Majic Signs LOI to Acquire Majority Interest in PCEX Crypto Exchange

A letter of intent (LOI) is a document outlining the understanding between two or more parties which they intend to formalise in a legally binding agreement. The concept is similar to a heads of agreement, term sheet or memorandum of understanding.

McapMediaWire – Majic Wheels Corp., a Delaware corporation, that is positioning itself as a player in the disruptive industries of fintech and software development by means of acquisitions, announces it has signed a letter of Intent to acquire, through its fully owned Subsidiary CGCX, a majority interest in PCEX, a Cryptocurrency Exchange & Trading Platform.

Launched by Panaesha Capital, PCEX ( is a cryptocurrency exchange that brings a novel approach to the digital currency market. PCEX is the first crypto broker in India to introduce the B2B Franchise Model in the cryptocurrency market.

PCEX has succeeded in creating a network of 250+ franchises and 40+ satellite offices in different regions of India.

PCEX’s unique Business Model allows interested applicants to complete a simple yet mandatory KYC process to become a PCEX Trading Member with unparalleled benefits such as:

  • Higher Liquidity
  • Unmatched % of revenue share
  • Design & Development of Web and Mobile Platform
  • IT & Technical Support
  • Server Setup
  • Wallet Integration
  • Marketing Assistance

“Cryptocurrencies are not just an innovation; they represent a revolution and, in our opinion, a catalyst to the global fintech industry. We envisioned a business model within an industry that is growing exponentially but also caters to entrepreneurs and businesses looking to establish a footprint in the crypto space. Our franchise model is the culmination of that vision.”  said Sandeep Phogat, CEO & Founder of Panaesha Capital Exchange.

“The combination of Majic’s CGCX expertise and PCEX novel approach and scalable model will further Majic’s ambition to firmly establish itself as a Fintech & Technology leader in India.” said David Chong, Chief Executive Officer of Majic Wheels, Corp.

About Majic Wheels Corp.

Majic Wheels Corp., a Delaware corporation, intends to position itself as a player in the disruptive industries of Fintech and software development by means of acquisitions and mergers. Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol “MJWL”.

For more information about the Company visit:

Our OTC Markets Profile:

Our website is:

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About Panaesha Capital Exchange

PCEX is a high calibre crypto exchange with numerous promising features that helps trading members create a seamless user experience by joining PCEX’s secure trading exchange. PCEX takes pride in being one of the safest bitcoin and altcoin exchanges in the world.

For more information on PCEX, visit the website:


This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements.

These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control.

Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

SOURCE: Majic Wheels Corp.


Contact: David Chong