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Bitcoin Well Announces Executive Promotions and User Growth Updates

EDMONTON, Alberta, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Bitcoin Well Inc. (TSXV: BTCW) ("Bitcoin Well" or "Company") is pleased to announce executive promotions alongside a company update in advance of our Q4 and Year End 2022 financials.

The Company is excited to report the promotion of Allen Stephen, CPA, CA as an official member to the Board of Directors. Allen has been an integral part of our team over the last year and has helped us on a number of different initiatives. We are excited to have him as a prominent member of the Board of Directors to continue to help shape the strategy of our organization.

Bitcoin Well is equally pleased to announce the promotion of Luke Thibodeau, CPA, CFA as Chief Financial Officer. Luke has been a member of our organization since 2020, serving as the Director of Finance, Chief Compliance Officer, and interim Chief Financial Officer in that time.

"I'm looking forward to the transition to the Board and proud to hand over the CFO position to Luke, whom I have worked closely with over the past 12 months," stated Allen. "I'm going to continue to bring my fintech, banking and start-up experience to our strategic Board of Directors, while we continue to build in this revolutionary industry."

Luke Thibodeau has successfully led high-performing accounting and finance teams throughout his career. His financial background includes tenure at both MNP LLP, one of Canada's leading accounting and professional services firms, and PriceWaterhouseCoopers ("PwC"), an international professional services firm. Mr. Thibodeau earned his Chartered Professional Accountant ("CPA") designation from the CPA Western School of Business in 2020, and his Certified Anti-Money Laundering Specialist ("CAMS") designation from the ACAMS institute in 2021. In addition to this, Mr. Thibodeau became a Chartered Financial Analyst ("CFA") charterholder in December 2022.

"Luke has been a valued member of our team since he joined the team nearly three years ago. He was quick to pick up on the nuances of our industry, and now is rooted in a Bitcoin philosophy that might rival some of the greatest Bitcoin OG's," said Adam, founder and CEO of the Company. "With the addition of his CFA charter last year as well as working with Allen, I have personally seen his financial knowledge and expertise grow to a level that I am confident will allow Bitcoin Well to thrive as we enter a new era of the Bitcoin industry and the public markets."

Finally, the Company is announcing an update to the development of our online portal at bitcoinwell.com/app. Since securing Convertible Debt in February 2022, we have achieved a number of technological and user milestones. As a reminder, our online portal is a non-custodial platform that allows individuals to buy and sell bitcoin in under 30 seconds directly from their bank account using either Interac e-Transfer or Visa Debit.

"Bitcoin Well is the fastest and safest place to buy bitcoin online," said Adam O'Brien, founder and CEO of Bitcoin Well. "One of the key successes of our portal has been its ability to attract and retain customers with little to no marketing or advertising costs," continued Adam. "While we expect the average customer acquisition cost to increase (currently around $2/user), we are committed to innovation which will help us add fuel to the spark that was our 2022 growth. The Company's non-custodial ecosystem allows for users to have the speed and competitive pricing they are accustomed to, wrapped in the safest way to buy bitcoin. I believe our non-custodial platform offers the obvious alternative to customers actively seeking out a safer place to buy bitcoin in the wake of a year full of custodian failures."

The online user growth over the last several months is captured in the following graphic: 

The Company is set to release Q4 and 2022 financial results on February 16.

About Bitcoin Well

Bitcoin Well is in the business of future-proofing money. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. Our existing Bitcoin ATM and Personal Services business unit drives cash-flow to help fund this mission.

Sign up for our newsletter and follow us on LinkedIn and Twitter to keep up to date with our business.

Bitcoin Well Contact Information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://calendly.com/adamobitcoin/meet-adam

For additional investor & media information, please contact:
Tel: 1 888 711 3866

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: 
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which Bitcoin Well operates, prevailing economic conditions, and other factors, many of which are beyond the control of Bitcoin Well.

Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

For more information, see the Cautionary Note Regarding Forward Looking Information found in the Bitcoin Well quarterly Management Discussion and Analysis.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ef6a421-3eff-4ac3-9333-d51a0b3bebf5

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