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Modern Finance Chain ("MFC" or the "Company") has decided to file for relief under the Bankruptcy Code for the St. Kitts and Nevis Insolvency act.On April 20, 2019, MFC determined that due to the lack of adoption of cryptocurrencies by retail merchants, continued turmoil of the market, and without confirmation of future funding, the Company would not have enough funds to meet all of their future financial obligations. Despite recent upticks in cryptocurrency markets, the prolonged flat market has been devastating to this "crypto project" and others. Retail cryptocurrency adoption has been stagnant and even retractive in many markets. Therefore, the Company had no alternative but to consider filing for bankruptcy and insolvency protection. As a result, MFC's Board of Directors issued a unanimous consent authorizing Modern Finance Chain to file for protection under the St. Kitts and Nevis Bankruptcy and insolvency code and assumed operational control of the Company.
Following the resignations of all existing executive team members, the MFC Board of Directors will oversee all bankruptcy and insolvency proceedings and day-to-day operations. Modern Finance Chain is assessing the current development roadmap and reassessing its core business model.
Forward-Looking Statements
This press release contains or may contain forward-looking statements, including statements relating to Modern Finance Chain's strategic initiatives. Forward-looking statements typically are identified by the use of terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," or "anticipate" or similar expressions, although some forward-looking statements are expressed differently. These forward-looking statements are subject to significant risks, uncertainties, contingencies and other factors that may change at any time, and, therefore, Modern Finance Chains's actual results may differ materially from those expressed in any forward-looking statement. Factors that could cause such differences include, but are not limited to: risks related to cryptocurrency businesses generally; deterioration of general economic conditions; the ability to attract and retain qualified management; the dependence upon relationships with vendors; operational disruptions; unsuccessful marketing initiatives; and changes in, or the failure to successfully implement, key strategies. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. Modern Finance Chain undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, and such forward-looking statements speak only as of the date of this press release.
Contact Info:
Name: PRWhirlWind
Email: Send Email
Organization: PRWhirlWind
Website: https://mfchain.com/
Release ID: 512655
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