TORONTO, March 18, 2019 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) announces that it has entered into a final settlement agreement (the “Settlement Agreement”) with the owners of 0718512 BC Ltd., a company representing 25% of the vendors of Ronin Blockchain Corp. (“Ronin”), a wholly owned subsidiary of the Company. In connection with the terms of settlement, the Company will issue 2,000,000 common shares in the capital of the Company (“Common Shares”) at a deemed price of $0.05 per share for total consideration of $100,000.
A Statement of Claim was issued to the vendors of Ronin Blockchain Corp. on January 16th, 2019 alleging the vendors breached certain representations and warranties in the share purchase agreement entered into between Datametrex and the Vendors on January 15, 2018 (the “Share Purchase Agreement”) pursuant to which Datametrex acquired all of the issued and outstanding common shares of Ronin from the Vendors (the “Transaction”).
“We are happy to report that we successfully negotiated a settlement with the owners of 0718512 BC Ltd. This group owned 25% of Ronin Blockchain and agreed to settle for $100,000 representing 20% of the final payment. We believe this is a fair and reasonable settlement and look forward to negotiating with the remaining 75% of the vendors,” says Andrew Ryu, CEO and Chairman of the Company.
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com) and Implementing Blockchain technology for secure Data Transfers through its investee company, Graph Blockchain (www.graphblockchain.com).
For further information, please contact:
Jeffrey Stevens – President & COO
Phone: (647) 400-8494
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.