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FREDERICKSBURG, Va., Aug. 07, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- BitFrontier Capital Holdings, Inc. (OTC PINK: BFCH) is pleased to announce it has retained special counsel to assist the company in canceling 12,260,000,000 shares of the Company's Common Stock making up almost 99% of the Company's issued and outstanding shares of Common Stock along with several classes of Preferred Stock.
Since our initial investigation into these improperly issued shares by former management, we have identified several hundred million more shares of Common Stock along with several classes of Preferred Stock held by 3 more individuals/companies that were involved in the same transaction with former management that will also be named in the complaint.
The Company, through its retained special counsel, will be filing with the courts, a Complaint for Declaratory Judgment to formally cancel these improperly issued shares consisting of 12,260,000,000 shares of the Company's Common Stock and several classes of Preferred Stock for fraud or want of consideration. We expect to file this complaint very soon and will keep our shareholders updated once it is formally filed.
The Company is also finalizing the two quarterly reports for the periods ending March 31, 2018 and June 30, 2018 to regain its "Pink Current" status with OTC Markets.
In addition, demolition is continuing on the recently leased property to prepare it for construction of our first cryptocurrency mining facility. Once demolition is complete, construction can begin with the first 7500 sq. foot concrete slab being poured, followed by the assembly of our first warehouse. We have posted several pictures on the Company's twitter account and will continue to document the buildout process.
Our twitter account can be found at the following URL: https://twitter.com/BitFrontierInc
About BitFrontier Capital Holdings, Inc.
BitFrontier Capital Holdings business plan is to concentrate on cryptocurrency related investments and development opportunities through cryptocurrency mining, investments in private and/or public entities, joint ventures and acquisitions of blockchain related companies. BitFrontier Capital Holdings has two wholly owned operating subsidiaries, BitFrontier Capital Investments, Inc. and BitFrontier Technologies, Inc. Through the Company's wholly owned subsidiary, BitFrontier Technologies, Inc., the Company plans to build a warehouse specifically designed for hosting cryptocurrency mining equipment. Cryptocurrency mining (e.g. bitcoin mining) entails running ASIC (application-specific integrated circuit) servers or other specialized servers which solve a set of prescribed complex mathematical calculations in order to add a block to a blockchain and thereby confirm digital asset transactions. A party which is successful in adding a block to the blockchain is awarded a fixed number of digital assets in return.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at https://www.otcmarkets.com/
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
BitFrontier Capital Holdings Investor Relations