OBITX Adds Board of Directors Member

Rhea-AI Summary

OBITX appoints Mark Patrick Gilroy to its Board of Directors, enhancing its leadership team as it embarks on a Special Purpose Acquisition Company (SPAC) initiative, Everything Blockchain. Mr. Gilroy, with 25 years of international experience, will focus on acquiring a significant blockchain company amidst a thriving market valued at over $1 trillion. CEO Michael Hawkins emphasized that this move supports the company's dual strategy of organic growth and strategic acquisitions to align with industry forecasts predicting 10% of global GDP on the blockchain by 2027.

Positive

• Appointment of Mark Patrick Gilroy is expected to strengthen leadership and strategic direction.
• Mr. Gilroy brings extensive experience in blockchain and telecommunications, which could enhance market positioning.
• The SPAC initiative aims to capitalize on the booming blockchain market, potentially increasing shareholder value.

Negative

• Dependence on acquisitions could pose risks if suitable targets are not identified or if market conditions change.

Appoints Lead for Sponsored SPAC Initiative – Everything Blockchain

Fleming Island, FL, Feb. 01, 2021 (GLOBE NEWSWIRE) -- OBITX, Inc., (OTCMKTS: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today the appointment of Mark Patrick Gilroy to the Board of Directors.  Mr. Gilroy will represent the second independent member of the four membered board of directors.  Mr. Gilroy will take an active role in the development and sponsored role of OBITX in the Special Purpose Acquisition Company (SPAC), Everything Blockchain, currently being formed as a Cayman Island company.       

Mr. Gilroy brings 25 years of international experience in growth markets across Latin America, Asia-Pacific, India, Africa, and North America.  He is the CEO of Fortinex, a blockchain security development company with offices in the USA, Singapore, and Paris.  Mr. Gilroy also brings a vibrant background of telecommunications, cellular, and media experience to the Company.  Earlier in his career he served as president of First Pacific Global’s investment procurement efforts in the South East Asian markets and worked with Texas based Ames Venture Group, a privately held venture fund. 

Michael Hawkins, OBITX CEO/CFO stated, “I look forward to working with Mr. Gilroy in creating the SPAC where it will seek the acquisition of a major blockchain company.  With the blockchain market exceeding $1 trillion dollars in January 2021, we are on pace to meet or exceed  industry experts prediction of 10% of the world’s GDP stored on the blockchain by 2027.  While we are committed to growing organically, in order to keep pace with the rapid growing market, management fully supports expansion through acquisition and merger.  Adding Mark to the team is the right move! His experience and insight will be critical!”

About OBITX:

Headquartered in Fleming Island, Florida, OBITX, Inc., (OTCQB: OBTX) is a development,  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 is the significance of Mark Patrick Gilroy's appointment at OBITX?

Mark Patrick Gilroy's appointment adds critical expertise to OBITX as it develops its SPAC initiative focused on blockchain acquisitions.

What is the role of OBITX in the Everything Blockchain SPAC?

OBITX will participate in the Everything Blockchain SPAC initiative, aiming to acquire significant blockchain companies.

How does the blockchain market's growth impact OBITX?

The rapidly growing blockchain market, projected to reach 10% of global GDP by 2027, represents significant opportunities for OBITX's investments and acquisitions.

What risks does OBITX face with its new SPAC initiative?

OBITX may face risks associated with identifying suitable acquisition targets and responding to changing market dynamics.