360 Blockchain Inc. has signed a letter of intent dated June 22, 2018 to buy ICORanker.com and BlockchainRanker.com websites in a deal valued at $US 2.25 million in cash and stock.
VANCOUVER, BC, CANADA (July 5, 2018) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE – FWB: C5B – OTC: BKLLF) has signed a letter of intent dated June 22, 2018 to buy ICORanker.com and BlockchainRanker.com websites in a deal valued at US $2.25 million in cash and stock. The Company is currently conducting due diligence; the acquisition is expected to close in July.
“ICORanker is a profitable editorial property.” said Jeff Koyen, 360’s Strategic Advisor. “This deal supports our strong belief that the token sale ecosystem has a bright future as regulatory clarity clears the path for retail and institutional investors to participate.”
According to a report by PricewaterhouseCoopers’ Strategy& consulting firm, token sales raised $13.7 billion in the first five months of 2018, more than doubling total funds raised during 2017. ICOs are past the “hype cycle,” PwC said, and “are becoming more mature and established.”
“Yet, many challenges and opportunities remain,” said Koyen. “Most of all, the vast token-sale community needs a trusted source of unbiased information about these offerings. This kind of analysis can be highly profitable.”
Prior to joining 360 Blockchain Inc., Jeff Koyen enjoyed a 20-plus-year career in digital publishing, where he built and grew media properties at Forbes, Dow Jones Digital and Travel + Leisure and others. Plans for ICORanker include multi-language support for Asian markets, deeper community engagement, more in-depth reviews and expanded sponsorship opportunities.
360 will also acquire BlockchainRanker.com, a pre-revenue website that vets and rates blockchain platforms, services and software providers. Expected to relaunch under 360’s management in Q3, BlockchainRanker will refocus revenue efforts on highly lucrative lead generation and referral programs. Both websites will be managed by Koyen with small teams distributed internationally.
360 Blockchain Inc. will pay CAD $1.95 million in cash to fully acquire ICORanker.com and BlockchainRanker.com from Technology Development Partners, the broker representing the two sellers. ICORanker’s current owners will also receive US $300,000 worth of restricted shares in 360’s stock, based on the 5 day trading average at closing. The Company will issue a more comprehensive press release with financial information when the due diligence is complete and a definitive agreement has been signed.
“Just a fraction of Canada’s public blockchain companies are posting revenue this year,” said George Tsafalas, 360’s CEO. “By adding ICORanker to the 360 family, we are diversifying our holdings in a manner that puts revenue on the books immediately. Looking forward, we’re very excited to support the growth of these outstanding opportunities.”
About Codebase Ventures Inc.
Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow’s standards. We support those innovators and help take their ideas to market.
For further information, please contact:
George Tsafalas - Ivy Lu
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.