Corporate Press Release Number 9
Date:19 June 2019
Time:For immediate release
CORPORATE PRESS RELEASE
BITRACE IS PLEASED TO UPDATE ITS INTERNATIONAL FAITHFUL COMMUNITY
London / Tunis, 19 June 2019 – BITRACE Investments Ltd (the "Company" or "BITRACE") is pleased to update its international community about the progress and the plans of the Company.
First of all, on behalf of Bitrace and KJ Holdings’ teams I would like to thank all of our Token-holders for their trust and patience, and I want to inform you that despite all the unforeseeable events that we are facing and confronting to realize the project Tunisia Racing F1 City, we are confident that construction of the Tunisia Racing F1 City will be launched this year 2019.
Today we will answer most of your questions in a way to provide visibility and a clear update where the company stands.
- Have you started building the Tunisia Racing F1 City project?
No,despite the fact of funds’ availability, we have not started the construction of the project yet because we are in process of completing the necessary studies required to finalize the Government’s licensing and permissions.
- When do you start building the Tunisia Racing F1 City project?
We will definitely start the construction of the Tunisia Racing F1 City project once we have obtained all the necessary authorizations from the Tunisian Government; these authorizations are requested by our financial partner (Financial Institution) in order to unlock the project’s funding.
- Where does the project finance come from?
KJ Holdings has successfully signed an Investment Agreement for € 500 million Euro, to be unlocked for the project, after having all the necessary authorizations and licenses.
- When will you have the Government project’s final authorization?
We are progressing on the studies requested by the Government and different organizations and we are working towards having all necessary authorizations by Q4 / 2019.
- What will be the Project’s Status if the Government does not issue the final authorization to kick-start the Project?
The project: Tunisia Racing F1 City is a project of national interest for Tunisia and its economy, thereforethe Government gives all its interest and support for the realization of this project.
In case of any objections for the issuance of the final authorization by Q4 / 2019, our Management has put a second plan in place to execute the project in another country.
- Why did the price of BRF fall?
The price of BRF dropped because of three (3) main reasons: (i) because of the free Tokens distributed as payment for the executed Bounty Program during the ICO, (ii) because of some Token’s SWAPs that were made during the ICO to enhance theproject and (iii) because of certain investors who have decided to sell their tokens due to all the project execution’s delays.
- When will BRF be listed in other Exchanges?
We have promised since the beginning that we will list Bitrace Token (BRF) on several Exchanges and we will definitely honor our commitment as soon as the construction of the project starts. We are contemplating the listing on top markets in the near future.
Currently, BRF is listed on STEX (www.stex.com) which is one of the best Exchanges with a daily volume of 20-25 Million USD, it is a market, which has been evolving rapidly and we are convinced that it will be one of the top Exchanges in the near future.
We invite you to visit our ICO Web Site: https://www.bitrace-token.com
to download and read our Whitepaper: https://www.bitrace-token.com/whitepaper
About BITRACE INVESTMENT LTD
BITRACE INVESTMENTS LTD is a British investment company based in London, UK, which is a member of KJ Holdings Corp.
The company is in process of developing the Tunisia Racing F1 City project, this project consists in building an integrated sports compound including a Formula 1 Track surrounded by top-class hotel and recreational units: (Total Assigned Beach-Front Land: 300 Hectares) in Hammamet, Tunisia.
BITRACE token is the official cryptocurrency to be used within the Formula 1 City, It will be the first City that will accept the token for the purchase of products and services of the city.
Contact:
BITRACE INVESTMENTS LTD
71-75 Shelton Street Covent Garden,
WC2H9JQ London,
United Kingdom
Email :info@bitracetoken.com