Restaurant.com Selects CurrencyWorks to Develop Celebrity NFT Chef Platform

Rhea-AI Summary

CurrencyWorks Inc. (CWRK) has signed a memorandum of understanding (MOU) with Restaurant.com to create a customized NFT platform targeting the restaurant and hospitality sector. The project will involve a revenue-sharing agreement and a marketing budget, with CurrencyWorks receiving a minimum of $250,000 contingent on achieving specific milestones. Emphasizing celebrity chefs, the platform aims to offer exclusive recipes, experiences, and digital assets. Both companies express optimistic views on the potential impact of NFTs in engaging culinary fans.

Positive

• Partnership with Restaurant.com to develop a customized NFT platform.
• Minimum revenue of $250,000 for CurrencyWorks based on milestone achievements.
• Revenue-sharing model enhances potential profitability.
• Focus on celebrity chefs increases appeal to culinary fans.

Negative

• MOU is only valid for 60 days, creating urgency and uncertainty.
• Dependence on successful completion of a Definitive Agreement.
• Potential risks in developing blockchain and NFT solutions.
• Possibility of negative operating cash flow affecting project viability.

Fans to collect and trade NFTs with original recipes, menus,

interactive experiences and more

Los Angeles, CA, May 13, 2021 (GLOBE NEWSWIRE) -- CurrencyWorks Inc. (“CurrencyWorks” or the “Company”), (CSE: CWRK and OTCQB: CWRK), a financial technology blockchain pioneer, non-fungible tokens (“NFT”), and digital payment provider, today announced a memorandum of understanding (“MOU”) with Restaurant.com, Inc. (owned by RDE, Inc. [OTCQB:RSTN]) (“Restaurant.com”) pursuant to which the parties have agreed to work together to develop and build a NFT platform for celebrity chefs, brands, restaurants, and personalities unique to the restaurant/hospitality industry and Restaurant.com.

Pursuant to the terms of the MOU, CurrencyWorks has agreed to build the customized, white labelled “Restaurant.com” platform through the www.foodiesNFT.com community, subject to regulatory compliance, for a minimum cost of US$250,000 to be paid upon the achievement by CurrencyWorks of certain milestones in cash and/or equity considerations at a ratio to be determined and mutually agreed upon by the parties. CurrencyWorks and Restaurant.com have also agreed to a revenue share arrangement as well as a joint marketing and advertising budget. The MOU is for a term of 60 days after which the parties plan on entering into a definitive agreement (a “Definitive Agreement”) with respect to the project.

Founded in 1999, Restaurant.com is a pioneer in the restaurant deal space, and the United States’ largest restaurant-focused digital deals brand, delivering an ultra-fast, relevant, accurate, and user-friendly restaurant metasearch engine delivering a unique cross-platform experience. The initial focus of the Restaurant.com platform is expected to be on celebrity chef related NFTs, inclusive of unique cards, videos, experiences, exclusive recipes, and more and is anticipated to include the participation of restaurants, vendors, suppliers, and hospitality brands utilizing NFT promotions, and couponing.

“We’re excited to use the endless possibilities of NFTs to highlight the genius behind the celebrity brands, restaurants, and personalities at Restaurant.com,” said Ketan Thakker, CEO of Restaurant.com. “We’re excited to work with CurrencyWorks, a pioneer in the NFT space, to help us to enable culinary fans to own an original digital asset such as an original recipe, menu, or food photography. There is literally no limit as to the ways NFTs can be sliced and diced.”

“We are honored to be working with Restaurant.com, who are true visionaries in their industry. NFTs are a great vehicle to generate buzz and awareness around just about any unique digital asset,” said Cameron Chell, Chairman of CurrencyWorks. “The creativity that can be extrapolated with these digital assets and shared with Restaurant.com’s fan base has no limits. There are so many use cases, just like the early days of the internet – we haven’t even begun to realize the potential of NFTs.”

About Restaurant.com, Inc.

Restaurant.com, Inc. (owned by RDE, Inc. [OTCQB:RSTN]) is a pioneer in the restaurant deal space and the United States’ largest restaurant-focused digital deals brand. Founded in 1999, Restaurant.com, Specials by Restaurant.com, and Restaurant.com’s Corporate Incentives division connects digital consumers, businesses, and communities, offering thousands of dining, retail, and entertainment deal options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Restaurant.com’s certificates and gift cards allow customers to save at thousands of restaurants across the United States with just a few clicks. For more information, visit: www.restaurant.com.

About CurrencyWorks

CurrencyWorks Inc. (CSE: CWRK and OTCQB: CWRK) is a publicly traded company that builds and operates FinTech Platforms for Digital Currencies, Digital Assets, and Security Tokens.

For more information on CurrencyWorks, please visit us at www.currencyworks.io. For additional investor info visit www.currencyworks.io or www.sedar.com and www.sec.gov searching CWRK.

Media Contact
Arian Hopkins
arian@currencyworks.io

Company Contact
Bruce Elliott, President
Phone: 424-570-9446
Bruce.elliott@currencyworks.io

Disclaimer for Forward-Looking Statements

This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that CurrencyWorks and Restaurant.com will settle and enter into a Definitive Agreement and that, in connection therewith, the Company will develop the Restaurant.com NFT platform as envisioned herein.

The material assumptions supporting these forward-looking statements include, among others, that there will be no material variations in current regulatory environments in which the Company operates; the perceived benefits from the Company’s blockchain and NFT solutions will be as expected; and that the Company will be able to enter the Definitive Agreement pursuant to which the parties will seek to develop the Restaurant.com NFT platform. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that CurrencyWorks and Restaurant.com will not be successful in entering the Definitive Agreement; the risk that the Company will be unable to efficiently build the requisite blockchain or NFT solutions necessary to produce the Restaurant.com NFT platform; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete building the Restaurant.com NFT platform; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs as a result of working on its various blockchain and NFT solutions; the risk that its blockchain and NFT solutions may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make thsee blockchain and NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operations of the Company, including those relating to the Restaurant.com NFT platform; the risk that other competitors may release similar blockchain or NFT solutions; and other general risks involved in the blockchain and NFT solutions market.

Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is the purpose of the MOU between CurrencyWorks and Restaurant.com?

The MOU aims to develop a customized NFT platform for the restaurant and hospitality industry, focusing on celebrity chefs.

How much will CurrencyWorks earn from the NFT platform project?

CurrencyWorks is set to receive a minimum of $250,000 upon achieving specific milestones in the project.

What type of digital assets will the NFT platform offer?

The platform will offer exclusive recipes, experiences, and other digital assets related to celebrity chefs.

What are the potential risks associated with the CurrencyWorks and Restaurant.com partnership?

Risks include the need for a successful Definitive Agreement, potential negative cash flow, and challenges in developing blockchain solutions.

What is CurrencyWorks’ stock symbol?

CurrencyWorks is traded under the stock symbol CWRK.