Bitcoin Oil today announces its plan to offer to a limited number of qualified purchasers, or “Private Purchasers,” certain promissory notes in the aggregate principal amount of $1.5 million through Bitcoin Oil’s holding company. The foregoing note sale is referred to as the “Private Pre-Sale”. A public pre-sale of Bitcoin Oil is expected to follow the Private Pre-Sale, to be followed by the ICO thereafter.
HOUSTON (PRWEB) February 11, 2019
Bitcoin Oil today announces its plan to offer to a limited number of qualified purchasers, or “Private Purchasers,” certain promissory notes in the aggregate principal amount of $1.5 million, payable in Bitcoin Oil upon the completion of an Initial Coin Offering, or the “ICO”, through Bitcoin Oil’s holding company- a Swiss limited liability company located in Zug, Switzerland, or “Swiss Holding”. The foregoing note sale is referred to as the “Private Pre-Sale”. A public pre-sale of Bitcoin Oil is expected to follow the Private Pre-Sale, to be followed by the ICO thereafter. The purchase price for Bitcoin Oil in the public pre-sale and ICO will be outlined in the forthcoming white paper.
This Private Pre-Sale is limited to 300 units of notes, with each note priced at US$5,000 (payable in fiat currencies or major cryptocurrencies) and entitles the Private Purchaser to receive Bitcoin Oil as repayment of the notes following the ICO. The purchase price reflects a unique 85% bonus in Bitcoin Oil for the Private Purchasers. Allocation of the units will be on a “first come, first served“ basis.
Bitcoin Oil presented the world’s first initiative to transform Bitcoin‘s consensus algorithm from Proof-of-Work to Proof-of-Stake, and its plan to create an asset-enhanced, stability-enhanced cryptocurrency, which they believe will have far-reaching consequences for the future viability of Bitcoin and its potential for true mass adoption.
Bitcoin Oil is an international organization with Swiss Holding managing all marketing and oversight of its technical blockchain activities, including but not limited to all fork-related preparations, while its U.S. subsidiary, Bitcoin Oil Inc., is located in Houston, Texas, and houses the operational team including its business development division.
“Bitcoin Oil is bringing intelligent Bitcoin improvements to a flawed market while also advocating for our supporters who now have, for the first time, the opportunity to join our movement and invest in the first PoS-based Bitcoin solution,“ explained Hannah Paddock, Bitcoin Oil‘s Chief Marketing Officer (CMO). “Our cryptocurrency will be superior to Bitcoin by incorporating the entire Bitcoin DNA, but offering decisive additional benefits in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability or “SSPSS”, representing a dramatic set of Bitcoin improvements,“ Hannah Paddock continued.
In total, Bitcoin Oil aims to generate up to $102 million from its planned sale of Bitcoin Oil. The Private Pre-Sale will be completed in one or more transactions outside the United States in accordance with Regulation S of the Securities Act of 1933, as amended, and in the United States only to Private Purchsers who are “accredited investors” within the meaning of subparagraph (a) of Rule 501 in reliance on Regulation D of the Securities Act of 1933, as amended. In addition, the offering and sale of the notes or Bitcoin Oil and the delivery and distribution of the notes or Bitcoin Oil may be restricted by laws in certain other jurisdictions. Bitcoin Oil may, from time to time, revise the foregoing mechanics to comply with regulatory requirements or other governmental or business obligations as they deem appropriate or desirable under the circumstances.
Bitcoin Oil’s Private Pre-Sale will be open to Bitcoin supporters for a limited period of time only. Each Private Purchasers will become a lifetime honorary member of Bitcoin Oil’s exclusive “Founders 300 Club.” Private Purchaser may also be entitled to other additional valuable benefits and rewards (details are to follow).
All proceeds from the Private Pre-Sale will be directed to the execution of the first developmental stages and other blockchain oriented expenses and projects, as well as operations of Bitcoin Oil. In particular, Bitcoin Oil intends to direct all funds to the further development of technical developer teams, legal structures, ICO requirements, staffing and payment of infrastructure and research for its blockchain technologies.
In this context, Bitcoin Oil is in the process of retaining a large and internationally-recognized auditing firm to audit Bitcoin Oil’s entire operations, including but not limited to complete audits of all proceeds from the Private Pre-Sale, public pre-sale, and ICO, including but not limited to full assessment of the risks, and will ensure that all community members participating in the ICO are fully aware of the risks associated with the specific technology and respective offering. Further, Bitcoin Oil will commit to provide a post-ICO comprehensive audit report.
In Europe, The Swiss Holding will be represented by one of the largest and most reputable international securities law firms in Switzerland, where Bitcoin Oil is a corporate member of Switzerland’s Crypto Valley (http://www.cryptovalley.swiss). When becoming part of the Crypto Valley Association (“CVA“), Bitcoin Oil acknowledged to adhere to the Core Values, the General Code of Conduct (“CoC“) and the ICO Code of Conduct (“DECoC“) and that it will conduct its business and its ICO consistent with the values and principles outlined therein (http://www.cryptovalley.swiss/codeofconduct). The ICO Code of Conducts subjects all members to standards ensuring that the launch and operation of decentralized ecosystems and ICOs comply with the highest level of ledger enforceability, quality of protocols and applications, and compliance to relevant financial market regulations.
Furthermore, Bitcoin Oil has retained U.S. law firm Gutnicki, LLP (http://www.gutnicki.com), as Bitcoin Oil‘s special United States counsel. Gutnicki will be overseeing Bitcoin Oil’s private and public pre-sales and ICO in compliance with U.S. securities laws. Bitcoin Oil’s broader legal team has created all relevant sale documents in accordance with U.S. and other securities laws, involving various lawyers with experiences representing ICOs and digital coin sellers.
Moreover, in order to emphasize the utmost importance of total transparency, full legal compliance and maximum purchaser protection, Bitcoin Oil‘s Board of Directors proudly appointed Joseph Mei as Chairman of Bitcoin Oil‘s newly established Advisory Board. Joseph Mei is a partner of Gutnicki’s corporate practice group, focusing on mergers and acquisitions, private equity, take-private, leveraged buy-out, venture capital and U.S. securities law matters, including initial coin offerings and other blockchain projects. In addition to his law practice at Gutnicki, Mr. Mei is also a managing partner of Centauri Capital Partners, LLC, a mergers and acquisitions advisory firm with a particular focus on cross-border buy-out transactions between US, Europe and Asia. He is also a managing director of Infusion 51a, a U.S.-based private fund with focus on big-data healthcare sectors.
“Bitcoin Oil can’t thank Mr. Mei enough for everything he does for the Company, for our business development efforts and for our ICO preparations. Knowing we have his full support and dedication makes us all a better, stronger team both internally and externally. We are particularly grateful for his strong leadership and support in building our visionary Advisory Board ahead of launching our ICO activities“, Hannah Paddock explained. More details of Bitcoin Oil‘s high-level Advisory Board will be announced after completion of the Private Pre-Sale and will also be included in the company’s forthcoming white paper.
About Bitcoin Oil
Bitcoin Oil is a developer of innovative blockchain and ledger technology aimed at the improvement of Bitcoin. Bitcoin Oil is the creator of Bitcoin Oil, a new cryptocurrency based on the Bitcoin network with optimally improved ledger through the use of its “SSPSS” improvement strategy. The centerpiece of Bitcoin Oil and its “Optimally Improved Ledger” (OIL) will be the highly innovative “SSPSS” strategy focusing on the development and implementation of essential Bitcoin improvements in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability, or “SSPSS”, including but not limited to key new Bitcoin blockchain features such as (i.) minimizing Bitcoin’s volatility (i.e. by connecting it with stable off-chain values), (ii.) drastically reducing Bitcoin’s insane energy consumption (i.e. by altering the consensus protocol to PoS), (iii.) implementing true privacy features (i.e. by enabling confidential transactions), (iv.) empowering Bitcoin based ICOs and STOs (e.g. by employing full smart contract functionalities), and last but not least (v.) developing cutting-edge scalability solutions (i.e. by complete integration of layer 2 protocols and offline transactions). To learn more about Bitcoin Oil, please review our next press releases as well as our forthcoming white paper, or if you are interested in purchasing Bitcoin Oil, please contact us at firstname.lastname@example.org or call us at +1-8777-BITCOINOIL.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the coins or securities described herein, nor shall there be any sale of these coins or securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains information about pending transactions, and there can be no assurance that any of these transactions will be completed in accordance with the terms described in this press release or at all.
This press release contains statements that are forward looking (such as when Bitcoin Oil describes what it “plans,” “believes,” “intends,” “seeks,” “aims,” or “anticipates” will occur, what “will,” “potentially,” or “could” happen, and other similar statements or the negative of such terms or statements), which may not be correct, even though Bitcoin Oil believes that they are reasonable at the time of this press release. Bitcoin Oil does not guarantee that such forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward looking statement is included in the forthcoming white paper. Bitcoin Oil undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made.
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Source: ICO Inc News