TEL AVIV, ISRAEL / ACCESSWIRE / November 8, 2017 / First Bitcoin Capital Corp. (the “Company”) (OTC PINK: BITCF) (COIN: BITCF), a global developer of industry-specific blockchain powered applications, today announces that Petroteq Energy, Inc. (TSX-V: PQE) (OTCQX: PQEFF) (FRA: MW4A) has awarded a $500,000 contract to the Company to develop and demonstrate to the oil and gas industry a blockchain-powered supply chain management platform, www.PetroBLOQ.com.
The contract from Petroteq, a company focused on the development and implementation of proprietary technologies for the environmentally safe extraction of heavy oils from oil sands, oil shale deposits, and shallow oil deposits, enables First Bitcoin Capital to create a platform that will serve as a one-stop shop to provide oil and gas companies the ability to customize their own distributed ledger modules to enhance their business operations.
“Blockchain technology has the potential to change not only the oil and gas sector but also other areas of the global business world, leading to improved and optimized efficiency of the end-to-end business transaction processes,” said First Bitcoin CEO Greg Rubin.
First Bitcoin Capital has chosen the Hyperledger blockchain, a product developed by the Linux Foundation-led open-source cross-industry collaborative Hyperledger Project, as the core technology for the platform for Petroteq to be used for real-time supply chain management. The Company will also build for Petroteq a smart contract system prototype on a blockchain to improve the efficiency of oil and gas supply chain management interactions. Taking advantage of distributed ledgers, the two companies will be exploring ways to optimize and monitor the supply chain logistics on the blockchain to automate oil and gas industry transactions.
“We have begun a journey with First Bitcoin Capital to exploit the potential of this new technology. We are very pleased with the cooperation with the team and will begin to develop a first blockchain proof-of-concept. We look forward to seeing these blockchain applications applied to our business,” stated Alex Blyumkin, CEO of Petroteq.
According to a report by www.OilPrice.com, blockchain technology shows great potential, as it can be used to execute energy supply transactions, as well as create the basis for clearing processes, metering and billing applications in the documentation of ownership, the state of asset, renewable energy and white certificates, guarantees of origin and emission allowances.
About First Bitcoin Capital Corp.
The Company is engaged in developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange – www.CoinQX.com (in Beta). The Company sees this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and BlockChain-centered company, the Company wants to provide its shareholders with diversified exposure to digital cryptocurrencies and BlockChain technologies.
For more information, visit www.BitcoinCapitalCorp.com.
About Petroteq Energy Inc.
The Company is engaged in the development and implementation of its proprietary environmentally friendly heavy oil processing and extraction technologies. Our proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc. Under a joint venture agreement with Recruiter.com and Oilprice.com, we anticipate that the website offering employment opportunities in the Energy sector will be launched in the month of November 2017. Petroteq is also developing technologies to optimize petrochemical industry workflow processes and will bring a team of professionals to expedite the process. Recently Company partnered with First Bitcoin Capital to develop Blockchain powered industry supply chain management platform called PetroBLOQ.
For more information, visit www.Petroteq.Energy.
Certain statements contained in this press release contain forward-looking statements. Words such as “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” and similar expressions as they relate to the Company, including the success and performance of the platform being designed by the Company for Petroteq, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, based on information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. While forward-looking statements are based on data, assumptions, and analyses that the Company believes are reasonable under the circumstances, whether actual results, performance or developments will meet the Company’s expectations and predictions depend on a number of risks and uncertainties that could cause the actual results, performance and financial condition of the Company to differ materially from its expectations.
Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements in this press release include, without limitation: changes in laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world’s use and acceptance of digital currencies and blockchain platforms; state of capital markets and ability by the Company to raise capital; litigation; the commercial and economic viability of the Company’s technologies and software, and other proprietary technologies developed by the Company which are of experimental nature and have not been fully adopted; reliance on suppliers, contractors, consultants and key personnel; potential failure of the Company’s business plans or model; unanticipated costs and expenses, availability of financing and other capital; uninsurable or uninsured risks; potential conflicts of interest of officers and directors; and other general economic, market and business conditions and factors, including the risk factors discussed or referred to in the Company’s filings, which are on file at www.OTCMarkets.com.
Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
SOURCE: First Bitcoin Capital Corp.