Vancouver, B.C, October 29, 2021 – Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC)(OTCQB: CRYBF) is pleased to announce, further to its news release dated October 22, 2021, that it has completed the acquisition (the “Acquisition”) of CryptoPlug Technologies Inc. (“CryptoPlug”), an entity developing a blockchain-based, crypto-compatible application for smartphones (the “Application”).
The Acquisition was completed pursuant to a share exchange agreement dated effective October 22, 2021 whereby the Company acquired all of the issued and outstanding shares of CryptoPlug in exchange for 24,000,000 common shares of the Company (each, a “Consideration Share”) at a deemed price of $0.25 per Consideration Share, valuing the transaction at $6,000,000.
As a result of the Acquisition, CryptoPlug became a wholly-owned subsidiary of the Company and the Company indirectly acquired all of the assets of CryptoPlug, including but not limited to, all intellectual property related to the Application, which includes all proprietary rights, names, marks, copyright, trade dress, design and know-how related thereto.
The Company also intends to integrate the Application features into the Company’s own Blockchain Power Management and Application, Smart Command (the “Smart Command”), which has been launched by the Company’s subsidiary, IoniX Pro Battery Technologies Inc. (“IoniX Pro”). The Smart Command application has been designed with IoniX Pro’s product suite in mind, intending to bring flexibility and customer control to energy movement tracking.
About EV Battery Tech
Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets. The Company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.
Further information about the Company is available on its website (https://www.evbattery.tech)
https://evbattery.tech/news/ev-battery-tech-completes-cryptocurrency-charging-platform-acquisition/