PNNX Acquires Triple 888’s Logistics Inc., and its Intellectual Property “Bit Gift”™
Philadelphia, PA, Oct. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pennexx Acquires Triple 888’s Logistics Inc., a prepaid debit card for cryptocurrency company and “Your Social Offers” artificial intelligence will be utilized to obtain and monetize the data as customers use the cards.
As set forth in our 8K which was filed on October 21, 2019, Pennexx Foods Inc. (“PNNX” or “the company”) acquired Triple 888’s Logistics Inc., as a wholly owned subsidiary. As a result of this acquisition PNNX will offer BitGift prepaid cryptocurrency cards in stores and on the domain bitgiftme.com. BitGift is an open loop prepaid gift card which can be redeemed for an equivalent value in Crypto Currency or used for real time redemption in fiat currency (US Dollars) at any merchant in the world that accepts MasterCard. Purchasers may hold the cards as an investment or simply spend them.
Pennexx is paid via “Bit Gift” at the time of purchase as well as when the cardholder spends his or her cryptocurrency as a fee incurred during the conversion process from cryptocurrency to fiat currency.
“We anticipate significant revenues will be generated from sales as well as usage of BitGift. We project selling a minimum of 5 to 10 million BitGift cards annually. The company has upcoming contract negotiations with one of the world’s leading cryptocurrency exchange companies which has more than $50 Billion in transactions over the past 12 months as of May 2019. The prepaid card denominations to be offered are $50, $100, $250, and $500,” said Alexander Cook, President of PNNX. Mr. Cook continued, “Pennexx will negotiate the conversion fee of 3% to 5% of the dollar amount exchanged for each card transaction from the exchange while converting cryptocurrency to fiat currency at any merchant in the world that accepts MasterCard. Pennexx will also receive between $2.95 to $4.95 for every card sold (based upon the denomination) and the cost of each card produced is expected to be forty cents.”
Further updates from PNNX will be forthcoming.
About Pennexx Corporation (PNNX: OTCMKTS US). Pennexx, through its wholly owned subsidiaries Your Social Offers and Triple 888 Logistics Inc., is a holding company within the Software/Internet Industry that is focused on prepaid debit and credit cards and utilizing artificial intelligence to gather information for targeted marketing.
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For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.