Global Future City Holding Inc. Announces Strategic Partner Great Coin, Inc.’s Withdrawal of Offering Statement and Intent to Launch Digital Currency Exchange
IRVINE, Calif., Feb. 11, 2016 (GLOBE NEWSWIRE) -- Global Future City Holding Inc. (OTCQB:FTCY) (the “Company”) confirmed today that its strategic partner, Great Coin, Inc., has withdrawn its Offering Statement under new Regulation A+ based on recent comments by the Securities and Exchange Commission (the “SEC”) on its Offering Statement and, more specifically, the issue of whether GX-Coin is a digital security or digital currency.
As a result, Great Coin has reassessed its position that GX-Coin is a digital security and now intends to launch a digital currency trading platform trading GX-Coins in California in the near future. Moving forward Great Coin, Inc. will treat the GX-Coins as crypto-currency and not as a security.
The State of California, and, more specifically, the California Department of Business Oversight, does not currently regulate virtual or digital currency transactions or the businesses that arrange such transactions. Accordingly, Great Coin, which has spent months developing a proprietary online trading platform with the assistance of 3Pillar Global, Inc., a leading developer of innovative, revenue-generating software products, is in a position to launch this platform in California, subject to registration with the Financial Crimes Enforcement Network (“FinCEN”), and intends to expand into additional states as it does its regulatory diligence. Great Coin intends to operate in compliance with all state and federal laws as existing digital currency businesses currently operate.
The Company has spent the last year working on solutions to present to regulators to reduce the uncertainty and risk associated with incorporating a crypto-asset or digital currency into its business plan. On February 10, 2015, the Company filed a Request for No-Action Relief with the SEC regarding a crypto-asset, E-Gold (“EGD”) which the Company previously held and which holds similar characteristics to GX-Coin. The SEC declined to provide a substantive response to the Company’s Request for No-Action Relief which ultimately led the Company to withdraw the Request for No-Action Relief on October 8, 2015 and to transfer away the EGD crypto-asset.
About Global Future City Holding Inc.
Global Future City Holding Inc. is a holding company focused on implementing an EB-5 immigrant investor program for foreign investors who are interested in acquiring lawful permanent residence in the United States, and the marketing and deployment of its direct-selling loyalty-based retail program. The Company plans to focus its initial efforts on acquiring qualified investment projects that are aligned with its EB-5 Regional Center and launching the digital currency-based direct-selling program. Additional information on the Company may be viewed at http://www.gf.city.
About GX-Life Global, Inc.
GX-Life Global is in the process of developing a robust, scalable platform to support direct-selling opportunities throughout the world. GX Life is supported by “GX-Coins” which are a digital currency that functions as a store of value and a medium of exchange. GX-Life Global plans to deploy the GX-Coins it acquires from Great Coin by distributing them to members of their direct-selling program community as loyalty points for the members’ participation in the direct-selling program. Members of GX-Life Global will be able to redeem their status points, reward points, and status reward points for GX-Coin at 100% of their points’ dollar value. Each member of the direct-selling program will be issued a GX-Life Global-branded debit card and a separate wallet that holds GX-Coins. Additionally, users of GX-Coin will be able to use their GX-Coins to purchase products offered by GX-Life Global.
About Great Coin, Inc.
Great Coin, Inc., a Nevada corporation, is a technology company in the process of developing “Great Coin” or “GX-Coin” which is a digital currency that functions as a store of value and a medium of exchange. Great Coin intends for the GX-Coins to be freely transferable on an online trading platform, and the price of a GX-Coin once on the trading platform will be determined by market forces through trading activity. As a digital currency, GX-Coin’s ownership and transfer are recorded on an encrypted, secured distributed ledger system using technology similar to the distributed ledger technology used for trading digital currencies.
Information about Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: the Company pursuing digital currency, which could have fluctuations in demand and pricing, the introduction and impact of new competitive products or digital currency, the Company's ability to acquire and maintain customer strategic business relationships in the direct-selling space, growth in targeted markets, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting the Company, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Global Future City Holding Inc. Michael R. Dunn CFO/COO Office: (949) 769-3550 Email: email@example.com