Epazz Inc (OTCMKTS:EPAZ) has interestingly been left out of the mix over recent weeks as the cryptocurrency and blockchain mania has progressed to a fever pitch, at least until the last couple days, during which time, shares have vaulted nearly 1,200% higher. The catalyst for the move? The company just hit the market with the announcement that it has filed a provisional patent for its new blockchain smart legal contract technology that reduces fraud in business transactional contracts.
According to the release, the technology allows for a transactional contract to become a living contract that is tracked and traced; it also verifies that a section of terms within a contract is followed and that all parties of an agreement obey the terms of the contract. It’s an intuitively obvious and interesting application of the blockchain concept, which is likely why the release has resonated so well with investors in recent sessions.
Epazz Inc (OTCMKTS:EPAZ) trumpets itself as a company that specializes in enterprise cryptocurrency blockchain mobile apps and cloud business process software with over 500 repeat customers.
New Bitcoin Mobile app is a financial technology company that offers a unique Bitcoin payment mobile app software, allowing consumers to acquire Bitcoin at the point-of-sale. The consumer can then use the cryptocurrency or digital currency to make a purchase at the store with ease. Epazz technology makes it easy to convert legacy systems into cloud business process software, for which the company then charges an annual subscription fee.
Epazz has acquired eleven software companies that have converted or are in the process of converting their legacy software products to cloud software using Epazz’s technology. Epazz then markets the new cloud-based solutions to new and existing customers.
According to company materials, “ZenaPay has been developed to solve a major problem in high-risk industries: getting paid. Traditional banking systems will not allow high-risk industries to access their payment systems. ZenaPay offers a cutting-edge payment solution that provides consumers with a way to buy items online or in stores using Bitcoin. The new Bitcoin payment software allows consumers to use the digital currency to make online or in-store purchases with ease. Additionally, the process is anonymous because all transaction details are encrypted through Bitcoin, allowing stores to accept digital currency in addition to cash. You can download the ZenaPay Bitcoin Wallet today at the app store.”
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As suggested above, shares of the stock finally caught crypto fever in recent days following the company’s announcement that it is seeking IP protection for a blockchain application driven toward protecting the integrity of legal documents.
According to the release, “paper contracts require each party to keep a copy of the contract, spend time reading the contract, ensure they have the original contract with all the correct signatures and memorize the terms of the contract. However, our technology, which is under development, automatically verifies signatures, distributes the contract to the blockchain, records the transaction and verifies the terms are being followed via our blockchain apps, which also trace any changes. The technology sends reminders and tracks payments and delivery of items. The technology will work with Word and Google Docs to provide real-time contract edits and updates via version control.”
Shaun Passley, PhD, CEO of Epazz, stated, “Blockchain-based technology is the future of the Internet. Epazz will add blockchain technology to all of our products in the coming months using our blockchain cloud platform, BoxesOS.” Shaun further added, “The company has been working with customers to understand the best uses of blockchain, and we are excited about filing the first of many blockchain patents, with many more to come.”
Trading volume has exploded during the stock’s recent move, which is important in this case, considering the float in play — just 8.8M shares. Traders should not overlook this combination, as a mechanically driven price squeeze can result from this type of mix of small float and ramping attention from traders.
Now commanding a market cap of $11.3M, EPAZ has virtually no cash on the books, which is balanced by about $3.4M in total current liabilities. EPAZ is pulling in trailing 12-month revenues of $1.4M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -47.6%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $EPAZ stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $EPAZ, either long or short, and we have not been compensated for this article.