Bitcoin Well Announces Closing Of Strategic Ghostlab Inc. Acquisition, Expanding Software Development And Deployment Capabilities

Bitcoin Well Inc. (TSXV: BTCW) (“Bitcoin Well” or the “Company”), is pleased to confirm that it has closed the previously announced acquisition of Ghostlab Inc. (“Ghostlab”) (the “Acquisition”), a software company that designs and develops software to improve the functionality and accessibility of modern financial technology and services, including Bitcoin ATM machines. Total consideration for the Acquisition was based on an enterprise value of up to $3.2 million, satisfied through the issuance of 2,758,621 common shares of Ghostlab at a price of $0.29 per common share, the closing price on the 11th trading day of the issuer, the assumption of debt of $1.8 million and the provision of an earn-out, all as more particularly described in the Company’s August 11, 2021 press release. The common shares are subject to a statutory four month hold period.