Cannasys Inc (OTCMKTS:MJTK) signed a letter of intent to buy Alliance Financial Network, Inc. It is a Colorado-based Fintech firm that offers an innovative, proprietary mobile payment and digital transaction payment solution. AFN, a federally approved financial institution, has advanced, owns and manages electronic eXchange Portal named eXPO™.
eXPO™ offers access for businesses and consumers to transfer funds electronically, whether consumer-to-business, consumer-to-consumer, business-to-business or business-to-consumer. Cannasys reported that eXPO™ offers electronic payment solutions to different industries. AFN is presently working with firms in a number of vertical segments that can use the eXPO system instantly because of its universally compliant base and its ability to be ascended rapidly.
eXPO™ technology enables transactions inside the eXPO™ network, between network members and also participants outside the network, to address those assisted by traditional, under-banked, non-banked, and cash intensive industries. Its members include businesses, consumers and governmental agencies. AFN’s eXPO™ boasts the feature to accurately track and report state, local and if pertinent, federal tax obligations of retailers and consumers.
eXPO™ and AFN are registered with the FinCEN as a financial institution, which offers AFN with the suitable regulatory framework and direction on a federal level for BSA and AML compliance. The eXPO™ mobile application can be downloaded by businesses and consumers after they join eXPO™.
CannaSys will buy AFN by releasing a supervisory equity stake in the proforma firm, whereby AFN will turn into a Cannasys subsidiary. The new firm will market AFN’s platforms, products as well as the CannaSys offerings. As part of the deal, AFN’s candidates will become key officers and directors of company, and the Cannasys, Inc. will have its name changed to Alliance Financial Network, Inc. Michael Tew, the CEO, reported that he could not be more thrilled about AFN’s core offerings, its management team, and its growth prospects across different industries.