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PNNX Acquires Triple 888’s Logistics Inc., and its Intellectual Property “Bit Gift”™

October 23, 2019

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.

Safe Harbor Act: This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report.

For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.