VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. ("Victory Square'') (CSE:VST) (OTC:VSQTF) (FWB:6F6), a company that provides investors access to a diverse portfolio of next generation internet companies in key sectors including: digital health, gaming, blockchain, AR/VR, cybersecurity, and cloud computing, is pleased to announce that it has signed a letter of intent to sell certain intellectual property assets (the “Transaction”) to Cloud Nine Education Group Ltd. ("Cloud Nine")(CSE:CNI) (OTC: CLGUF).
“We’ve spent the last 6 years connecting with and investing in some of the brightest and disruptive minds in the blockchain space; quietly building up a stockpile of applications and IP while waiting for an inflection point to start unleashing these applications to market,” said VST CEO Shafin Diamond Tejani. “We believe that the inflection point is now, and have found a strong team led by Kant Trivedi, with the capital and network opportunities to commercialize some of this IP.”
Through the Acquisition, Cloud Nine will receive certain assets from Victory Square, including the following products currently deployed in the marketplace or launching soon:
Desktop Crypto Miner - Patent pending user-based miner for household use
MicroBlock Miner - ‘Crypto-in-a-box’ gives users a plug-and-play way to participate in mining Bitcoin, Ethereum and other Altcoins.
Crypto Wallet for Desktop & Mobil e - Crypto credit card and banking services on desktop, mobile and hardware wallets.
“The acquisition of these assets from VST will equip Cloud Nine to be at the forefront of the latest technology, enabling it to deliver unique products and services within the Blockchain sector.” Said Kant Trivedi, Cloud Nine Board Member. “Our Company is very pleased with this important acquisition from Victory Square who has an outstanding reputation in the tech, blockchain and crypto sectors,” said Trivedi.
Terms of the Acquisition
In consideration for the Acquisition, Victory Square will receive 4,411,765 common shares in the capital of the Company (the “Consideration Shares”) at a deemed issue price of $1.36 per Consideration Share for a transaction consideration of $6,000,000. In accordance with the terms of the Purchase Agreement, the Consideration Shares shall be subject to a voluntary minimum 6 month hold period from the date of issuance. Closing of the Transaction is expected to occur on or about February 26, 2021, unless otherwise agreed between the Parties. Full details of the Transaction will be disclosed to the public following the completion of the Transaction. Completion of the Transaction will be subject to compliance with applicable laws including policies of the Canadian Securities Exchange as well as satisfactory completion of due diligence by the Company and other customary conditions to closing.
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On behalf of the board,
Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies
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