OBITX Acquires Render Payment for $1.2 Million

Rhea-AI Summary

OBITX, Inc. (OTCMKTS: OBTX) announced the acquisition of Render Payment, LLC, settling its $400,000 debt in exchange for $800,000 in intellectual property and assets. Render Payment has generated an average revenue of $1.6M with $600,000 in net profit over four years through cryptocurrency transactions. OBITX plans to utilize Render's proprietary software for a new blockchain-based rewards program, aiming to expedite its market introduction. CEO Eric Jaffe emphasized the positive impact of this settlement on future product development.

Positive

• Acquisition adds $400,000 in assets and $800,000 in intellectual property.
• Render Payment's strong financial history with $1.6M average revenue and $600,000 net profit.
• Intends to utilize proprietary software to expedite new product development.

Negative

• None.

Fleming Island, Florida, April 28, 2021 (GLOBE NEWSWIRE) -- OBITX, Inc., (OTCMKTS: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today that it has settled the debt owed to the Company in exchange for the ownership of Render Payment, LLC.  The Company gains $400,000 in assets and approximately $800,000 in intellectual property rights.  Over the past four years Render Payment has averaged $1.6M in revenue with $600,000 in net profit through the buying and selling of cryptocurrencies.  OBITX intends to repurpose the use of Render Payment’s intellectual property, specifically its developed and functional software application utilizing the blockchain.  Render Payment was originally designed to act as a third-party payment collaborator bridging the gap between FIAT currency and cryptocurrencies.  OBITX intends to utilize portions of the protocols established with the proprietary software in the development of a blockchain certificate of deposit and rewards program it intends to launch in the near future. 

  Eric Jaffe, OBITX CEO stated, “It’s always a good thing when you can clean up historical issues and it has a positive effect on the future.  The settlement of an outstanding receivable that was written off years ago shortens the length of time to complete the development of our anticipated new product line, a rewards program based in the use of blockchain technology.” 

OBITX will not carry the intellectual property value on its books.  The purpose of the acquisition was to gain access to specific code developed by industry experts that would reduce the time to market for key software developments in research and development.  Mr Adams, the Company’s CTO went on to state, “We will be dissecting the software developed by Render Payment where we will utilize elements of its innovative coding in a new product we are developing and looking to roll out during the second quarter this year.  We intend to file for patent protection before the release of the product to the general public.”

About OBITX:
Headquartered in Fleming Island, Florida, OBITX, Inc., (OTCMKTS: OBTX) is a consulting and services organization specializing in blockchain technologies and decentralized processing.

Forward Looking Statements

This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume 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. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

FAQ

What did OBITX acquire from Render Payment?

OBITX acquired Render Payment by settling a $400,000 debt, receiving $400,000 in assets and $800,000 in intellectual property.

How much revenue has Render Payment generated?

Render Payment has averaged $1.6 million in revenue over the past four years.

What is OBITX's plan for Render Payment's intellectual property?

OBITX plans to repurpose Render Payment's intellectual property for a new blockchain-based rewards program.

When does OBITX expect to launch its new product?

OBITX intends to roll out its new product during the second quarter of this year.

What financial impact does this acquisition have on OBITX?

The acquisition positively impacts OBITX by reducing historical debt and providing valuable assets for future product development.