FDCTech, Inc. ("FDC" or the "Company," OTCQB: FDCT), a fintech company with a full suite of FX technology and business solutions, today announced that that it became aware of certain promotional activities concerning its common stock on January 4, 2020, through a notification from Issuer Services at OTC Markets Group (OTC Markets), including one (1) electronic Newsletter prepared by a third party – Penny Pick Finders. 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 higher than average trading volume in the Company's common stock; however, the Company has no knowledge or opinion about whether the Newsletter affected trading activity. Many other factors, including but not limited to recently issued press releases highlighting the Company's licensing agreements with a couple of European regulated brokers, may have impacted trading volume.
The Newsletter discusses the price volatility of crypto, with the main focus on Bitcoin. The Newsletter has company-related information, which is mainly from the Company's website and its Securities Exchange Commission (SEC) filings. However, specific claims in the Newsletter concerning the Company 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.
On December 04, 2020, Mitchell Eaglstein, CEO of the Company, sold 11,895 shares of the Company at $0.35 per share as disclosed in Form 4. 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.
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. In October 2020, the Company engaged Evamedia Corp. to provide the digital marketing strategy to promote its trading platform and other services.
Between February 22, 2016, and April 24, 2017, the Company borrowed $1,000,000 from FRH Group ("FRH"), a founder and principal shareholder of the Company. The Notes are convertible into common stock initially at $0.10 per share but maybe discounted under certain circumstances, but in no event will the conversion price be less than $0.05 per share. The Notes carry an interest rate of 6% per annum, which is due and payable at the maturity date. FRH has not converted the note in its entirety or any portion of it into shares of the Company at this press release date.
FDCTech, Inc. ("FDC") formerly known as Forex Development Corporation is a US-based, fully integrated financial technology company. FDC delivers trading technology solutions to forex market participants looking to access the retail and institutional spot forex markets.