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New Listing: POSaBIT Systems Corporation (CSE:PBIT)

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POSaBIT, a financial technology software company, has designed an innovative blockchain-enabled payment processing and point-of-sale system, which is uniquely suited for cash-only merchants such as the Cannabis industry.

Additional Information:

Company: POSaBIT Systems Corporation
Website: http://www.POSaBIT.com
Stock Symbol: CSE: PBIT
Date Published: Apr 8, 2019
Transcript: Available

Video Transcript:

I’m Nadika Vizzy for Investmentpitch Media

POSaBIT Systems Corporation is one of the latest new listings on the Canadian Securities Exchange, trading under the symbol “PBIT”, following a reverse takeover of Foreshore Exploration Partners, which previously traded on the TSX Venture Exchange.

POSaBIT, a financial technology software company, has designed an innovative blockchain-enabled payment processing and point-of-sale system, which is uniquely suited for cash-only merchants such as the Cannabis industry.

This entirely new console offers an array of key features, including loyalty programs, in-store digital menus, online ordering, in-store pickup, inventory management, state seed-to-sale compliance, and customizable discounts.

Management believes they are the first company to offer a fully integrated Point of Sale experience to the cannabis industry.

The company has also completed all the necessary state requirements to support the Leaf system, a seed-sale track and trace software system used by regulators in the State of Washington.

Ryan Hamlin, co-founder and CEO, stated: “This is a significant achievement for POSaBIT and we are proud to make this important transition from the private to the public markets. The past year has been an exciting one for the company, marked by a series of milestones. We continued to expand geographically in the California, Colorado and Washington markets, successfully completed the acquisition of DoubleBeam, and rolled-out a fully-integrated POS and payments platform that fulfills an unmet need in the cannabis industry. Our service is now in use at over 120 cannabis merchants across various US states. We are pleased with our traction in the market, as demonstrated by our strong year-to-date growth, and are very encouraged by the continued momentum we saw as we closed out 2018.”

In addition to accepting debit card payments, POSaBIT also sells litecoin and bitcoin to consumers who can elect to spend that cryptocurrency in the cannabis store or hold to spend at other locations that accepts cryptocurrency as a form of payment, such as Expedia and Overstock.com.

For the nine months ended Sept. 30, 2018, the company generated US$1.39 million in revenue, a 266% increase over the prior year comparable period.

Ryan Hamlin added: “We believe our all-in-one payment and POS solution provides a unique and compelling offering that enables cash-only businesses, like those typical to the cannabis industry, to provide their consumers with an alternative to cash, while still satisfying retail customer experience expectations. We believe the cannabis industry represents a large and growing opportunity for our offerings. With the successful completion of our listing on the CSE, we are pleased to have the additional capital needed to accelerate our growth in this rapidly expanding market. Our solution fills an unmet need, enables merchants to remain compliant in a highly regulated industry, and drives sales. We think this is a winning combination that will fuel our growth in 2019.”

The shares are trading at $0.57

For more information, please visit the company’s website www.POSaBIT.com, contact Ryan Hamlin, Co-founder and CEO, at 415-217-7722 or email investors@POSaBIT.com.

Investor Relations is handled by Chelsea Lish of The Blueshirt Group, who can be reached at 415-217-7722 or by email at investors@POSaBIT.com.

I’m Nadika Vizzy for Investmentpitch Media