Mr. Chris Carl reports
DIGIMAX SIGNS LOI WITH ARTIFICIAL INTELLIGENCE COMPANY DATANAVEE BASED IN TORONTO, CANADA
Digicrypts Blockchain Solutions Inc. (DigiMax) has signed a letter of intent to acquire all of the outstanding shares of DataNavee Corp. (DNV), based in Toronto, Ont. DNV was formed by an experienced team of professionals that have been involved in the artificial intelligence and data analytics sector for over 20 years. DNV is currently focused in providing sophisticated predictive-analytics-as-a-service solutions to companies around the world on a software-as-a-service basis.
It is anticipated that prior to completing the acquisition, DigiMax will conduct a capital raise of up to $1-million by issuing units consisting of one common share at five cents per share and one-half warrant exercisable at 7.5 cents per share for 24 months following closing of the financing.
DigiMax has also reached a friendly agreement to withdraw its agreement with SJD Consulting, whereby 15 million shares had been issued and placed in escrow subject to the completion of certain events. While progress has been made on several fronts as intended by the parties, no milestones were completed that resulted in the release of shares from escrow and the withdrawal of the agreement will result in the cancellation of all 15 million of the shares placed in escrow.
As a result, DigiMax currently has 60,590,909 shares outstanding and it will issue 55 million shares to the existing shareholders of DNV. One-quarter of these shares will be issued without escrow and the remaining shares will be placed in escrow, and one-third will be released at the end of each three-month period after the closing of this transaction.
While DNV can provide support to the food industry as described in a prior release, DNV technology can also support the financial services industry, retailers and supply chain management companies by providing predictive analytics of supply and demand of goods and services, predictive pricing, and the identification of underserviced areas of high demand. Security of client data can also be maintained through sophisticated blockchain applications.
DNV provides an extension to the current financial services offering of DigiMax and, through the use of technology and blockchain, dramatically increases the revenue and profit opportunities for DigiMax. The DNV technology can also be applied to the existing operations of DigiMax to enhance the current rate of growth.
A definitive agreement is anticipated to be completed before July 31, 2020, with the closing of the acquisition anticipated soon thereafter.
About Digicrypts Blockchain Solutions Inc.
DigiMax is based in Toronto and is the first company in the digital security space to be both publicly listed and own a registered dealer.
We seek Safe Harbor.
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