Wellfield Updates on Bitcoin Halving and Provides Corporate Update

April 23, 2024 4:00 PM EDT | Source: Wellfield Technologies Inc.

Toronto, Ontario--(Newsfile Corp. - April 23, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) is pleased to comment on the recent Bitcoin halving, a significant event that reduces the reward for mining Bitcoin transactions and theoretically increases the cryptocurrency's scarcity and value. Occurring approximately every four years, this halving is the first since the launch of US-based spot Bitcoin ETF products earlier this year, signaling broader adoption and recognition of Bitcoin as a legitimate and institutional-grade asset class.

As Bitcoin's global recognition grows, supply rates continue to decrease through halving events, and new investment products increase adoption, Wellfield anticipates significant advancements in decentralized finance (DeFi) in the Bitcoin ecosystem. The Company is positioning for growth in its Bitcoin business lines at Coinmama and through its innovative Bitcoin-based DeFi technology, further reinforced by recent patent application developments.

"With the launch and historic adoption of spot Bitcoin ETFs earlier this year, the latest halving reminds us of Bitcoin's consistency and persistence as the foundational global blockchain asset," said Levy Cohen, CEO of Wellfield. "Following the development of our patent applications, which are well positioned to capture the opportunities in Bitcoin DeFi, these recent milestones further bolster our confidence in Bitcoin's capability to continue anchoring the growth of our retail business line, Coinmama, and its new product launches."

Corporate Update

The Company has entered into agreements to satisfy outstanding indebtedness owed to arm's length creditors through the issuance of common shares of the Company (the "Debt Settlement"). In connection with the Debt Settlement, the Company plans to settle indebtedness of $81,898.97 (the "Debt") through the issuance of 1,364,983 common shares in the capital of the Company (the "Common Shares") at a deemed price of $0.06 per Common Share (the "Settlement Shares"). The Settlement Shares issued pursuant to the Debt Settlement shall be subject to the statutory hold period of four months and one day. The Debt Settlement remains subject to the final approval of the TSXV.

About Wellfield Technologies

Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions that leverage blockchain technology for consumers and institutions. Our retail platform Coinmama provides seamless access to the cryptocurrency market for over 3.8 million registered users across 180 countries, including friendly self-custody solutions and disruptive DeFi services. Wellfield operates Tradewind Markets as a real-world-asset tokenization platform with our flagship VaultChain™ Gold and VaultChain™ Silver, backed by physical metal custodied with the Royal Canadian Mint. Expanding our offerings for institutional clients, we acquired Brane Trust and are working towards regulatory approval to operate as Canada's second qualified digital asset custodian.

Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.

For further information contact:

Wellfield Technologies Inc.
Levy Cohen, CEO
(832) 483-2575

Ryan Graybill, Investor Relations

Cautionary Notice on Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Debt Settlement, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements in this news release include statements regarding: anticipated benefits from developments on the Bitcoin blockchain; future product launches; the Company's ability to monetize its technology and acquisitions; the anticipated strategic, operational and competitive benefits of recent business developments, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: the ability of the Company to raise additional capital to fund future operations; compliance with extensive government regulations, domestic and foreign laws and regulations adversely affecting the Company and the decentralized finance industry generally, in Canada and abroad; and general business, economic, competitive, political and social uncertainties. Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the disclosure documents accessible on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

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