RHC Capital Corporation Announces the Entering into of a Letter of Intent in Connection with a Proposed Reverse Take-Over Transaction and Spin-Out of Saskatchewan Helium Assets

RHC Capital (TSXV:RHC) has announced it has entered into a non-binding letter of intent with Skrumble Technologies in connection with a proposed reverse take-over transaction where RHC will acquire all of the commeon shares of Skrumble in exchange for common shares of RHC (on a post-consolidation basis) and RHC will continue the business and operations of Skrumble.

As quoted in the press release:

In conjunction with the Transaction, RHC will divest 100% of the shares of its wholly-owned subsidiary, Royal Helium Corporation (“Royal Helium”), to its shareholders proportionate to their ownership interest in RHC and Royal Helium will continue operating as a separate and private helium exploration company.

Andrew Davidson, Chairman of the Board of Directors of RHC stated: “The proposed Transaction presents RHC and all of its shareholders the opportunity to participate in the growth and success of Skrumble and its innovative blockchain and communication technologies. Moreover, it will allow Royal Helium to continue exploration and exploitation of its substantial helium land holdings in Saskatchewan unencumbered by the administration and costs associated with a public listing.”

About Skrumble Technologies Inc.

Skrumble is a privately held company that was incorporated under the Business Corporations Act (Ontario). Skrumble is a blockchain and communication technology company, licensing its technology and servicing companies globally who are implementing it. Since its launch in 2014, Skrumble has filed 46 global patent claims and established relationships with Fortune 500 companies, and its blockchain and communication technologies decentralize products and services resulting in verified and immutable data, unrestricted global access, and trust. Skrumble’s proprietary technology is implemented in Smart City, Security and Government, Internet of Things “IOT”, Unified Communication, Remote Business, and Social Applications. Skrumble is a global leader in blockchain and communication technologies and its head office is located in Toronto, Canada, with global offices and operations in Latin America, Asia and the Caribbean.

Based on the draft unaudited interim financial statements of Skrumble for the six month period ended June 30, 2018, Skrumble had revenues of $16,015,095 and had a net profit of $8,321,746. In addition, as at June 30, 2018, Skrumble had total assets of $12,838,772, total liabilities of $1,862,651 and shareholders’ equity of $10,976,121.

Click here to read the full press release.