Institutional Buyers Form Majority of Participants
GEORGE TOWN, Cayman Islands, Nov. 29, 2018 /PRNewswire/ -- MovieCoin, the financial technology company leveraging blockchain, smart contracts and digital assets to create a new standard currency for entertainment financing, business transactions and consumer payments, is withdrawing the scheduled public sale of Moviecoin ("MOV") Utility Tokens after receiving overwhelming interest during the company's private presale.
Accepting Ethereum, Bitcoin and BANKEX (BKX) Tokens as payment, MovieCoin's MOV Token presale ended at 12:00pm EST on November 29, following a request to extend the presale from institutional buyers. MOV Tokens, which had a sale price of $0.11, will be distributed from the Cayman Islands and not offered for sale in the United States or Canada. MovieCoin's public sale had been scheduled to begin this month.
MovieCoin was founded in 2017 in partnership with BANKEX, a top-20 global fintech company, to combine Bank-as-a-Service (BaaS) with blockchain technology and facilitate the digitization, tokenization and exchange of traditional assets. MOV Tokens will help members of MovieCoin's entertainment ecosystem make better-informed B2B and B2C purchase decisions, uncover new stakeholder insights in real-time and address the industry's accounting and revenue sharing challenges by providing new levels of transparency into capital flows and fiscal performance.
"We are satisfied with the outcome of the MOV Token presale," said Christopher Woodrow, Chairman and CEO at MovieCoin. "Entertainment companies and private buyers were more receptive to MovieCoin's model than we first anticipated. This revelation, in conjunction with demand from blockchain technology and media investment funds, left little need for a public token sale at this time."
Institutional buyers formed the majority of MovieCoin's private presale participants, signaling a dynamic shift in the market toward the acceptance of digital assets. A full breakdown of the presale results can be found below:
- 300 million MOV Tokens are reserved for investors participating in MovieCoin Holdings Inc.'s Series C Funding. These include a leading film studio and a consortium of private blockchain technology and media investment funds based in Asia, Australia, Europe and the Middle East.
- 200 million MOV Tokens are reserved for strategic partners, including a technology provider and a financial services company, which will use MOV Tokens to automate and digitize the collection and accounts receivable processes for the global entertainment industry.
- The remaining 100 million MOV Tokens are reserved for consumer transactions to enable payment for products including movie tickets, multimedia content and exclusive rewards.
MovieCoin is also planning a separate MovieCoin Smart Fund ("MSF") Security Token sale to accredited investors in 2019, pursuant to Regulation D of the United States Securities Act and Canadian National Instrument 45-106 - Prospectus Exemptions.
MovieCoin is a next-generation financial technology company focused on leveraging blockchain technology, digital assets and proprietary applications to become the leading entertainment settlement and transaction platform for businesses and consumers and the standard currency for funding motion pictures, television and other media.
The Company has operations spanning content finance and production, business and consumer services and technology development and licensing. MovieCoin's content finance and production businesses offer programmatic ownership of filmed entertainment assets to financial investors seeking institutionalized exposure to premium content, while its digital assets platform provides businesses with innovative solutions to streamline operations and entertainment enthusiasts with unique and more engaging ways to participate in the movie experience.
Prosek Partners on behalf of MovieCoin
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Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that MovieCoin expects or anticipates will or may occur in the future, including such things as, the amount, size, timing and completion of the presale or any future offering or issuance of Moviecoin Utility Tokens or MovieCoin Smart Fund Security Tokens, any bonuses or bonus rates and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following the terms and conditions of our agreements with contractors, MovieCoin's business plans, the anticipated timing and completion of offerings, sales and presales; the anticipated development of the technology and the effectiveness and success of BANKEX executing on its business plans and commitment to MovieCoin, continued acceptance and development of regulations and laws related to blockchain technology and digital assets that supports business; and no change in laws that materially impact our business and any sales, presales or offerings of tokens. When used in this press release, the words "optimistic," "potential," "indicate," "expect," "intend," "plans," "hopes," "believe," "may," "will," "if," "anticipate" and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of MovieCoin to be materially different from any future results, performance or achievements expressed or implied by such statements. Although MovieCoin may identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. MovieCoin assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.