FREDERICKSBURG, VA, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Purio, Inc. (OTC PINK: PURO) announced today that it has supplied all required filings to obtain current status with OTC Markets and provide updates on recent restructuring. In addition, the company has closed on its first merger with BitFrontier Capital Investments, Inc. and is in negotiations for substantial funding, which will allow the company to implement its cryptocurrency mining business plan aggressively and in a time efficient manner. The company also intends to appoint two more officers to the positions of COO and CTO. These two individuals have extensive knowledge of this industry, and will manage the company’s cryptocurrency mining warehouse.
The Company is pleased to announce it has closed on its first merger with BitFrontier Capital Investments, Inc., which was posted on OTC Markets, and officially uploaded to the Wyoming Secretary of State's website. We are in the final stages of closing on our second merger with BitFrontier Technologies, Inc., and will upload the necessary documents to OTC Markets once the transaction is finalized. Once finalized, BitFrontier Capital Holdings, Inc. (F/K/A Purio, Inc.) will operate two wholly-owned subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc.
BitFrontier Technologies will primarily engage in cryptocurrency mining with a focus on Bitcoin mining, and intends to have its first facility open mid 2018. We plan to deploy an array of both ASIC and GPU miners. These miners will position the company to mine the cryptocurrencies with the greatest profitability, and minimize the downtime when switching servers to other algorithms that are used to mine different cryptocurrencies. Once our first warehouse is built, we also plan to implement a strategic model where we can host outside miners owned by either individuals or other companies and take a management/hosting fee from each outside miner we host. Providing this service will allow the company to become a leader in the cryptocurrency space, as many companies are interested in entering this industry, but don't actually have the resources or knowledge to deploy and maintain the necessary servers and mining equipment. The Company will go into greater detail when it releases its 2018 road map, which will establish a timeline for when our first facility will be up and running. This road map will also outline how many miners we are able to host per warehouse, as well as the hashing power and electrical consumption per facility.
BitFrontier Capital Investments will focus on investment opportunities in both public and private blockchain related companies through the use of convertible debentures, joint ventures, or other strategic direct investments. This will allow the Company to align itself alongside innovative blockchain-related software companies and provide an array of business opportunities.
1. The Company has no intentions to implement a Reverse Stock Split now, or in the foreseeable future.
2. The Company recently reduced its authorized capital stock by over 32 billion shares, and is exploring options to reduce it further.
3. The Company is currently working on ways to improve its current share structure, including an administrative stop order placed on the 12,000,127,987 shares of Common Stock held by previous officers and control persons. The Company is currently working with its security counsel to verify the issuance of such shares and obtain documentation related to these shares. If documentation satisfactory to the Company and its security counsel is not supplied, or if the Company determines these shares were issued illegally, the shares will be canceled. We intend to provide further updates as they become available in the near future on the status of these shares.
4. The Preferred Stock Series A and Series B of the Company has been amended to convert on a 1 for 1 basis with approximately 14 Million shares currently outstanding. An administrative stop order has been placed on all Preferred Shares from previous management while the Company works with its security counsel to verify the issuance of such shares and obtain documentation on its issuance. The Preferred Shares were issued in the same series of transactions as the Common Stock discussed in item 3 above, and is currently being investigated in conjunction with the Common Stock by the Company and its security counsel.
5. The Company has been informed by its new transfer agent Pacific Stock Transfer, that it has received all required documents from our previous transfer agent and is now the official transfer agent for the company. Shareholders can verify all share structure related information whenever they deem necessary from our OTC Markets page, or directly with the transfer agent at email@example.com or by calling Pacific Stock Transfer at 800-785-7782.
6. The Company has received the new CUSIP number from its transfer agent and filed an issuer notification form with FINRA on January 2nd to complete the name change from Purio, Inc. to BitFrontier Capital Holdings, Inc. and change the ticker from PURO to BITF, or if not available BTCF to better reflect the Company's business plan. The anticipated effective date for both actions is tentatively set for January 12th, 2018 but is subject to FINRA approval.
Additionally, the company has been working with several large funds to obtain the necessary funding for the complete build-out of the cryptocurrency mining operations, which will be beneficial to both the company and shareholders. Once the company has formally signed the funding agreement, we will release a joint PR and intend to be able to provide an update on funding later this week.
Additional information about BitFrontier Capital Holdings will be available soon on the Company's website at https://bitfrontiercapitalholdings.com and current updates are posted regularly on Twitter at https://twitter.com/BitFrontierInc.
About BitFrontier Capital Holdings, Inc. (F/K/A Purio, Inc.)
BitFrontier Capital Holdings is a blockchain-oriented company focused on the cryptocurrency markets. We plan on expanding operations in the Bitcoin mining industry and see great potential in this rapidly expanding sector. Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new Bitcoins are released.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at http://otcmarkets.com.
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
BitFrontier Capital Holdings Investor Relations
Source: Purio, Inc.
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The original Press Release can be found here.