The purchase price for the non-arm’s length acquisition of 100% of the issued and outstanding shares of Ghostlab is based on an enterprise value of up to $3.2 million, subject to the adjustments discussed below, and includes the assumption of approximately $1.8 million in negative equity.
Ghostlab software software#
Ghostlab was able to prove out the software concepts to the point where Bitcoin Well believes that the software development arm has been accordingly de-risked and it would be in the best interests of the Company for Ghostlab to be directly contributing to the service offerings provided by Bitcoin Well. On January 1, 2020, Bitcoin Well spun-out its proprietary software development arm to Ghostlab and Ghostlab rebuilt the existing software as well as developed Ghostlabs' proprietary ATM software that enables bitcoin to be more accessible and usable to the average person, but most importantly, makes it easier for operators to manage their businesses. Adam O’Brien and Dave Bradley (prior to his involvement with Bitcoin Well) co-founded Ghostlab in 2019. Ghostlab enables, or intends to enable, its customers to offer additional functionality within existing businesses, hardware, and platforms, and provides software which allows the operator’s users to access bitcoin. “When acquired, the Ghostlab division of Bitcoin Well will expand the future potential SaaS revenue stream for Bitcoin Well, including from ATM software, merchant services and additional crypto asset digital services.”īuilt by bitcoin entrepreneurs, for bitcoin entrepreneurs, Ghostlab works behind the scenes, building software solutions for innovative financial service providers and has been the trusted software provider to Bitcoin Well. “Bitcoin Well’s potential acquisition of Ghostlab will bring technology that makes bitcoin more accessible and user friendly for the general public,” said Julian Klymochko, Chairman of Bitcoin Well. (“Ghostlab”), a software company that designs and develops software to improve the functionality and accessibility of modern financial technology and services, including Bitcoin ATM machines. (TSXV: BTCW) (“Bitcoin Well” or the “Company”), a company offering convenient, secure and reliable ways to buy, sell and use bitcoin through a trusted Bitcoin ATM network and suite of web-based transaction services, is pleased to announce that it has entered into a share purchase agreement on Augfor the acquisition of Ghostlab Inc. 11, 2021 (GLOBE NEWSWIRE) - Bitcoin Well Inc.
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