SCOTTSDALE, Ariz., Nov. 16, 2017 /PRNewswire/ -- Northsight Capital Inc. (OTCBB: NCAP) announced that it has signed a preliminary agreement to acquire 80% of Westcliff Technologies. Westcliff currently operates a digital asset retail brokerage as "National Bitcoin ATM" and provides consumers the ability to purchase Bitcoin instantly through a network of kiosks (ATM's) located in the United States. The company has 24 kiosks producing an average of $180,000 per year each, or approximately $4 plus million a year and has transacted $9.2 million since inception in June 2015. At the current revenue levels, the company is not profitable. Westcliff has been working exclusively in the blockchain space since inception.
Northsight is also acquiring 49% of Westcliff's ICO (Initial Coin Offering) and wallet platforms, which are currently under development and pre-revenue. Westcliff will be re-branding and is developing additional revenue generating products and services to offer their customers while expanding their footprint. Their mobile wallet platform is for customers to buy, sell, store, and send their digital assets. Additionally, they are expanding their network to offer physical and online access points for customers to purchase bitcoin and other digital assets using many different forms of payment. Lastly, Westcliff is developing a proprietary rewards/membership token based on the Ethereum protocol that will be available to the public through an initial coin offering. This token will also be available for purchase on their brokerage platform for consumers.
The acquisition transaction is subject to among other conditions, board approval, NCAP's receipt of $3 million in funding, and the negotiation and execution of a definitive purchase agreement. Consequently, there is no assurance the transaction will be consummated. Other terms and other conditions of the acquisition were not released.
Bitcoin is the new currency that was created in 2009 that is quickly becoming the money of the future. Transactions are made with no middle men, meaning no banks. Merchants using or accepting Bitcoins can do transactions in many ways, including the Internet and mobile wallets. There are no transaction fees and they can be transacted anonymously. You can purchase anything from pizza to a car or webhosting services. Several marketplaces called "bitcoin exchanges" allow people to buy or sell bitcoins using different currencies.
About Northsight Capital, Inc.
Northsight Capital, Inc. ("NCAP") is comprised of a portfolio of online Cannabis-related websites that are being developed and operated by the company. These sites incorporate many aspects of the Cannabis industry. The company provides its audience with a means to stay informed on the industry's most cutting-edge Cannabis-related innovations and legislation. The company's most dynamic concept, WeedDepot.com, provides consumers with a geo-targeted map directory of medical and recreational dispensaries, head shops, doctors, attorneys and more within the Cannabis industry. The Weed Depot app can be downloaded for free at the iTunes Store and Google Play. Weed Depot has an entire platform of content suited for every aspect of advertising and marketing to consumers from all businesses in the cannabis industry.
The company's 420Careers.com is a leading job site in the Cannabis space with 3000 to 5000 visitors a day and approximately 1 million page views per month.
Various statements in this release, including those that express a belief, expectation or intention, may be considered "forward-looking statements" that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects or transactions. Forward-looking statements may also include projections and estimates concerning our future operating results and financial condition. When we use the words "will," "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
Source: Northsight Capital Inc.
SOURCE Northsight Capital Inc.