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Obitx, Inc., Announces 3rd Quarter Economical Results

Fleming Island, Florida, Dec. 15, 2020 (Globe NEWSWIRE) — OBITX, Inc. (OTCMKTS: OBTX) is delighted to announce the benefits of its 3rd quarter ending October 31, 2020.  The Business expects to identify in excess of $60K in earnings during its 3rd quarter beneath GAAP accounting.  The Company regarded $702K in altered earnings for the 3rd quarter with an modified revenue of $184K. When the $60K in revenue recorded beneath GAAP is the total income recorded for the nine months finished October 31, 2020, the adjusted profits for the nine-thirty day period interval was $2.6M with an adjusted internet revenue of $2M.  The major variance between GAAP accounting and the altered revenue and financial gain stems from the Company’s efficiency with payment for companies in cryptocurrencies and the sale of beforehand impaired intangible property.  While the Enterprise complies with the SEC necessity for GAAP accounting, the Enterprise thinks its disclosure of its modified profits and earnings reflects latest current market sentiment to blockchain and cryptocurrency accounting.    

OBITX expects to file its Kind 10Q in just the up coming two months as it transitions to a new audit firm more in line with its worldwide development and blockchain small business product.  The Organization engaged Weinstein Worldwide, LTD as its audit business on December 5, 2020.  The Enterprise expects the new audit business to finalize its evaluate of the third quarter shortly.

Michael Hawkins, the Company’s CEO/CFO mentioned, “We appear ahead to the day when plan variations underneath GAAP become more in-line with industry developments and disorders.  I am assured the blockchain and cryptocurrencies will have a purpose in the foreseeable future development of environment economics.  We intend to be a element of that economic development.  As I have mentioned just before, we are in the greatest situation the Business has ever been in.”

To discover extra about OBITX, Inc., take a look at:  http://www.obitx.com

Ahead-On the lookout Statements

This press release may possibly incorporate predictions, estimates or other details that could be deemed forward-looking in just the that means of relevant securities legal guidelines. Although these ahead-searching statements represent the Company’s latest judgments, they are issue to challenges and uncertainties that could cause precise effects to vary materially. You are cautioned not to position undue reliance on these ahead-seeking statements, which mirror the viewpoints of the Company’s management only as of the date of this launch. You should retain in head that the Enterprise is not obligating by itself to revise or publicly release the final results of any revision to these ahead-looking statements in light of new data or foreseeable future functions. When utilized herein, phrases this sort of as: prospective, expect, look forward, feel, committed, developing, or variants of this kind of phrases and related expressions are intended to detect forward-on the lookout statements. Elements that could lead to real success to differ materially from individuals contemplated in any forward-wanting statements built by the Firm herein are typically mentioned in filings the Enterprise makes with the United States Securities and Exchange Commission (SEC) readily available at www.sec.gov and on the Company’s web site at http://www.obitx.com.

Michael Hawkins CEO/CFO [email protected]