Skychain Technologies Inc. (TSXV: SCT) announced today that it has entered into an agreement with Synergy Global Consulting Corp. to establish a joint venture company to provide premier visual effects (VFX) rendering services to the film and entertainment industry.
"We are pleased to announce this new joint venture for VFX Rendering Technologies Inc., and adding another platform to our services as we continue to deliver on our commitment of becoming a full-service IAAS (Infrastructure as a Service) provider in 2021," said SkyChain CEO Bill Zhang.
Under the terms of the agreement, the total of $800,000 investment will be in equity stake of the joint venture company. The $800,000 investment will be comprised of $400,000 from SkyChain and another $400,000 Canadian Dollars from an investment company. SkyChain will have the right to appoint three out of the six members of the joint venture's board. The long-term investment in the next project phase will be approximately over 1.5 million Canadian dollars.
SkyChain and Synergy are expecting to sign a final agreement by the end of April 2021, and are projecting to have the business up and running for service by August 20th, 2021.
About Skychain Technologies INC
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. Our vision is to become a leading player in the crypto/data mining hosting by growing to 100Mw of crypto hosting capacity. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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