360 Blockchain Inc. Announces Execution of Non-Binding Letter of Intent for Proposed 60% Acquisition of SV CryptoLab in Silicon Valley
Thursday, November 2, 2017 3:05 AM
Led by Mr. James Cerna, SV CryptoLab Establishes Foothold for 360 in Silicon Valley
VANCOUVER, BC / ACCESSWIRE / November 2, 2017 / 360 Blockchain Inc. ("360" or the "Company") (CNSX: CODE; OTC PINK: BKLLF; FRA: C5B) announces that it has executed a non-binding letter of intent to acquire 60% of the outstanding shares of Silicon Valley-based SV Crypto Lab (SV). If 360 and the shareholders of SV can agree on mutually acceptable terms and the transaction is completed, SV CryptoLab founder and CEO Mr. James Cerna will lead the advancement of the SV CryptoLab business model, establishing the 360 presence with its previously announced office in San Carlos, California.
"SV CryptoLab is founded on the principle that blockchain technology is at the same stage of development as the internet was in 1994," explained Mr. Cerna. "With the resources that 360 brings to the mix, we can advance our objectives and nurture the blockchain and cryptocurrency projects that will define our next decade," added Mr. Cerna.
While no definitive documentation has yet been signed by the parties, and there is no certainty that such documentation will be signed, certain terms of the proposed acquisition include:
- 360 would acquire 60% of the fully diluted capital stock of SV, with the option to purchase the remaining 40% of the fully diluted capital stock.
- Purchase price to be paid by 360 to the shareholders of SV equals USD $250,000 and 5,000,000 shares of 360 (subject to receipt of stock exchange and regulatory approval).
- Mr. James Cerna, founder of SV CryptoLab will lead SV's advancement, playing an integral role on the 360 leadership team.
- 360's CryptoLab will lead the development of blockchain technologies for the Company with its access to engineering talent enabling the monetization of its R&D efforts.
- During the day, the lab which will have up to 200 parallel CPU's available, and is host to blockchain and cryptocurrency engineers.
- Nights and weekends, the lab will use its computing power to join a mining collaborative and mine coins for the economic benefit of 360.
- This proposed investment will be the first of several to empower blockchain technologies with capital and experience to create exponential value.
"This is a significant milestone for 360," noted Mr. Brian Keane, Director. "SV is the first of our proposed acquisitions. SV brings with it a strong business plan, outstanding leadership and vision highlighted by Jim Cerna; plus a vibrant presence in the heart of Silicon Valley," said Mr. Keane. "We are in prime position to leverage this position, in combination with our capital and experience, so that we can identify and acquire strategic blockchain technologies that will accelerate our growth. We are very hopeful that we can successfully negotiate and complete a transaction with SV as we would be thrilled to have Jim aboard," added Mr. Keane.
Mr. Cerna is a successful company leader with 27 years' experience in the software and energy industries. Mr. Cerna has served as an executive and director with companies listed on NYSE, Nasdaq, and OTCBB markets. Currently, Mr. Cerna serves as a director and advisor to various software companies. From 2014 to 2017, he was CEO and CFO of SauceLabs, the world's largest automated testing cloud company based in San Francisco. Prior to SauceLabs, Mr. Cerna was the President of Armada Oil in Dallas. From 2004 to 2009, Mr. Cerna served as Chairman of the Board and CEO of Lucas Energy, Inc. (LEI), a company he founded. Prior to joining Lucas Energy, Jim was the founder and CEO of NetCurrents, Inc., (NTCS), an early SaaS company that focused on Internet data monitoring and analysis. In addition, Lieutenant Cerna serves as a senior officer and pilot with the Civil Air Patrol, U.S. Air Force Auxiliary, Squadron 192, California Wing.
About 360 Blockchain Inc.
To empower blockchain technologies with capital and experience to create exponential value.
360 Blockchain Inc. has an all-around view to accelerate the development and application of revolutionary blockchain technologies by investing capital and expertise. We are founded on the belief that blockchain technology, essentially a distributed ledger which is transparent and incorruptible, has the potential to transform the way business is conducted, delivering security, cost savings and efficiency gains not seen before in our internet connected world. 360 Blockchain will be focused on identifying and empowering blockchain technologies applying to crypto-currencies, smart contracts, eSports, data management, the internet of things, equity trading, privacy applications and beyond.
For further information, please contact:
Telephone: 1 (778) 806-5150
E-mail: [email protected]
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including whether or not a transaction with SV and its shareholders can be completed on terms acceptable to the Company, or at all. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "predicts," "intends," "targets," "aims," "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may," "could," "should," "would," "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties, and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: 360 Blockchain Inc.