BitFrontier Capital Holdings, Inc. Completes Acquisition of TelesisITPress Release | 01/31/2019
Fredericksburg, VA, Jan. 31, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BitFrontier Capital Holdings, Inc. (OTC: BFCH) announced today that it has signed an acquisition agreement to acquire all of the issued and outstanding shares in TelesisIT, LLC ("TelesisIT"). A copy of the acquisition agreement has been posted to the company’s OTC Markets page.
The transaction includes all assets owned by TelesisIT that are used in, related to, or necessary for operation of the business. This includes associated trademarks, trade names, brand names, goodwill, customer lists, contracts, warranties, leases, rights, arrangements, and other assets. TelesisIT produced annual revenue of $550,797.97 in 2016 and $542,181.11 in 2017 while producing a net profit annually.
Spencer Payne, CEO of BitFrontier Capital Holdings, states, “The acquisition of TelesisIT is a huge step forward for the Company. TelesisIT will not only add significant revenue and assets to the books, it will provide an opportunity to rapidly expand into the blockchain software industry through existing clients of TelesisIT. We are excited about the opportunity to expand into this huge potential growth industry with experienced professionals who understand how to implement blockchain into their operations.” According to IDC worldwide blockchain spending is anticipated to grow to $9.7B in 2021.
TelesisIT will continue to operate in the same fashion that has made it profitable annually with current management running the business while operating under the BitFrontier umbrella. We will be looking to further expand our portfolio of companies over the coming months with the ambition of building out a solid core of companies. All transactions will be vetted with our shareholders’ interests in mind and with the goal of rapid growth for BitFrontier in 2019.
