VANCOUVER, BC, Feb. 16, 2021 /PRNewswire/ – LiteLink Technologies Inc. (“LiteLink”https://www.prnewswire.com/” or “the Company”https://www.prnewswire.com/”) (CSE:LLT) (OTC:LLNKD) (FRA: C0B:FF), a company focused in emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies is pleased to announce that it has signed a definitive agreement to complete an equity investment in CatalX CTS Ltd., (“CatalX”) Canada’s premier cryptocurrency exchange with over 40+ Altcoins available for purchase.
CatalX is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. CatalX has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real time and cutting-edge cyber security system CyberSmoat®, which is patent pending.
The equity investment of C$2,000,000 will result in LiteLink obtaining 24,217 Class A voting shares of CatalX at a valuation of $10,526,315.79. The investment also gives LiteLink ownership and control of 19% of the outstanding share capital of CatalX.
The equity investment will be satisfied through the issuance of 15,000,000 common shares of LiteLink to CatalX and a cash payment to CatalX of $500,000. In conjunction with closing of the investment, LiteLink will also pay a finders’ fee to an arm’s-length party of 750,000 common shares of Litelink. All securities issued in connection with the investment in CatalX will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.
CatalX has continued to see an increase in both its trading volume and daily deposits in 2021. Some of the key metrics from January and the first nine days of February include:
- Monthly net deposits grew to approx. C$1.3 million in January, a 236% increase month-over-month (MoM)
- Monthly trading volume reached $4.2 million in January, an increase of 426% MoM
- Daily deposit volume in the first nine days of February increased 65% MoM to $566,000
- 34% increase in trading volume for the first 12 days of February ($1.3 million) compared to first 12 days of January
- 45% increase in deposit for the first 12 days of February ($586,000) compared to first 12 days of January
“We are very excited to invest in CatalX and gain a valuable stake in the booming crypto market,” said LiteLink Technologies CEO Peter Green. “CatalX, which is Canada’s leading cryptocurrency exchange, has had an outstanding year and continues to grow. In January, CatalX experienced significant growth in its trading volume, which increased by 426% month-over-month and saw its net deposits grow by 236% during the same period. In short, this company is growing very quickly.”
“I’m excited about our partnership with LiteLink Technology, which has strong leadership from Peter Green, a visionary board of directors and an amazing ecosystem of technology from IoT devices, blockchain applications and technology in the fintech space,” said CatalX founder and CEO Jae Park.
“CatalX gives Canadians and partners access to the best liquidity, tightest spreads, de-risks CAD/USD FX through our backend algorithm and also access to the most alt-coins and trading pairs in the country. All of these features are great on their own, but as CEO and Co-founder I’m most proud of our partnerships with Bittrex Global, a regulated exchange known for its attention to security and compliance connecting the world’s exchanges with its network and vision. Finally, as CEO of CatalX, security and compliance is not just very important, I take it personally,” Park added.
Features of the CatalX platform include:
- Fully featured exchange order book
- $0 deposit fees and immediate funding (post-KYC)
- 0.15% trading fees
- Tightest buy and sell spreads in Canada under 0.1%
- Lowest rates to buy BTC in Canada
LiteLink is at arm’s-length from CatalX. Completion of the investment in CatalX is subject to a number of conditions, including, but not limited to, negotiation of a shareholder’s agreement in a form acceptable to LiteLink. The proposed investment is not expected to constitute a fundamental change for LiteLink, and it is not expected to result in a change of control of the company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.
About LiteLink Technologies Inc.
LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKD) (FRA: C0B:FF) is a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.
About CatalX Exchange
CatalX is a Canadian-based is a digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. As a fully regulated Cryptocurrency exchange with FINTRAC, CatalX has the highest standards in security and compliance and is partnered with world-trusted names in Blockchain technologies, risk management and financial solutions including Bittrex, Prime Trust, Trulioo and Stably to provide their users with a trusted, secure platform.
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 or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, 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. The Company 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 affecting such statements and information other than as required by applicable laws, rules and regulations.
SOURCE LiteLink Technologies Inc.