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Vancouver, British Columbia--(Newsfile Corp. - January 4, 2021) - BlockchainK2 Corp. (TSXV: BITK) (OTCQB: BIDCF) (STU: KRL2) ("BlockchainK2" or the "Company") is pleased to announce that it has signed a non-binding letter of intent (the "LOI") regarding the acquisition of 100% of the business of Equiti Games, LLC ("EG").
Under the terms of the LOI, completion of the transaction is subject to a number of conditions including, but not limited to, negotiation of the transaction, the completion of due diligence on EG, negotiation and execution of a definitive agreement and satisfaction of closing conditions. The parties have agreed to an exclusivity period until February 28, 2021 with a view to settling the definitive agreement. However, there can be no assurance that the transaction will be completed as proposed or at all.
Key terms of the proposed transaction as stated in the LOI include: the issuance of 120,000 common shares of BlockchainK2 as the purchase price, a commitment by the Company to fund the EG business as to U.S.$200,000, and certain earn out payments to be payable over time depending on the success of the EG business.
Sergei Stetsenko, CEO of the Company states, "The Company is pleased to announce the entering into of an LOI for the acquisition of Equiti Games that will provide value for BlockchainK2's shareholders in the near and long term. The gaming industry has seen exponential growth over the past few years and it is estimated to be worth U.S.$159 billion dollars globally and is continuing to grow at 9.3% year to year. This acquisition fills an underserved need in the gaming industry where it allows game developers and influencers to reach the game end-user directly, increasing efficiency and decreasing costs using cutting edge blockchain technology. For additional information about EG, please visit https://equiti.io."
About Equiti Games LLC.
Equiti Games, headquartered in New York, is a blockchain-based gaming technology platform that empowers platforms, online stores, and game studios by facilitating the purchase, distribution, and exchange of digital games and in-game items. The platform provides infrastructure that connects games directly to their markets, reducing overhead and significantly increasing revenue for platforms, game studios, and gamers. Equiti is also able to capitalize on the existing gaming market by leveraging blockchain-powered transactions for existing games and platforms while also using that same blockchain technology foundation to pave the way for the future of the gaming marketplace.
About BlockchainK2 Corp.
BlockchainK2 Corp. is a holding company investing in blockchain technology solutions for capital markets and other sectors that can be made more efficient through tokenization. The Company is currently invested in RealBlocks, a technology platform for private equity, private credit and real estate that provides tokenized secondary trading of LP interests. The Company also has executed a joint venture agreement with Standard Power, an industrial scale crypto currency mining facility with very low power costs in the United States. For information on BlockchainK2 Corp., please visit www.blockchaink2.com.
For further information, please contact:
Sergei Stetsenko, CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which constitute "forward-looking statements", including information concerning the intentions, plans and future action of the Company described herein. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of a public company, currently with limited business and financial resources, as well as those risk factors discussed or referred to in the Company's continuous disclosure record available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71294