VANCOUVER, British Columbia, Jan. 18, 2018 (GLOBE NEWSWIRE) — Glance Technologies Inc. (CSE:GET) / (OTCQB:GLNNF) / (FKT:GJT) announces that the 4 major technology licenses it has signed include the rights to offer Glance Coin as a set of smart contracts allowing businesses to offer rewards to consumers.
The 4 previously signed licenses include Cannapay Financial, for use in the Cannabis industry, Cannabis Big Data Holdings Inc., for use in Cannabis retailers, Active Pay Distribution Inc., for the fitness and health industry and Euro Asia Pay Holdings Inc., for students and tourists in North America. Also, Glance now has offices in New York and California and is actively meeting with US merchants in anticipation of a US launch.
Glance tech had recently developed the brand Glance Coin to appeal to a more upscale, crypto audience. The new brand can be seen on Glance’s corporate website Glance.tech.
“Glance Coin will be a key aspect of Glance’s strategy moving forward. We have an enormous opportunity to enter the market as THE cryptocurrency for consumers, with consumer features and usability at the core of its design,” says Penny Green, Glance President & COO. “While some cryptocurrencies have been developed with clear purposes, it is typically with back office applications in mind, such as smart contracts (Ethereum) and remittance (Ripple). These applications don’t require much pizzaz to deliver value, whereas a great consumer-first experience must be more thoughtfully developed.”
Cryptocurrencies are currently held by a minority of the population. According to Bloomberg, 40% of Bitcoin is held by only about 1,000 users. Many people do not yet even know how to acquire cryptocurrency, or have fears about its use. In order to achieve mass adoption by consumers, cryptocurrency must be humanized and easy-to-use.
Consumers that use the Glance Pay mobile payment app are planning to have the opportunity to earn Glance Coin when they spend and interact on the Glance Pay mobile payment network, whether they have paid with Glance Coin or not.
“Our team predicts that this is likely to be the first cryptocurrency that many people may hold or use. We have put a tremendous amount of effort into defining how the Glance Coin can enhance and be a key part of the lives of consumers,” says Desmond Griffin, Glance CEO. “We believe that this cryptocurrency will have the same appeal and stickiness-factor to it that Apple brought to personal computers. The value of the Glance network for users increases the more that it is used, much in the same way that the Apple ecosystem delivers increased value the more that a user engages with it.”
Glance Coin is positioned to serve as a “gateway” and brings users into “the world of Glance. Just as Apple products became the hub for media such as video and music, Glance Coin is planned to serve as a virtual hub for top-tier goods and services globally,” says Penny Green, President.
Glance is also pleased to announce that the underwriters have exercised 441,000 over-allotment warrants granted under the December 21, 2017 bought deal offering of 3,684,000 Units at a price of $3.00 per Unit for gross proceeds to the Company of $11,052,000. Each Warrant is exercisable at a price of $3.84 per Subsequent Unit, for a period of 12 months following the closing date of the Offering. Each Subsequent Unit consists of one common share (“Subsequent Unit Share”) and one common share purchase warrant (“Share Warrant”) exercisable at $5.00 per common share (“Common Share”), for a period of 24 months following the closing date of the Offering. Both the Unit Warrants and the Share Warrants will be transferable. The Company received gross proceeds of $44,100 from the issuance of the over-allotment warrants.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, geo targeted digital coupons, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance Pay has entered into significant licensing agreements to access the cannabis, fitness and wellness, foreign student and tourist markets through Cannapay Financial Inc., Active Pay Distribution Inc. and Euro Asia Pay Holdings Inc. Glance Pay is building a network of international advisors and developing a cryptocurrency which will offer reward elements for use on its platform.
For more information about Glance, please go to www.glance.tech or contact:
Vice President, Investor Relations
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively “forward- looking information”) within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: “will” “may” “believe”, “expect”, “anticipate”, “intend”, “estimate”, “potentially” and similar expressions, or are those, which, by their nature, refer to future events. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking complete discussion of such risk factors and their potential effects which may be accessed through the Glance’s profile on SEDAR at www.sedar.com. in particular, Glance may not be successful in building its planned cryptocurrency or there may not be sufficient support for the cryptocurrency to make it a success.