VANCOUVER, BC, CANADA (NOVEMBER 2, 2017) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B) announces that it has executed a non-binding letter of intent to acquire 60% of the outstanding shares of Silicon Valley based SV Crypto Lab (SV). If 360 and the shareholders of SV can agree on mutually acceptable terms and the transaction is completed, SV CryptoLab founder and CEO Mr. James Cerna will lead the advancement of the SV CryptoLab business model, establishing the 360 presence with its previously announced office in San Carlos, California.
“SV CryptoLab is founded on the principle that blockchain technology is at the same stage of development as the internet was in 1994,” explained Mr. Cerna. “With the resources that 360 brings to the mix, we can advance our objectives and nurture the blockchain and cryptocurrency projects that will define our next decade,” added Mr. Cerna.
While no definitive documentation has yet been signed by the parties, and there is no certainty that such documentation will be signed, certain terms of the proposed acquisition include:
“This is a significant milestone for 360,” noted Mr. Brian Keane, Director. “SV is the first of our proposed acquisitions. SV brings with it a strong business plan, outstanding leadership and vision highlighted by Jim Cerna; plus a vibrant presence in the heart of Silicon Valley,” said Mr. Keane. “We are in prime position to leverage this position, in combination with our capital and experience, so that we can identify and acquire strategic blockchain technologies that will accelerate our growth. We are very hopeful that we can successfully negotiate and complete a transaction with SV as we would be thrilled to have Jim aboard,” added Mr. Keane.
Mr. Cerna is a successful company leader with 27 years’ experience in the software and energy industries. Mr. Cerna has served as an executive and director with companies listed on NYSE, Nasdaq, and OTCBB markets. Currently, Mr. Cerna serves as a director and advisor to various software companies. From 2014 to 2017 he was CEO and CFO of SauceLabs, the world’s largest automated testing cloud company based in San Francisco. Prior to SauceLabs, Mr. Cerna was the President of Armada Oil in Dallas. From 2004 to 2009, Mr. Cerna served as Chairman of the Board and CEO of Lucas Energy, Inc. (NYSE: LEI), a company he founded. Prior to joining Lucas Energy, Jim was the founder and CEO of NetCurrents, Inc., (NASDAQ: NTCS), an early SaaS company that focused on Internet data monitoring and analysis. In addition, Lieutenant Cerna serves as a senior officer and pilot with the Civil Air Patrol, U.S. Air Force Auxiliary, Squadron 192, California Wing.
ABOUT CODEBASE VENTURES INC.
Our Mission: To invest strategically in emerging, innovative technology that has the potential to upend traditional institutions and deliver the greatest value to shareholders.
Company Description: Codebase Ventures Inc. is a small, hands-on team of financial and technology experts who invest early in great ideas. We operate from the understanding that technology is always evolving, bringing early opportunities for strategic investments that can deliver the exponential returns to our shareholders. We seek out and empower the innovators who are building tomorrow’s standards with platforms and protocols, not just products. We invest early, support our founders, take their ideas to market and work tirelessly to help them realize their vision.
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Ivy Lu, Investor Relations
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