Acquisition Large-Scale Crypto Mining Infrastructure Company The Company Continues to Increase its Exposure to Cryptocurrency by Acquiring Development Rights to Power and Infrastructure for 1,000 ASIC Miners in Canada
VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) (OTCQB: CRYBF) is pleased to announce that on November 22, 2021 it entered into a Share Exchange Agreement (the “Agreement”) to acquire Optimal CP Inc. (“Optimal”), a company focused on the development and management of crypto mining facilities (the “Acquisition”).
As compensation for the Acquisition, and based on arm’s length negotiation, the Company will issue 55 million common shares of the Company (the “Consideration Shares”), at a price of $0.25 per common share, to the shareholders of Optimal, for a deemed transaction valuation of $13,750,000. The Company has been completing significant market research and believes pivoting towards the cryptocurrency space will derive the greatest value out of its blockchain-based technologies while providing the Company and its shareholders direct exposure to the cryptocurrency industry. 30 million of the Consideration Shares will be issued subject to a right of the Company to repurchase such shares for nominal consideration in the event certain performance milestones are not met by Optimal following the Acquisition.
“We began the pivot into the crypto space which has allowed our shareholders to participate in this market, whilst we continue to build out our products and services, and build further shareholder value,” commented EV Battery Tech CEO, Bryson Goodwin. “The acquisition of Optimal will provide us with an ideal opportunity to become a significant cryptocurrency miner!”
Optimal is developing numerous facilities in Canada’s ‘energy hub’ of Alberta that will leverage direct access to clean, reliable, low-cost power generation facilities that can provide some of the lowest-cost, cleanest and most reliable mining operations in world.
The acquisition of Optimal will give the Company control of Optimal’s development pipeline and its seasoned management team, hopefully enabling a smooth transition for the Company into the cryptocurrency mining space.
“Optimal is thrilled to be working with EV Battery Tech in the build-out of its asset portfolio in Alberta” remarked Kevin Gilchrist, Optimal’s CEO. “We believe that the Company’s approach to blockchain-based technology and its move towards cryptocurrency is an ideal fit for Optimal’s strategy to develop clean, cost-effective and reliable mining operations in Alberta.”
The Company has recently made progress within blockchain and cryptocurrency with its recent acquisition of CryptoPlug Technologies Inc. (“CryptoPlug”), a company which has been developing a blockchain-based crypto-compatible application for smartphones. Following this, the Company commenced a collaboration with the Renewable Obligation Base energy economy Protocol (the “ROBe2 Protocol”) through its subsidiary, IONiX Pro Battery Technologies Inc (“IONiX Pro”) product suite, to develop the first Proof of Renewable Protocol compatible hardware that will be capable of mining the ROBe2 Protocol.
EV Battery Tech has built a solid foundation on its patented battery technology, which it has utilized to create its IONiX Pro product suite. The Company has shifted its focus to transforming each product into having the capability of mining cryptocurrencies, whilst keeping its long-term vision of clean energy in mind.
https://www.globenewswire.com/news-release/2021/11/23/2339696/0/en/EV-Battery-Tech-Announces-Acquisition-of-Large-Scale-Crypto-Mining-Infrastructure-Company.html