Virtual Crypto completes milestone in agreement with Chiron

In January 2018, Virtual Crypto Technologies signed a binding term sheet with Chiron granting its subsidiary, Chiron, exclusive rights as a distributor of the Company's cryptocurrency products in the territories of North Cyprus and Turkey. Under the terms of the agreement, Chiron will pay the Company a total of $250,000, $150,000 of which was made on account of future purchases.

Chiron has also agreed to pay a revenue share by which the Company will receive a fee of 30% of the net revenues received. There is no minimum purchase quota in the first year of the agreement, however Chiron has agreed to purchase at least $30,000 during the second year, and $50,000 during the third year of the agreement. Chiron also acquired the option to expand the distribution business to Nigeria within 12 months of the agreement. If exercised, Chiron will pay the Company an additional fee not higher than $250,000.

Chiron Refineries, is an Israeli company whose shares are listed for trade on the TASE, and its management is located in Turkey/North Cyprus which is engaged in the business of relocation of oil refineries. The company recently elected to further diversify its operation to include the "cryptocurrency accessibility" sector and entered the agreement with Virtual Crypto.

According to Chiron, the company intends to market the Company's technology to casino cashiers, ATM operators, Currency Exchange offices and Coffee Shops, among other businesses who wish to offer their customers the ability to buy, sell and trade cryptocurrencies and provide immediate settlement of the currencies.

Alon Dayan, CEO of Virtual Crypto Technologies commented on the announcement, "We are excited to be working with the Chiron team as they seek to achieve their objectives in the cryptocurrency sector. I believe they have a significant opportunity to establish a leadership position in both Turkey and North Cyprus, and our technology will facilitate their ability to provide consumers with a secure, fast and cost-effective way to participate in the cryptocurrency market."

Rony Kuperberg CEO of Chiron refineries commented "I am very impressed with Virtual Crypto Technologies' ability to achieve such an important milestone within the time frame of our MOU. I believe that after we will make the proper adjustments to our customers' needs the Virtual Crypto technologies NetoBit line of products will set a new standard in the Crypto Currency industry".