OBITX Signs First Contract to Develop Blockchain for Green Technology and Engineering

Rhea-AI Summary

OBITX, Inc. (OTCMKTS: OBTX) announced a contract with Green Technology and Engineering, Inc. for the development of proprietary blockchain software. The agreement includes a $240,000 prepayment as the contract minimum. CEO Mr. Jaffe expressed confidence in future opportunities, while CTO Mr. Adams highlighted the growing applications of blockchain beyond finance. The OBITX team will begin work immediately, with the project expected to span the next 12 months.

Positive

• Secured a contract valued at $240,000 for blockchain software development.
• Potential for future contracts indicated by executives.
• Immediate project commencement reflects operational readiness.

Negative

• None.

Fleming Island, FL , March 18, 2021 (GLOBE NEWSWIRE) -- OBITX, Inc., (OTCMKTS: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today it was selected by Green Technology and Engineering, Inc.,  for the development of their proprietary, closed network, blockchain software.  Under terms of the agreement OBITX received $240,000 as prepayment for the services, the contract minimum.  

Mr. Jaffe, OBITX Chief Executive Officer stated, “We have hit the ground running!  The leg work from our team prior to my arrival this past week, on this project was stupendous.  The skill set and vision of our staff in seeking out synergistic clients looking for solutions that match with our business operations and strategy is incredible.  I am confident this is just the first of many more to come!”

Mr. Adams, OBITX Chief Technology Officer went on to state, “The future of blockchain is now, and its not only affecting the banking industry with cryptocurrencies.  What began as the basis for cryptocurrencies, is essentially becoming the next generation of virtual ledgers capable of recording and verifying a high volume of digital transactions and is spreading across a wave of industries. In the next few years we will begin seeing multiple blockchain uses that stem far beyond the financial markets.  We believe our team is ready to meet this challenge and is well positioned for additional work and contracts.”

The OBITX development and advisory team will begin immediately working with Green Technology & Engineering on identifying system requirements.  OBITX expects to be working on this project over the course of the next 12 months.

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 recent contract announcement by OBITX (OBTX)?

OBITX announced a contract with Green Technology and Engineering for blockchain software development, with an initial prepayment of $240,000.

How much did OBITX receive as a prepayment for the contract?

OBITX received $240,000 as a prepayment for the services under the contract.

How long is the project expected to last for OBITX?

The project with Green Technology and Engineering is expected to last for 12 months.

What industry is OBITX focusing on with its new contract?

OBITX is focusing on blockchain technology development as part of its new contract.

Who are the key executives commenting on the OBITX contract?

CEO Mr. Jaffe and CTO Mr. Adams provided comments regarding the contract and future potential.