The gulf between USI-Tech management’s narrative and what actually happened continues to widen, following a January 31st news-release issued by the Texas Securities Board.

In the news-release the Securities Board describes USI-Tech as

a secretive, Dubai-based firm promising it could deliver low-risk, triple-digit returns from investments tied to bitcoin mining.

USI-Tech solicited Texas investors through targeted craigslist advertisements, YouTube videos, and standalone websites.

The Securities Board reaffirms that it issued USI-Tech with a cease and desist because

neither the two sales agents named in the order nor the company is registered to sell securities in Texas.

within three weeks of the order USI-Tech announced it would cease sales operations in the U.S. and Canada.

Clarification from the Securities Board is in stark contrast to USI-Tech’s own version of events.

On or around January 25th USI-Tech management claimed the company was working with US regulators and on the verge of reopening in the US.

Horst Jicha, one of USI-Tech’s four co-founders, explicitly told investors “USI-Tech never had a problem in the USA”.

The company’s US law firm, Hart David Carson, meanwhile stated it was “actively engaged” with regulators in Texas and

working to identify the principal state-based issue, resolve said issue accordingly, and pursue/attain any and all necessary state-based qualifications and/or licensure.

How strange the Texas Securities Board failed to mention any of that in their news-release.

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