First Bitcoin Capital Corp (BITCF)

[lesgetrich]

The transaction occurred between the two companies. The assets belonged to BITCF and were sold to BTZI. In exchange, BITCF received 100 million common shares of BTZI and another 60 million (+ 30 million conditional) Series A preferred shares with conversion and voting rights. From BTZI's July 8, 2020 8-K...

BTZI 7/8/2020 8-K

On May 14, 2020 the Company entered into an Asset Purchase Agreement where the Company acquired the following assets from First Bitcoin Capital Corp.:



n Minority ownership in SinglePoint, Inc., Medical Cannabis Payment Solutions, Inc., Petroteg Energy, Inc., Digital Asset Monetary Network, Inc., Kronos Advanced Technologies, Inc., and Tipestry, Inc.

n Subsidiaries owned by First Bitcoin Capital Corp including but not limited to: CoinQx Exchange Limited, First Bitcoin Capital LLC., DbotTechnology Corp.

n Hundreds of domains owned by First Bitcoin Capital Corp.

n $1,250,000 in face value Convertible Promissory Notes issued by Kronos Advanced Technologies to First Bitcoin Capital LLC.

n US Patent 9,135,781 B1 Bitcoin Kiosk/ATM Device and System Integrating Enrollment Protocol and Method of Using the Same

n US Patent Application 2018/0315072 A1: Method and System of Facilitating Management of Cryptocurrency Based Loyalty Points Associated With One or More of a Product and a Service.

n The majority of the inventory of numerous digital cryptocurrencies owned by First Bitcoin Capital Corp.



In exchange for the acquisition of these assets the Company issued 100,000,000 shares of common stock and 30,000,000 Series A Preferred stock to First Bitcoin Capital, with a pledge to issue an additional 60,000,000 shares of Series A Preferred upon reaching certain milestones. All Series A Preferred shares are to be retained by First Bitcoin Capital Corp. The 100,000,000 million shares of common stock are to be distributed to the shareholders of First Bitcoin Capital, where each shareholder shall be issued 1 share of MCIG common stock for every 4 shares of First Bitcoin Capital stock owned with any remaining shares to be retained by First Bitcoin Capital Corp. upon a record date being set by First Bitcoin Capital Corp.

The only way I know of for a company to distribute its assets to shareholders is via a dividend declared by its Board of Directors. The fact that the 8-K refers to a "record date" indicates to me that this will be distributed as a dividend on a date at the discretion of the the First Bitcoin Board of Directors. The common shares have already been transferred to BITCF. Bots (Paul Rosenberg) would have no control (other than as an advisor) over what happens to the shares at this point.