Pennexx Announces the Continued Development and Expansion of its Own Proprietary Universal Loyalty and Rewards Program Without the Need to use Cryptocurrency Technology
Pennexx Foods (OTC PINK: PNNX) has decided to terminate its cryptocurrency licensing agreement from November 2021. Instead, the company is developing a proprietary universal loyalty and rewards program, which will enhance its Your Social Offers software. CEO Vincent Risalvato noted that this move increases flexibility for merchants and minimizes risks associated with digital assets. Concerns regarding hacking and regulatory uncertainty in the cryptocurrency space influenced this strategic shift. The new program aims to offer improved customer incentives without relying on cryptocurrency.
- Development of a proprietary universal loyalty and rewards program enhances product offerings.
- Increased flexibility for merchants in incentivizing customers.
- Mitigates risks associated with cryptocurrency volatility and regulatory issues.
- Termination of the cryptocurrency licensing agreement could limit potential revenue sources.
- Regulatory uncertainty in cryptocurrency may affect future business prospects.
PHILADELPHIA, PA / ACCESSWIRE / July 12, 2022 / Pennexx Foods (OTC PINK:PNNX) has decided to terminate its cryptocurrency licensing agreement announced in its November 15, 2021, press release and is developing an internal universal loyalty and rewards program which will be released with a future version of our Your Social Offers software this year.
The internal Rewards program adds additional features to our technology platform that will enhance users' functionality of our YSO technology.
The Board decided in this day and age of uncertainty and the concerns of the potential threats of digital hacking, and unforeseen future legislation, it is advantageous for Pennexx to develop our own proprietary system.
Vincent Risalvato, CEO Pennexx said, "By continuing the development of the companies proprietary Universal Loyalty and Rewards program the company has the highest flexibility in providing its merchants access to the technology they need to incentivize customers as well as insulating against future changes or fears in the Cypto Currency marketplaces."
"Considering the electronic and proprietary nature of these assets, cyber perils such malicious attacks that result in the damage or destruction of data, cyber extortion, unauthorized access and distribution of such data can have significant financial and reputational consequences. Additionally, there are potentially significant exposures related to the abatement and defense of intellectual property rights," According to Joe Ziolkowski, managing director of Relm, a Bermuda based insurer that specializes in emerging risks such as those faced by digital asset enterprises…
"The rise of these other digital coins may create significant investment opportunities. But regulatory uncertainty about the status of cryptocurrencies leaves economic transactions based on cryptocurrencies subject to regulatory attack and private litigation.", ALMLAW.COM PRO
For More Information
Pennexx will do its best to answer your questions and concerns openly and publicly via social media on Twitter https://twitter.com/pennexx@pennexx, or you may email info@pennexx.net.
About Pennexx Foods Inc. (PNNX: OTCMKTS US). Pennexx, through its wholly owned subsidiaries, is a holding company within the Software/Internet Industry that focuses on social media, prepaid debit cards, cryptocurrency, artificial intelligence, targeted marketing, and consumer rewards.
Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made according to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.
SOURCE: Pennexx Foods, Inc.
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