Blockmate Ventures Inc (TSX.V: MATE) (FSE: 8MH1) (" Blockmate " or " the Company ") advises that yesterday, September 21, 2023, it entered into a binding agreement to divest its Midpoint foreign exchange business.
The 100% sale of Midpoint to David Wong for a nominal figure will allow Blockmate to focus all of its resources towards the blockchain, battery and clean energy ventures within its portfolio. By divesting Midpoint, Blockmate is expected to reduce its net cash outflows by approximately $500,000 per annum.
Justin Rosenberg, CEO of Blockmate, said: "Blockmate is focused on building fast growing technology businesses and we have identified exciting opportunities in the climate and energy storage sectors. The sale of Midpoint frees up our resources to pursue those opportunities. We wish David and the rest of the Midpoint team every success."
The offer from Mr Wong came after negotiations between Blockmate and Klearium Inc to acquire 85% of Midpoint Group concluded without a binding agreement.
Pending approval from the TSX Venture Exchange, settlement of the transaction is expected to take place on or before October 31, 2023.
No finders' fees or commissions are payable in connection with the transaction.
About Blockmate Ventures Inc.
Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, climate and energy storage. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download our free passive income app at www.hivello.com) and Sunified, digitising solar energy.
The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.
Blockmate welcomes investors to join the Company's mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe .
ON BEHALF OF THE BOARD OF DIRECTORS
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