W Technologies Announces Entry into Share Exchange Agreement with KryptoBank

Rhea-AI Summary

W Technologies (OTC: WTCG) announced a share exchange agreement with KrytoBank, set to close by July 31, 2021. W Technologies will acquire 100% of KryptoBank's stock, issuing shares that represent 90% of its own outstanding stock. With the crypto market value projected to reach $10 trillion, KryptoBank aims to leverage its expertise to provide investors with accessible digital asset portfolios. CEO Mikael Lundgren emphasized KryptoBank's strategy to navigate the evolving crypto landscape and mitigate risks for investors.

Positive

• Acquisition of KryptoBank strengthens W Technologies' position in the growing crypto market.
• KryptoBank's expertise may enhance investor confidence in navigating digital assets.
• The crypto market's projected growth to $10 trillion indicates significant potential.

Negative

• Issuing 90% of outstanding stock to KryptoBank may dilute existing shareholder value.

BEVERLY HILLS, Calif., June 22, 2021 /PRNewswire/ --  W Technologies, Inc. (OTC: WTCG) ("W Technologies") announced today that it has entered into a share exchange agreement with KrytoBank Co. ("KryptoBank") and its stockholders, pursuant to which KryptoBank will become a wholly owned subsidiary of W Technologies. The share exchange is expected to close by July 31, 2021.

Pursuant to the share exchange agreement, W Technologies will acquire 100% of KryptoBank's issued and outstanding common stock in exchange for the issuance by W Technologies of common stock representing 90% of W Technologies' issued and outstanding common stock.

In 2021, the crypto market value hit $2 trillion for the first time, and it is forecasted to hit $10 trillion dollars in under 10 years. The crypto market has quickly become one of the biggest wealth generators in the world. KryptoBank plans to leverage its team's extensive knowledge and expertise in the crypto markets to vet digital assets and provide its investors with a simple path to a sound digital asset portfolio.

Mikael Lundgren, President, Chairman, Chief Executive Officer and Chief Financial Officer of W Technologies, commented, "As cryptocurrencies grow and new utility tokens are launched, the markets become increasingly more difficult to navigate. KryptoBank plans to use its vast network of crypto relationships and connections to participate in the launch and development of utility tokens, with management, consulting, and funding. KryptoBank seeks to gain access to early-stage utility tokens so KryptoBank investors may share in the potential upside of these digital assets.

"KryptoBank's team has participated in the development of digital assets and blockchain companies. Some of their earliest projects are now firmly in the top 50 tokens by market capitalization. KryptoBank believes that its unique platform can help users avoid the need to navigate the ever-more confusing crypto market and participate in the digital asset market with reduced risk and increased confidence."

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, along with terms such as "anticipate," "expect," "intend," "may," "will," "should," and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of W Technologies, Inc. and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the statements regarding possible future.

For more information, press only:

Mikael Lundgren
mg.l@wtechnologiescorp.com
1 424 522-9977

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SOURCE W Technologies

FAQ

What is the share exchange agreement between W Technologies and KryptoBank?

W Technologies will acquire 100% of KryptoBank's stock by issuing shares representing 90% of its outstanding stock.

When is the share exchange between W Technologies and KryptoBank expected to close?

The share exchange is expected to close by July 31, 2021.

What impact does the KryptoBank acquisition have on W Technologies' stock?

The acquisition could potentially dilute the value of existing shares due to the issuance of 90% of W Technologies' stock.

What are KryptoBank's plans in the cryptocurrency market?

KryptoBank aims to provide investors with a simplified approach to digital assets, leveraging expertise to navigate the complex crypto landscape.

What is the current value projection of the cryptocurrency market?

The cryptocurrency market is projected to reach $10 trillion within the next decade.