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 Skychain Technologies Inc. (TSXV: SCT) is pleased to announce that it has signed an agreement (the "Agreement") with Synergy Global Consulting Corp. ("Synergy") and 1283230 B.C. Ltd ("128") to establish a joint venture company Skyrendering Technologies Inc. ("Skyrendering") to provide premier visual effects (VFX) rendering services to the film and entertainment industry.
Under the terms of the Agreement, both Skychain and 128 will purchase 600,000 common shares in the capital of Skyrendering at a price of $1 per share. 128 will contribute cash to Skyrendering while Skychain shall contribute GPU/CPU servers and other equipment to Skyrendering. Bill Zhang, Skychain's CEO, shall be appointed president and chief executive officer of Skyrendering, and Skychain shall appoint a majority of the members of Skyrendering's board of directors.
128 and Synergy will provide certain "know-how" and contacts with studios, while Skychain brings technology and management services to the venture.
Skyrendering expects to conduct its business from a rendering farm and data center located in the province of British Columbia, Canada. Though currently in preparation phase, Skyrendering anticipates that it will have its rendering business up and running by August 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
Bill Zhang
President and CEO
Contact:
604-456-0608
info@skychaintechnologiesinc.com
- Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
- Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company's control.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89538
