360 Blockchain Inc. Announces Execution of Letter of Intent for Proposed Acquisition of Pressland

360 Blockchain Inc. (CSE: CODE, FWB: C5B, OTC: BKLLF) is pleased to announce it has executed a letter of intent to acquire 70% of the media directory and website Pressland (https://press.land) from Chaotic Neutral LLC, which letter of intent is subject to closing conditions usual to transactions of this type, including exchange approval. Under the direction of 360’s strategic advisor, Jeff Koyen, Pressland will become a blockchain-powered platform dedicated to debunking fake news.
“Before ‘fake news’ was a household term, Pressland was already in the business of media transparency,” said George Tsafalas, 360’s President. “Today, thanks to the innovative power of blockchain technology and utilizing 360’s expertise and resources we have the unique opportunity to expand Pressland’s mission to debunking fake news and exposing unreliable players in the media.”
Launched in 2015 as “Yelp for Media,” Pressland offers a crowd-sourced directory of nearly 20,000 media outlets and professionals. Starting in 2018, Pressland will distribute blockchain-powered tools to the public that expose biased and unreliable media outlets and stories.
“Pressland is already a fundamentally good idea that’s been popular with media professionals,” said Jeff Koyen. “But now that blockchain technology is more accessible and market-proven, it’s a very exciting time to re-envision Pressland as a general-interest, public platform operating on trust and transparency.”
Pressland is fully held by Chaotic Neutral LLC, a Brooklyn-based incubator of media projects founded by Jeff Koyen. With capital from 360 Blockchain Inc., Pressland will relaunch as a blockchain-based media-transparency platform. Plans for an initial coin offering (“ICO”) (or, cryptocurrency token offering) are being discussed.
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 70% of Pressland from Chaotic Neutral LLC, with the option to purchase the remaining 30% within one year’s time.
Purchase price to be paid by 360 to Chaotic Neutral LLC equals two tranches of 1,000,000 shares of 360 (subject to receipt of stock exchange approval), with the first 1,000,000 shares paid on closing, and the second upon the exercise of the option to purchase the final 30%.
Additionally, USD $250,000 in working capital to be provided by 360 to Chaotic Neutral LLC in two tranches, with USD $125,000 given upon closing, and the balance in 4 months from closing.
Using this capital, Pressland will develop blockchain technologies for the Company, enabling the monetization of its R&D efforts.
Mr. Jeff Koyen, 360’s strategic advisor and an integral part of the 360 leadership team, will lead Pressland’s advancement.
Working with the appropriate regulatory bodies, 360 may decide to stage an ICO to further develop Pressland.
This proposed investment will be the third of several to empower blockchain technologies with capital and experience to create exponential value.
About 360 Blockchain Inc.
Our Mission: To empower blockchain technologies with capital and experience to create exponential value.
Company Description: 360 Blockchain Inc. has an all-round 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 upon 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:
Joe Bleackley
Investor Relations
Telephone: 1 (778) 806-5150
E-mail: IR@360blockchaininc.com
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. 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.
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Source: www.fscwire.com