Riot Blockchain's TessPay Signs Letter of Intent for Merger with Publicly Traded Cresval Capital

Riot Blockchain (NASDAQ:RIOT) has announced that its majority owned Tess has entered into a non-binding letter of intent to merge with Cresval Capital (TSXV:CRV).
As quoted in the press release:

 TessPay is a blockchain company developing a supply chain payment platform for businesses to attempt to guarantee payment on time and in full.  After the closing of the anticipated merger, TessPay will be publicly traded on the TSX Venture Exchange (the “TSXV”) and change its name to “TessPay Inc.”.

 The LOI provides that TessPay will be issued 80,000,000 shares of Cresval, and the present shareholders of Cresval will retain 8,400,000 shares of the combined company TessPay post-merger. Riot Blockchain will receive 41,600,000 shares resulting from its 52% ownership of TessPay.

Assuming that TessPay and Cresval enter into a definitive agreement, the parties expect that the merger can be completed by the 2^nd quarter of 2018. No assurance can be given that a definitive agreement will be entered into, that the proposed merger will be consummated, or that the combined company will be able to obtain adequate funds needed to fund its business plan.
The merger would be the first of Riot Blockchain’s investments to become a stand-alone public company. Haywood Securities Inc acted as a financial advisor on the transaction.

Click here to read the full press release.