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Graph Blockchain Inc. (CSE:GBLC) announces that it has terminated the letter of intent (the “LOI”) to acquire Blockchain Innovations Inc. (“BCI”) and The Games Company (“TGC”).
Graph Blockchain Inc. (CSE:GBLC) announces that it has terminated the letter of intent (the “LOI”) to acquire Blockchain Innovations Inc. (“BCI”) and The Games Company (“TGC”).
On April 8, 2019, the Company issued a press release in connection with the LOI and its intentions to enter the egaming and esports industry through the proposed acquisition to acquire BCI, a blockchain gaming company and TGC a gaming studio. This transaction was intended to be the first step of the Company’s corporate strategy to provide Graph’s shareholders with exposure to the exciting egaming and esports industry utilizing blockchain technology.
Jeff Stevens, CEO of Graph commented: “While we are disappointed with the termination of the LOI, we determined that through the course of our negotiations and due diligence that we could not proceed with the terms of the transaction as some of the terms were not in our shareholders’ best interest. We continue to see tremendous opportunity to use blockchain in the gaming space and bolt on some very attractive assets to create a powerful egaming and esports company. Providing our shareholders with revenue from two verticals; our existing core business of private blockchain solutions for large enterprise clients and the egaming and esports industry will diversify the risk and increase our exposure to a larger investor base.”
About Graph Blockchain Inc.
The Company develops leading-edge private blockchain business intelligence and data management solutions and is a pure play in the graph database technology space. Graph leverages its proprietary integration of the AgensGraph Database engine with IBM’s Hyperledger Fabric to create a transparent and immutable ledger with near real-time transactional data processing and intuitive data visualization. The Company has secured multiple prototype development contracts with multi-national conglomerates and sells across client subsidiaries as a full enterprise product.
Additional Information on the Company is available at: www.graphblockchain.com
For further information, please contact:
Jeffrey Stevens – CEO
Phone: (647) 400-8494
Email: jstevens@graphblockchain.com
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Such statements may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained herein, including the timing of the Closing, the terms of the Transaction and the receipt of regulatory approval, are made as of the date of this press release and are based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking statements are made.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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Source: www.globenewswire.com