VANCOUVER, British Columbia, Sept. 30, 2019 (GLOBE NEWSWIRE) — LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT) (OTC:LLNKF) (FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC (“uBUCK”) has closed the first tranche of a non-brokered private placement previously announced on September 23, 2019.

In connection with the placement, uBUCK issued 800,000 preferred shares to a strategic investor at a price of $0.50 per share for gross proceeds of US$400,000. Under the terms of the investment, uBUCK expects a minimum investment of US$1,500,000 will be made in exchange for 3,000,000 preferred shares at a price of US$0.50 per share by June 30, 2020. The investor will also have the option to invest an additional US$2,500,000 for a total of 8,000,000 preferred shares at a price of US$0.50 per share by September 30, 2021

uBUCK intends to use the gross proceeds of the private placement to complete the development of the uBUCK and Streambucks digital wallets, accelerate growth, increase customer acquisitions, and conduct additional product testing.

The private placement is a non-dilutive transaction for LiteLink shareholders.  Completion of additional investments is subject to all necessary regulatory approvals.

The initial investment of US$1,500,000 would give the investor a 6% ownership in uBUCK, and an additional US$2,500,000 investment would result in a 16% ownership in uBUCK, based on the total outstanding equity in uBUCK. The preferred shares come with first rights to dividends of 6% (of the amount invested) and first claims to assets up to the investment in case of liquidation.

About uBUCK Technologies SEZC

Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digital payments and wallets. uBUCK Pay, its online payments platform and pin voucher solution, offers consumers, businesses and merchants a fast, commission-free and highly secure alternative to traditional payments.  Customers can purchase pin vouchers within the uBUCK Pay app or at participating resellers. For details about uBUCK Pay, please visit uBUCKpay.com.

About LiteLink Technologies Inc.

LiteLink Technologies Inc. (“LiteLink”) (CSE:LLT) (OTC:LLNKF) (FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries.  Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.

Forward-looking Statement

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to the nature of the business of LiteLink and uBUCK, and other factors or information. Such statements represent LiteLink’s current views with respect to future events and are necessarily based upon a number of assumptions and estimate that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties.  Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. LiteLink does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules, and regulations.

Please See Disclaimer

One of the most important factors behind the growth of the cryptocurrency space is the existence of mega crypto exchanges. It has made it possible for more and more people to get involved in space and the biggest one is Binance.

Today, the company made another landmark announcement. The crypto exchange announced today that it has launched an exclusive staking platform and it will allow its users to earn exclusive rewards. Users will be able to store their digital coins on the staking platform, and in return, they will be awarded rewards. It might be regarded as something that is akin to earning interest by keeping money in a bank.

This is quite an inventive platform that has been launched by Binance. The official announcement for it was made on Thursday this week. Due to the availability of the platform, users would not need to meet the minimum staking requirement and the time periods that are stipulated on some other platforms.

At this point in time, only a limited number of cryptocurrencies are going to be supported by Binance’s staking platform. The tokens that are currently supported include Ontology, Stratis Neo, Qtum, VeChain, Algorand, Strat, Komodo, and Stellar Lumens.

>> Stellar (XLM) Witnesses Buying Interest Despite the Crypto Slump

It goes without saying that it is another important development in the further strengthening of the cryptocurrency ecosystem. Although staking platforms are available, an offering from one of the biggest crypto exchanges in the world like Binance is definitely a huge development. It could eventually encourage more users to use it in anticipation of the rewards on offer.

Changpeng Zhao, the Chief Executive Officer of Binance, explained the whole thing quite succinctly in a tweet: “You literally don’t have to do anything. Your funds on Binance automatically participate. You can still trade as you normally would.” It now remains to be seen how many users the company’s staking platform can attract.

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