FDCTech Clarifies Recent Promotional and Trading Activities at Request of OTC Markets
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Irvine, CA, June 14, 2021 (GLOBE NEWSWIRE) -- FDCTech, Inc. ("FDC" or the "Company," OTCQB: FDCT, a fintech company with a full suite of digital financial services solutions, today announced that it became aware of certain promotional activities concerning its common stock on June 11, 2021. Issuer Services at OTC Markets Group (OTC Markets) notified the Company and supplied one (1) electronic Newsletter prepared by a third party – Cryptocurrencyalerts.com as an example of such promotion. The Company was not aware of the Newsletter before receiving the copy from the OTC Markets.
The Company recognizes that the Newsletter's distribution coincided with the press release of appointment of the Company's Chair of the Board; however, the Company has no knowledge or opinion about whether the Newsletter affected trading activity. Many other factors, including but not limited to the recently issued press release on June 7, 2021, highlighting the Company's acquisition of Genesis Financial, Inc., may have impacted trading volume. The trading volume on June 7, 2021, was over 2 million.
The Newsletter has company-related information, mainly from the Company's website and press releases and Securities Exchange Commission (SEC) filings. Further, the Newsletter discusses the positive price potential of the common stock, with the main focus on the possible breakthrough of Bitcoin, low float, and market volatility. However, specific claims in the Newsletter concerning the Company's stock and its upside are highly speculative and should be carefully evaluated based on the Company's latest filings with the SEC.
Based on the internal inquiry, neither the Company nor its management, directors, control persons, and any service providers, were involved, directly or indirectly, with the creation, distribution, or payment of the Newsletter, nor did they have notice of or editorial control over the content of the Newsletter.
Starting in June 2020, the Company used Amherst Baer Consultancy Corp. to provide consulting services related to corporate video and corporate branding on the Company's behalf. From October 2020 to March 2021, Evamedia Corp. provided a digital marketing strategy to promote its trading platform and other services. In May 2021, the Company engaged TraDigital Marketing Group, a strategic advisory, and digital marketing firm. In June 2021, the Company issued stock compensation to Garden State Securities, Inc., a FINRA regulated broker-dealer, in connection with advisory services related to the acquisition of Genesis Financial, Inc.
To the best of the Company's knowledge, no other officers, directors, controlling shareholders, or existing third-party service providers have sold or purchased the Company's securities within the past 90 days.
On February 22, 2021, FRH Group, the holder of the affiliate convertible notes ("FRH Note"), had converted their debt into 12,569,080 common shares of the Company under the terms of the convertible notes. FRH Note had the face value in the principal $1,000,000 issued between Date February 22, 2016, and April 24, 2017, totaling $1,256,908 at a coupon of 6%. FRH Group provided the seed capital to the Company beginning February 2016.
FDCTech, Inc. ("FDC"), formerly known as Forex Development Corporation, is a US-based, fully integrated financial technology company. FDC develops and delivers a full suite of technology infrastructure solutions to FX, Crypto, Wealth Management, and other future-proof financial sectors.
About Genesis Financial, Inc., a subsidiary of the Company
Genesis is a fintech-powered wealth management company offering financial services through two Australian-regulated entities in wealth management, credit license, and tax and accounting advisory services.
Press Release Disclaimer
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.
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