GlobeNewswire Inc | Jan 12, 2022 09:00AM EST

January 12, 2022

Recent name change announcement is joined with its first targeted acquisition, entering the crypto industry and markets

West Palm Beach, Florida, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Descrypto Holdings, Inc. (formerly W Technologies, Inc.), ("Descryptoor theCompany"),(OTC: WTCG)announced today that it signed a non-binding letter of intent to acquire Areca Financial Services, a Miami, Florida based privately owned single connection orchestrating platform for safe and fast financial transactions, compliance and KYC/AML, Token launch, NFT launch and IEO/ICO sale infrastructure that allow fintech and digital asset companies to quickly launch digital assets securely and reliably.

Completion of the transaction is subject to customary conditions, including but not limited to the following key conditions:

-- Execution of the Definitive Agreement; -- Completion of mutually satisfactory due diligence; and -- Receipt of all required regulatory, corporate and third-party approvals.

Descrypto expects to fund the acquisition with equity, the terms will be set in the definitive agreement and senior management of Areca Financial Services, Inc. is expected to join the Board of Directors of the Company

As we embark on our acquisition strategy, we have identified Areca Financial Services as a growing, revenue producing company in the Crypto and Blockchain infrastructure ecosystem. We are laser focused on building a leading blockchain technology company and we look forward to kicking it off with Areca Said Howard Gostfrand, CEO of Descrypto Holdings, Inc.

About Descrypto Holdings, Inc. (formerly W Technologies, Inc.):

Descrypto Holdings, Inc. is a diversified Crypto platform and holding company. We are focused on digital financial services, NFTs and tokenization of assets which combined provide for a robust ecosystem providing investors an opportunity to invest directly into the emerging industry with exponential growth opportunities. Descrypto is focused on delivering shareholder value by acquiring and developing high-quality digital assets and services companies which adhere to our ESG policies while increasing the value and adoption of blockchain technologies worldwide.

Descrypto is currently going through the FINRA corporate action process for its new name and trading symbol to be reflected as part of the Companys OTC Markets quote page.

For more information visit:www.descrypto.io.Investor ContactHoward Gostfrand, CEOhgostfrand@descrypto.io