Sunstock Inc. Announces Expanded Revenue Strategy, Will Accept Bitcoin for Payment
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SACRAMENTO, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Sunstock Inc. (OTC: SSOK), involved in the buying, selling and distribution of precious metals, today announces that its retail store in California will begin accepting bitcoin payments in the second half of 2021.
Mom’s Silver Shop, the Company’s retail location in Sacramento, Calif., buys and sells gold, silver and rare coins to investors and customers. Accepting bitcoin as payment will create another revenue stream for Sunstock as it accommodates for strong demand in precious metals and mainstream use of cryptocurrency.
“Our corporate strategy has always been to monitor the global economy and take advantage of growth points. We anticipate gold and silver will continue to increase in value in 2021, and as bitcoin continues to gain popularity among consumers and businesses, our plan is to capture the synergy of the markets,” stated Sunstock CEO Jason Chang. “Our goal is to accept at least two bitcoins per day, or 730 per year, which would increase our revenue to approximately $35 million annually.”
Sunstock continues to build its inventory of gold, silver and rare coins, giving shareholders the opportunity to invest in the precious metals sector while avoiding the risks associated with actual mining operations. Broader expansion plans include growing revenues by selling wholesale to other retailers.
About Sunstock Inc.:
Sunstock Inc. (OTC: SSOK) is involved in the distribution of precious metals, primarily gold. The Company pursues a “ground to coin” strategy, whereby it uses its wholesale and retail channels to sell these precious metals primarily through its own branded coins. For more information, visit the Company’s website at www.SunstockInc.com
In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to differ materially from any forward-looking statement.
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