TORONTO, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (DM.V) (D4G.F) is pleased to announce that it has entered into a binding letter of intent (“LOI”) to acquire all of the outstanding shares of Ronin Blockchain Corp.(“Ronin”), a global industrial scale Blockchain platform with specific focus in mining cryptocurrencies (the “Transaction”)
Pursuant to the terms of the LOI, the proposed consideration for the Transaction is an aggregate amount of CAD $10.0 million payable in common shares (“Shares”) in the capital of the Corporation as follows;
- $7.5MM of Shares will be issued on the closing of the Transaction at a deem price of $.25 per Share, of which 50% of this amount will be issued to Ronin on the closing of the Transaction, 25% of this amount will be issued to Ronin within 3 months from the closing date of the Transaction and the remaining 25% will be issued to Ronin within 6 months from the closing date of the Transaction;
- $2.5MM of Shares will be issued on the first anniversary from the closing date of the Transaction and these Shares will be issued at a price per Share equal to the volume weighted average price of the common shares of Datametrex on the TSX Venture Exchange (“TSX V”) for the twenty (20) days prior to the first anniversary of the closing date of the Transaction.
The Transaction is anticipated to close on or before January 12, 2018 with a definitive purchase agreement being entered into on or before January 9, 2018. The Transaction is subject to the approval of the TSX Venture Exchange and certain conditions pursuant to the terms of the LOI, including satisfactory due diligence.
“We are thrilled to enter into this agreement with Ronin and their World class team of Directors, Officers and Advisors. We look forward to adding a cryptocurrency mining vertical to complement our existing solutions of Data collection, Artificial Intelligence and Blockchain technologies,” said Andrew Ryu, CEO and Chairman.
About Ronin Blockchain Corp.
Ronin is a private company located in Vancouver B.C. Ronin’s objective is to become a large player in the industrial Blockchain mining sector through a concentrated focus on scale, innovative technologies and low cost energy supply.
Ronin’s business model is based on an industrial scale Blockchain mining platform, which enables the company to access and manage global cryptocurrency mining infrastructure. Ronin will provide state of the art industrial mining capability across the world and utilize its industrial scale, beginning in China, to optimize efficiency and profitability of the arbitrage opportunities on a GPU based mining infrastructure.
Ronin has entered into a binding a Memorandum of Understanding with GoSun Group (“GoSun”). GoSun founded in 2006 is one of China’s largest infrastructure and networking companies with over 90 operating data centers in China.
The Memorandum of Understanding outlines the following key points:
- An opportunity to gain access, for the purposes of crypto mining to 10 GoSun data centers by January 1st, 2018, with a minimum of 20 racks per data center.
- Access to at least 15 additional data centers per quarter for MaaS starting in Q1 2018.
- Access to all 90 data centers by Q3 2019.
- “Most favored nation” pricing for all electricity and flow through pricing if the provider reduces any costs related to electricity.
The GoSun partnership provides Ronin access to the world’s largest Blockchain mining market with the previously discussed fundamental drivers for success; fast internet connections, low cost energy delivery, proximity to miners and equipment producers.
The following are directors, officers and advisors to Ronin:
Darcy Taylor, CEO & Director
Darcy has over 20+ years in senior leadership roles and a proven track record across multiple industries spanning, Asia, Europe and North America. A Blockchain technology enthusiast since 2013, his pan Asian experience while residing in Seoul, Korea exposed him to the potential for the technology to disrupt a multitude of industries. Prior to his international experience, Darcy was CEO of MASEV Communications Inc., that was successfully acquired by IMG Canada.
Mike Edwards, Director
A lifelong entrepreneur, Mike Edwards has started and invested in technology companies for over 20 years. Mike is actively involved in growing and supporting the crypto currency startup community and connecting local entrepreneurs with the right investors, mentors and influencers in Silicon Valley, New York, Europe and Asia.
Jonathan Bixby, Director
Jonathan Bixby is a serial entrepreneur, active investor, board member, and speaker. Jonathan has helped raise over $100M in venture capital and has been involved in over 10 successful exits. In addition to his investing efforts, Jonathan has been active in the crypto world since 2012 as an investor and entrepreneur.
The company is proud to announce an elite Blockchain advisory board unrivaled in Canada as follows:
Cryptocurrency expert, known worldwide for his involvement and leadership in the cryptocurrency industry. Two successful ICO’s in Brave (BAT) and Ripple (XRP), running the largest syndicate on AngelList and an early investor in LinkedIn, Blockstream, UXPin.
Founder and CEO of CryptoKitties, the world's most successful Blockchain game. He is also the CEO of Axiom Zen an award-winning venture studio that specializes in applying emerging Blockchain technologies to unsolved business problems. Rohan has been working with bitcoin and various forms of Blockchain and distributed ledger technologies since 2014.
An investor in cryptocurrency and ICOs since their early days in 2012. Prior to co-founding Protos Cryptocurrency Asset Management, Tom has been a Founder and General Partner of First Block Capital, Canada’s first regulated crypto investment firm, since March 2017. Tom also co-founded Fintech Enterprises Inc., one of the first North American buy/hold Bitcoin and Ether funds, as well as the Blockchain platform Walter.ai.
Always focused on emerging technology, he has been in the digital asset industry since 2012 when he started in digital mining and working with teams to develop decentralized technologies. Currently he is a sought after Blockchain industry thought leader, investor and speaker, advisor to the Blockchain Association of Canada, and founder of BlockTech Ventures Inc.
A respected crypto software engineer. He sold his first company to Zillow Group after only 8 months. He is now working on his second company; Hack Capital, maker of CTO.ai - an intelligence product that helps any company build high performing engineering teams focusing on the Blockchain and Crypto Mining Optimization.
Visit Ronin at: www.roninblockchain.com
About Datametrex AI Limited
Datametrex AI is focused on the collection of retail sales data, providing government agencies and Fortune 500 corporations with artificial intelligence technology and implementing blockchain solutions for secure data transfers. The company is planning on integrating the DataTap environment to decentralized blockchains to further authenticate and validate the data collected.
Visit Datametrex at: www.datametrex.com
For further information, please contact:
Jeffrey Stevens – President & COO
Phone: (647) 400-8494
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.
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Such forward-looking information and statements are not representative of historical facts or information or current condition, but instead represent only the Company`s belief regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control.
Generally, such forward-looking information or statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information contained herein includes, but is not limited to, information with respect to prospective financial performance, anticipated capital funding and sources, proposed or potential acquisitions, estimated operating and sales costs, estimated market drivers and demand, business prospects and strategy, new markets for growth and financial position. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Accordingly, readers should not place undue reliance on any forward-looking information or statements contained in this press release.
The forward-looking information contained in this press release is made as of the date hereof, and the Company does not undertake to update any forward-looking information that is contained or referenced herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. All subsequent written and oral forward looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in its entirety by this notice.