Vancouver, British Columbia–(Newsfile Corp. – January 17, 2023) – Opinions of the company NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) (“NetCents“or”Company“), a cryptocurrency payment company, has announced that the closure of the cryptocurrency exchange is effective immediately. The closure is designed to improve its operations and products for sale to focus on revenue streams. Over the past few years, the main focus of the Company has been The growth of its business is to create products and services that do not rely on cryptocurrency exchanges.
Cryptocurrency exchange, which was originally planned as a business support segment, has never been a major part of the company’s revenue, which accounts for less than half of one part (0.5%) of the estimated revenue in 2022 (uncalculated). As the business activity of the company continued to grow, cryptocurrency exchanges became less important in the overall business process. In the currency of 2022, the exchange made less money and was no longer cheap to maintain. At the same time, the Company recognized and focused on its market share and competitive advantages in merchant processing. Almost all of the Company’s growth and revenue over the past two years has come from commercial operations.
In July 2022, the company began internal discussions about the future of the exchange, and the Board of Directors voted to take action to end the exchange. In September 2022, the Company contacted management, informing them of the Company’s intention to discontinue the exchange. In November 2022, the Company detailed the process it would use to terminate exchange operations with regulators and at that time, the Company stopped accepting fiat or cryptocurrency deposits on exchanges. This, however, did not affect the ability of users to withdraw their fiat money or crypto assets from the exchange.
Soon, all account holders will be contacted by email and, if necessary, by phone. Account holders will be instructed to log into their account and withdraw their fiat and crypto assets. At the instruction of the account holders, all fiat money will be transferred through traditional channels, and all crypto assets will be transferred through the shared blockchain. All accounts will have 60 days from the initial email to transfer their fiat currency and their exchangeable crypto assets. The company has stored fiat currency in its bank accounts and crypto assets have been stored with an independent wallet as a proxy. All account holders will receive 100% of their account balance, except for accounts with NCCO. Any accounts with NCCO will be placed on hold pending a final decision by management.
As a brief update of the business, the business of the merchant maintenance continues to grow, and in 2022, the Company has grown significantly since 2020 in all important metrics. Since 2020, merchants on the platform have grown by more than 250%, with a global representation of merchants in 46 countries. The average value of the transaction increased from USD $391 in 2020 to $4,500 in 2022, and the number of Instant Settlement companies grew by 374% in 2022 over 2020 from $10.6 million in 2020 to $50.6 million in 2022.1. In 2022, the income of entrepreneurs increased by 445% compared to 20201.
As of today, the Company continues to be subject to the anti-trade law. The following financial statements are no longer available: interim (unaudited) financial statements for the quarters ending January 31, 2021, April 30, 2021, and July 31, 2021, audited financial statements ending October 31, 2021, and interim financial statements. reports (unaudited) for the quarterly periods ending January 31, 2022, April 30, 2022, and July 31, 2022. The Company is currently focused on preparing its financial statements to comply with its regulations.
About Us
NetCents Technology Inc., a cryptocurrency investment center, equips forward-thinking businesses with the technology to integrate cryptocurrencies into their payment system without taking on the risk or volatility of the crypto market. NetCents is registered as a Financial Services Business (MSB) by FINTRAC.
For more information, please visit the company’s website at www.net-cents.com or contact Investor Relations at investor@net-cents.com.
On behalf of the Board of Directors
Opinions of the company NetCents Technology Inc.
“Clayton Moore”
Clayton Moore, CEO, Founder and Director
Opinions of the company NetCents Technology Inc.
350 – 375 Water Street
Vancouver, BC, V6B 5C6
Caution Regarding Forward-Looking Information
This release includes certain statements that may be considered “forward-looking statements” within the meaning of Canadian securities laws (“forward-looking statements”). All statements contained in this document, except for history, which refer to events or events that the company expects to happen, are forward-looking statements including without limitation, the time of completion and filing of the company’s financial plan, , closing schedule. on the exchange, the expected growth and results of the Company’s operations. Forward-looking statements are non-historical statements and are usually, but not always, identified by the words “anticipate”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “project”. ” , “possible” are synonyms, or events or conditions “will happen”, “could”, “could”, “could” or “should” happen. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those contained in such forward-looking statements. Factors that could cause actual results to differ from those contained in forward-looking statements include laws, market prices, and the continued availability of cash and cash equivalents, as well as economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or events may differ materially from those anticipated in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the company’s management as of the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update any forward-looking statements if its beliefs, estimates or opinions, or otherwise, change.
Disclosure of FOFI
This article contains information about the financial and financial performance (both, “FOFI”) related to the growth and development of the company, all of which are subject to the same assumptions, risks, limitations and qualifications as described above. paragraph. Readers are cautioned that the assumptions used in preparing such information, even if considered reasonable at the time of preparation, may be inaccurate and, therefore, undue reliance should not be placed on FOFI. The actual results, performance or success of the Company may differ materially from what is stated, or implied, in these FOFIs, or if any of them do, and what benefits the Company may obtain therefrom. The FOFI contained in this newsletter has been approved by management as of the date of this press release and is included to provide readers with information about management’s expectations and future plans and the information may not be appropriate for other purposes. The Company disclaims any intention or obligation to change or revise any FOFI contained in this article, whether as a result of new developments, future events or otherwise, except as may be required by law. Readers are cautioned that the FOFI contained in this article should not be used for purposes other than those disclosed herein.
[1] Uncountable financial information
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