VANCOUVER, BC, Sept. 2, 2021 /CNW/ - Lightning Network focused company, LQwD Fintech Corp. (TSXV: LQWD) (OTC: LQWDF) is pleased to provide the following corporate highlights since the Company completed the acquisition of LQwD Financial Corp. on June 9, 2021:
- advances in the development of the Lightning Network SaaS platform having achieved the milestone of establishing LSP services, payment channels and watchtowers, as well as launching beta testing of the platform;
- adding highly qualified engineers and strategic advisors to the team, including: Joost Jager, a Lightning Infrastructure Engineer with a M.Sc. in CS and specialization in artificial intelligence; and Roy Sheinfeld, co-founder and CEO of Breez Technology Inc., a privately-held company that combines an LSP, point-of-sale app for merchants, and non-custodial end-user app;
- the cumulative purchase of over C$3 million worth of Bitcoin at an average price of C$46,000;
- filed a preliminary short form base shelf prospectus that when final will allow LQwD to offer and issue up to $50 million of common shares, warrants, subscription receipts, units, debt securities, or any combination of such securities during the 25-month period that the prospectus is effective; and
- the grant of 3,325,000 stock options exercisable for a period of five years at a price of C$0.60 per share to various directors, officers, employees and consultants. The stock options will be subject to deferred vesting over two years and is part of LQwD's ongoing strategy of granting stock options to attract and retain talent, as well as motivating its team.
Shone Anstey, LQwD's CEO commented, "We are very pleased with the progress that our team has made since completing the transaction in June. Using our highly skilled in-house team, we are continuing to develop a Lightning Network SaaS platform that enables the set-up of payment channels as a service. LQwD's Lightning Network SaaS platform is at an advanced level of development, with beta testing having commenced in the second half of 2021. We look forward continuing along this growth trajectory and maximizing shareholder value in the process."
About the Lightning Network
The Lightning Network is a solution to mass scaling the usage of Bitcoin for microtransactions globally, dramatically improving upon fees, as well as instant settlement times. The Lightning Network has experienced explosive growth in the past 90-days with node growth doubling and Lightning Network BTC capacity increasing 51.74%. Some well-known companies such as Jack Dorsey's Twitter and Square have expressed their enthusiasm to incorporate Lightning Network into their platforms.
About LQwD Fintech Corp.
LQwD is a Lightning Network focused company developing payment infrastructure and solutions. The Company's mission is to develop institutional grade services that support the Lightning Network and drive improved functionality, transaction capability, user adoption and utility and scaling Bitcoin. LQwD also holds Bitcoin as an operating asset establishing nodes and payment channels across the Lightning Network.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, LQwD, their securities, or their respective financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE LQwD FinTech Corp.
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