing or acquiring a business synergistic with our own that can participate in the anticipated growth of the blockchain sector."
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