SOURCE: BTCS Inc.

BTCS Inc.

September 28, 2015 08:32 ET

BTCS Lowers Cost of Capital Through Equipment Financing Deal

ARLINGTON, VA--(Marketwired - Sep 28, 2015) - BTCS Inc. (OTCQB: BTCS) ("BTCS" or the "Company"), a blockchain technology focused company which secures the blockchain through its transaction verification services business, established an equipment financing facility through an agreement with CSC Leasing Company ("CSC"), an independent lessor of technology equipment.

"The financing flexibility provided by our agreement with CSC puts us in an advantageous position to improve shareholder value as we move forward on the next phase of our growth strategy," stated Charles Allen, chief executive officer of BTCS. "While specific terms of the facility will be determined as we add new equipment, such as Spondoolies-Tech's ("Spondoolies") next-generation SP50 transaction verification servers, we anticipate we will now be able to grow operations with a lower cost of capital while limiting equity dilution."

BTCS recently signed a definitive agreement to merge with Spondoolies, a leading transaction verification server manufacturer which announced un-audited revenue of more than $28 million for the 12-months ending December 31, 2014. The merger combines the operational expertise of BTCS' transaction verification services with Spondoolies' industry leading technology.

To understand how the transaction verification services business works, and how operating costs and profits may be impacted by various market factors, BTCS has developed a transaction verification services simulator. The simulator can be accessed at: http://tools.btcs.com/simulator.

John Corey, President of CSC, stated, "We're pleased to partner with BTCS as it begins to scale up its transaction verification services operations. Operating leases are increasingly becoming the preferred procurement path for users of IT equipment, and our solutions enable companies like BTCS to preserve cash flow, lower costs, and accelerate technology upgrades."

CSC provides custom lease solutions to meet the ever-changing business and competitive needs of growing organizations, from startups to Fortune 500 companies, and its clients include companies across a wide array of industries, municipalities, and non-profits located throughout the U.S.

About BTCS:
BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy. For more information visit: www.btcs.com.

Forward-Looking Statements:
Certain statements in this press release, including those related to an anticipated merger, constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its digital currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact Information

  • BTCS Investor Relations:
    Michal Handerhan
    BTCS Inc.
    (202) 430-6576
    IR@btcs.com

    Michael Sullivan
    RedChip Companies, Inc.
    (407) 644-4256, ext. 115
    michael@redchip.com