{"id":413762,"date":"2021-01-13T06:03:30","date_gmt":"2021-01-13T11:03:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=413762"},"modified":"2021-01-13T06:03:30","modified_gmt":"2021-01-13T11:03:30","slug":"obitx-inc-engages-law-firm-to-establish-corporate-sponsored-spac-special-purpose-acquisition-company-everything-blockchain","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/obitx-inc-engages-law-firm-to-establish-corporate-sponsored-spac-special-purpose-acquisition-company-everything-blockchain\/","title":{"rendered":"OBITX, INC. ENGAGES LAW FIRM  TO ESTABLISH  CORPORATE-SPONSORED SPAC (SPECIAL PURPOSE ACQUISITION COMPANY), EVERYTHING BLOCKCHAIN"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">Fleming Island, Florida, Jan.  13, 2021  (GLOBE NEWSWIRE) &#8212; OBITX, Inc., (OTC MARKET: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today it has engaged legal consultants in the establishment of a corporate sponsored Special Purpose Acquisition Company (SPAC), Everything Blockchain, a Cayman Island company to acquire emerging companies in blockchain technologies. <\/p>\n<p align=\"justify\">The blockchain market was valued at $200 billion in 2017 and is expected to register a CAGR of 46.3% from 2020 to 2025. DAVOS, a World Economic Forum survey suggested that 10% of global GDP will be stored on the blockchain by 2027.\u00a0 On January 7, 2021 the blockchain\u2019s cryptocurrency market exceeded $1 trillion dollars.\u00a0 Cryptocurrencies are now the world\u2019s fifth most circulated currency by value.\u00a0 Multiple governments have published reports on the potential implications of blockchain, and the past two years alone have seen more than half a million publications on and 3.7 million Google search results for blockchain. <\/p>\n<p align=\"justify\">Michael Hawkins, OBITX CEO stated, \u201ceven with all this news, blockchain is still an immature technology, with a market that is still trying to find its way.\u00a0 Companies are expending large amounts of capital, for example, IBM has more than $200 million invested in the blockchain-powered Internet of Things (IoT).\u00a0 Our vision and goal at OBITX is to find businesses that have garnered success in the blockchain, with similar and sound management and developments, merging them into a leading, trend setting, policy making entity recognized worldwide.\u201d<\/p>\n<p align=\"justify\">Mr. Hawkins went on to say, \u201cIt is my goal as CEO to increase shareholder value and develop a sustainable, long lasting, and industry leading organization. SPAC\u2019s are companies formed to raise capital in an initial public offering (\u201cIPO\u201d) with the purpose of using the proceeds to acquire one or more unspecified businesses or assets.\u00a0 Sponsoring a Special Purpose Acquisition Company is the next logical step in achieving that goal.\u201d <\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong><br \/>\n        <br \/>This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent the Company\u2019s current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the opinions of the Company\u2019s management only as of the date of this release. Please keep in mind that the Company is not obligating itself to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as: potential, expect, look forward, believe, dedicated, building, or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by the Company herein are often discussed in filings the Company makes with the United States Securities and Exchange Commission (SEC) available at\u00a0<strong>www.sec.gov<\/strong>\u00a0and on the Company\u2019s website at\u00a0<strong>https:\/\/www.obitx.com<\/strong>.<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyNDkyOSMzOTE2NjAxIzIyMDE2NTI=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/d8f60455-5e2a-47da-a1b3-f257ac960f7e\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>Michael Hawkins\r\nCEO\r\ninfo@obitx.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Fleming Island, Florida, Jan. 13, 2021 (GLOBE NEWSWIRE) &#8212; OBITX, Inc., (OTC MARKET: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today it has engaged legal consultants in the establishment of a corporate sponsored Special Purpose Acquisition Company (SPAC), Everything Blockchain, a Cayman Island company to acquire emerging companies in blockchain technologies. The blockchain market was valued at $200 billion in 2017 and is expected to register a CAGR of 46.3% from 2020 to 2025. DAVOS, a World Economic Forum survey suggested that 10% of global GDP will be stored on the blockchain by 2027.\u00a0 On January 7, 2021 the blockchain\u2019s cryptocurrency market exceeded $1 trillion dollars.\u00a0 Cryptocurrencies are now the world\u2019s &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/obitx-inc-engages-law-firm-to-establish-corporate-sponsored-spac-special-purpose-acquisition-company-everything-blockchain\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;OBITX, INC. ENGAGES LAW FIRM  TO ESTABLISH  CORPORATE-SPONSORED SPAC (SPECIAL PURPOSE ACQUISITION COMPANY), EVERYTHING BLOCKCHAIN&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-413762","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OBITX, INC. ENGAGES LAW FIRM TO ESTABLISH CORPORATE-SPONSORED SPAC (SPECIAL PURPOSE ACQUISITION COMPANY), EVERYTHING BLOCKCHAIN - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/obitx-inc-engages-law-firm-to-establish-corporate-sponsored-spac-special-purpose-acquisition-company-everything-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OBITX, INC. ENGAGES LAW FIRM TO ESTABLISH CORPORATE-SPONSORED SPAC (SPECIAL PURPOSE ACQUISITION COMPANY), EVERYTHING BLOCKCHAIN - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Fleming Island, Florida, Jan. 13, 2021 (GLOBE NEWSWIRE) &#8212; OBITX, Inc., (OTC MARKET: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today it has engaged legal consultants in the establishment of a corporate sponsored Special Purpose Acquisition Company (SPAC), Everything Blockchain, a Cayman Island company to acquire emerging companies in blockchain technologies. The blockchain market was valued at $200 billion in 2017 and is expected to register a CAGR of 46.3% from 2020 to 2025. DAVOS, a World Economic Forum survey suggested that 10% of global GDP will be stored on the blockchain by 2027.\u00a0 On January 7, 2021 the blockchain\u2019s cryptocurrency market exceeded $1 trillion dollars.\u00a0 Cryptocurrencies are now the world\u2019s &hellip; Continue reading &quot;OBITX, INC. 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