LAS VEGAS, NV / ACCESSWIRE / December 1, 2022 / Fernhill Corp (OTC:FERN) is pleased to announce the sale of all assets and intellectual property in its wholly owned Solar and Battery technology-focused subsidiary, World Wide Sun (WWS) to Extreme Biodiesel Inc (OTC:XTRM) for a combination of equity and assumption of debt.
The transaction includes selling 100% of the assets and technology rights held in WWS, including various Solar Equipment, Battery Technology, and Intellectual Property. Extreme Biodiesel, Inc (OTC Markets:XTRM) is expanding its environmentally friendly and renewable energy business focus and saw a unique opportunity to complete a transaction that benefited both parties by acquiring non-core assets held by Fernhill.
The consideration to Fernhill is valued at more than $675,000. FERN will receive a combination of equity and assumption of specific debt incurred with the original WWS Solar and Battery Technology acquisition.
- XTRM will tender $150,000 worth of common stock to FERN. The long-term plan is for the shareholders of FERN to receive a portion of the XTRM shares. The prospective dividend will be subject to fulfilling all required regulatory filings and necessary approvals to distribute the XTRM shares.
- XTRM has agreed to assume Fernhill's debt obligation associated with all the liability for the development and acquisition of the Intellectual property previously incurred for the Technology.
"This transaction will provide a dual benefit to the FERN shareholders. First, the distribution of XTRM shares will allow FERN shareholders to participate in the technology development. Second, this transaction will improve the Corporate Balance Sheet allowing FERN's management to engage with critical strategic partners," said Marc Lasky, Fernhill President.
Fernhill Corp will host an exciting live-stream event this month, date and time TBD, to discuss the future of Web3, use-cases for the blockchain and the future-facing potential of digital assets with an industry expert from GDA Capital. GDA Capital incubates, advises, and invests in blockchain, digital assets, metaverse/gaming, and web 3.0 companies defining new industry niches. Stay tuned for more information.
Fernhill Corp is a Web3 Cloud Based Enterprise Infrastructure platform focused on providing APIs for digital asset trading, NFT marketplaces and data aggregation solutions. Fernhill is a Signatory Member of the Crypto Climate Accord (CCA) and a Principal Member of the Metaverse Standards Forum.
For all official Fernhill corporate information, please refer to our filings, news, and updates on the following resources:
MainBloq, a division of Fernhill Corporation ($FERN), is a digital asset connectivity platform integrated with leading exchanges to serve the needs of institutional clients worldwide. MainBloq offers a modular platform including an intelligent order router, a suite of execution algorithms, FIX / SOCKETS / REST gateway, and consulting services to help banks and hedge funds execute their trading strategies. For more information, please visit the MainBloq Website at www.mainbloq.io
Company Contact Information: [email protected]
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This release includes 'forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements outlined in this press release constitute 'forward-looking statements.' Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements and may contain the words' estimate', 'project,' 'intend,' 'forecast,' 'anticipate,' 'plan,' 'planning,' 'expect,' 'belief,' 'will likely,' 'should,' 'could,' 'would,' 'may' or words or expressions of similar meaning. Such statements are not guaranteeing future performance. They are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from predicted results and reported results should not be considered an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, limited financial resources, domestic or global economic conditions, competition, changes in Technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced vendors, services or features, and various other factors beyond the Company's control.
SOURCE: Fernhill Corp.