Streetwear Announces Receipt of Conditional Approval

Toronto, Ontario (FSCwire) - The Streetwear Corporation (“Streetwear” or the “Corporation”) is pleased to announce that it has received the conditional approval (“Conditional Approval”) by the Canadian Securities Exchange (“Exchange”) for its common shares to be traded on the Exchange subject to the closing of the concurrent financing.

The Exchange has approved a one for three common shares consolidation in the capital stock of the Corporation (“Consolidation”) to take place prior to the issuance of 83,287,265 post-consolidated common shares to MobileUp GmbH (“MobileUp”) in consideration for 100% of the issued and outstanding common shares of MezzaCap GmbH (“MezzaCap”), a privately owned payment service provider (“Transaction”). Mr. Alfred Dobias, the sole owner of MobileUp has agreed to serve on the Corporation’s Board of Directors. MobileUp will own approximately 70% of the issued and outstanding shares of Streetwear, including common shares to be issued for the financing (approximately 65% on a fully diluted basis).

Streetwear is also pleased to announce that shareholders voted at the annual and special meeting, which took place on June 26, 2015, in favor of the appointment of Wasserman Ramsay, Chartered Accountants, as auditors for the Corporation, the approval of the Corporation’s rolling stock option plan, the approval of the numbers of elected directors to be at five and the election of the nominated directors, the Consolidation as well as the Transaction as described above as well as the change of the Corporation’s name into BitRush Corp (“BitRush”). Mr. Warren Hawkins, one of the independent directors, was appointed Corporate Secretary of the Corporation.

The core business of Streetwear/BitRush is cryptocurrency payment processing applying a proprietary technology called BitCore enabling consumer-to-consumer (C2C) payments, real-time micropayments and real-time clearing services. Deploying cryptocurrency, the Blockchain in combination with the idea of “tokenization” of money makes payments faster, cheaper and more secure. The global payment market is a USD 1.4 trillion industry, the consumer-to-consumer (C2C) payments alone represent an estimated $30 billion in fee revenue, mainly driven by international money remittance.

The Bitcore technology is designed to use the powerful bitcoin protocol and the blockchain as global clearing system, replacing inefficient money systems like ACH or SWIFT. Bitcoin and Blockchain technologies already proofed to be extremely efficient, secure, user friendly and inexpensive. The Corporation is currently investigating the patentability of BitCore and identifying strategic partners with a payment processing network warranting a worldwide application of BitCore.

Under the trade name “JokerTimes” the Corporation operates an online bitcoin lottery, entertainment and betting site, operated as a joint venture with industry partners. JokerTimes combines the BitCore technology and concept with the industry  know-how of strategic partners into a convincing cryptocurrency gaming offer for visitors characterized with an extraordinary growth potential.

Another business segment is called CoinAdvert which is a market place for advertising space on websites. This service has been online since March 2015 hosting already more than 500 corporate websites. Every day, Coin Adverts advertisements receive up to 1 million page views and up to 15,000 clicks.

A very popular cult site within the bitcoin scene is “PinkTussy”, a bitcoin based quiz and infotainment website with about 15,000 unique users per day and an Alexa ranking of less than 80,000. The basic offerings are free and funded by advertising revenues with more advanced applications to be offered against payment (“freemium” approach).

The company regards itself as cryptobusiness pioneer exploring different business models and technologies. With more than 800,000 Unique Users visiting its cryptocurrency related websites in the first 6 months 2015, using the company’s services, the company has a remarkable market share in the global cryptocurrency market. Juniper Research estimated the numbers of global active cryptocurrency users to be somewhere well below 2 million in 2015, i.e. 40% of the global cryptocurrency users are customers of the company. This customer base is the basis for new services like consumer-to-consumer (C2C) payment services or big data analytics services for third parties.

Generally, the Corporation’s assets include 32 domains and 17 websites with a projected revenue stream of about $12 million annually which the corporations intends to achieve within three years.

The Chief Technical Officer of the Corporation, Joachim Kalcher, commented: “With our affinity to cryptocurrencies as well as our proprietary BitCore technology in combination with our know-how about the traditional payment systems we are well positioned to become a significant factor in the payment industry. We consider ourselves as a leading payment providing services company of the future.”

FORWARD LOOKING INFORMATION

This press release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained or referred to in this press release includes, but may not be limited to the proposed financing and the intended use of proceeds in connection therewith, Streetwear’s change of focus and plans following the completion of the Transaction and its intended name change.

Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the inability to complete the financing , the inability to identify appropriate companies to acquire or to enter into joint ventures with strategic partners.

The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of Streetwear based on information currently available to Streetwear. In connection with the forward-looking information contained in this press release, Streetwear has made assumptions about: Streetwear’s business, MezzaCap’s business, the economy and the cryptocurrency industry in general and Streetwear’s ability to complete the intended financing. Although Streetwear believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Streetwear disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/StreetwearJuly202015.pdf

Source: The Streetwear Corp. (CSE:ARP)

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