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360 Blockchain Inc (CSE:CODE; FWB:C5B; OTCPINK:BKLLF) announces that has increased its investment in its subsidiary SV CryptoLab from 60% to 80% ownership.
360 Blockchain Inc (CSE:CODE; FWB:C5B; OTCPINK:BKLLF) announces that has increased its investment in its subsidiary SV CryptoLab from 60% to 80% ownership.
“Under the leadership of Jim Cerna, director of the SV Lab, we have seen strong advancement on the business model to date, which has given us the confidence to increase our ownership position,” said George Tsafalas, 360 . President and CEO.
360 has exercised its option to increase its investment in SV CryptoLab Inc. through the purchase of 1,666,667 common shares in the capital of SV CryptoLab Inc., at a purchase price of $0.0225 per common share for a total payment of $37,500 USD.
This is a significant step for the growth of SV CryptoLab and we are thrilled to have such a strong working relationship as a featured 360 company in the 360 portfolio,” said Mr. Jim Cerna, Director of the SV Lab. “Our model is adaptive and is being deployed in such a way that we foresee tremendous upside with the company’s own crypto-mining activities and very importantly, proprietary offerings being developed for other companies involved in mining operations,” added Mr. Cerna.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that’s part hacker and part social space that is open to the public to attend weekly meetups and hackathons free of charge. On nights and weekends, the facility’s significant hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.
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 (a distributed ledger that 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 is focused on these technologies as they apply to cryptographic tokens and transactional cryptocurrencies; enterprise-grade smart contracts; global data management; media distribution and ownership; supply chain auditing and beyond.
For further information, please contact:
George Tsafalas, CEO or
Anil Mall, 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.
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: www.fscwire.com
