CryptoTherm designs, manufactures and markets one of the world’s most advanced cryptocurrency mining systems based on immersion cooling and heat exchange technology.
VANCOUVER, British Columbia, January 20, 2023 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (“company” Also “Crypto Blocks”) (CSE: Blocks) is the definitive stock purchase agreement between arm’s length companies (“agreement”), dated January 17, 2023, CryptoTherm (as defined herein) and 1289048 BC Ltd. (“vendor) to get (“acquisition”) 100% of the outstanding shares of CryptoTherm Manufacturing Inc. from the vendor (“Cryptotherm”).
CryptoTherm specializes in designing and building water cooled data centers and advanced heat recovery products. These data centers are specially designed for cryptocurrency mining to achieve maximum efficiency and cost effectiveness.
CryptoTherm’s advanced heat recovery products are innovative solutions that recover and reuse the heat generated during the mining process. This reduces energy costs and minimizes the environmental impact of mining operations.
CryptoTherm’s team has a deep understanding of the challenges and opportunities in the digital currency industry and is dedicated to helping our customers succeed. In this regard, CryptoTherm’s products and services are designed to minimize client start-up costs, downtime, and operational costs.
integration into Cryptoblocks
We will use CryptoTherm’s industry-leading immersion cooling and heat exchange technology as the digital currency blockchain sector grows. The company will also allocate resources to grow its business selling CryptoTherm’s immersion pods, ASIC miners, crypto vaults, and immersion liquid cooling.
This strategic acquisition is a continuation of our focus on the digital currency sector and follows other strategic investments such as our investment in Optimal CP, Inc. Our goal is to become a significant player in the digital currency space and further consolidate our position. in the industry.
“i get excited with this agreement with Crypto Blocks,” CryptoTherm CEO Austin Bank said: “This acquisition will enable us to work together and leverage our complementary strengths to achieve even greater success. We believe that together we can explore new opportunities and realize our full potential through our combined expertise and resources. We are excited about the future possibilities this acquisition brings and look forward to working with our talented team. Crypto Blocks Drive innovation and growth in the digital currency industry.” Bank added.
This acquisition includes the issuance of 400 million shares of our common stock (“Consideration stock”) to pay Vendor at a deemed price of $0.05 per common share and a deemed transaction value of $20,000,000 in exchange for all outstanding shares of CryptoTherm common stock. 320 million shares of consideration are subject to the restriction (“limit”) For deals expiring as follows: 10% 12 months after the deal closes. 24 months from 10% closing. 36 months from 20% closing. 48 months from 20% closing. 40% at 60 months from closing. The consideration shares are issued according to s. 2.16 (Takeover bids and issuer bids) National Instrument 45-106 Prospectus exemptionWe do not believe that an acquisition constitutes a fundamental change in our company (as defined in Policy 8). Fundamental change and business change Canadian Stock Exchange (“CSE”)). Upon completion of the acquisition, Vendor Principals are expected to become Reporting Insiders (as defined in National Instrument 55-104). Insider reporting requirements and exemptions) company.
“This is one of our most exciting investments, our Most strategic acquisition ever,” CryptoBlox CEO Bryson Goodwin said:
“Acquisition allow us Significantly Grow the blockchain sector of digital currency and unlock incredible value Cryptotherm. we Highlight the following.
- Given the Cryptotherm is an operating business, Acquisition add now Earnings To Crypto Blocks;
- tHe viewed the $0.05 stock value as a highlight Cryptothermof trust in the fundamental values of Crypto Blocks;
- CryptoTherm Immersion cooling technology intention Strengthen the position of intellectual property in the digital currency market; When
- the is conservative and long-term limit reflect the intention of CryptoTherm team, who will be the significant shareholders Crypto Blocks, To construct long term value so Crypto Blocks.
we believe in acquisitions allow us Significantly grow the digital currency blockchain sector and unlock incredible value Cryptotherm,” Mr Goodwin concluded:
The closing of the acquisition is subject to precedent of customary terms and conditions, including the completion of a formal evaluation of CryptoTherm, approval of the Board of Directors, and approval of CSE.
On behalf of our company,
chief executive officer
contact number and email
For more information about the company, please visit: https://www.cryptoblox.ca
For investor inquiries, please contact us at (236) 259-0279 or email us. email@example.com
Forward–How to read the statement
The information in this news release contains certain information and statements regarding management’s views regarding future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions that involve risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements regarding the following: Completion of Acquisition. Expected Benefits for Us and CryptoTherm from Acquisition. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot give any assurance that the expectations in the forward-looking statements will prove correct. Except as required by law, we make no forward-looking statements to reflect actual results as a result of new information, future events, changes in assumptions or changes in factors affecting such forward-looking statements. disclaims any intention, and assumes no obligation, to update or revise any statements relating to -Visible statements or other.
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