Mr. Jeffrey Stevens reports
GRAPH BLOCKCHAIN STRATEGIC UPDATE
Graph Blockchain Inc. will not be proceeding with the previously announced Cyberanking acquisition. In addition, Adam Morrison, who joined the company as chief operating officer with the proposed acquisition of Cyberanking, will be resigning effective immediately in connection with the company and Esports Capital Corp. mutually agreeing to terminate the working relationship.
The board of directors has decided to undertake a formal review process to evaluate strategic alternatives available to the company. Jeff Stevens, chief executive officer and chairman of the company, said, "The board's goal is to unlock shareholder value with a view to the best interests of Graph Blockchain and its stakeholders."
The company has not established a definitive timeline to complete the strategic review, no decisions related to any strategic alternative have been reached at this time and there is no assurance that a transaction will result from the strategic review. The company does not intend to comment further with respect to the strategic review unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with the requirements of applicable securities laws.
In addition, the company wishes to announce changes at the board level. Todd Shapiro will be stepping down as an independent director and replacing him will be Andrew Male. The company thanks Mr. Shapiro for his time, energy and commitment, and wishes him continued success with his various ventures.
Mr. Male is an experienced director and executive officer of international public and private investment, mining, and oil and gas companies. Currently a director and chief experience officer of a drone services company listed on the Canadian Securities Exchange, he is also the managing director of a resource-based financing company and works with a number of family offices. Also acts as an adviser to a United Kingdom-listed cannabis investment company.
Specialties include: corporate finance, mergers and acquisitions, turnaround, and corporate transitional implementation, start-up businesses, private to public markets transition with financing, and Toronto Stock Exchange/TSX Venture Exchange and the London Stock Exchange and Alternative Investment Market.
Corporate experience includes: restructuring/turnaround of public and private market entities as well as deploying the roll-out of operations from exploration to production.
"It is frustrating to be in this position, especially when our operational team has done a great job securing world-class customers and producing great products. Unfortunately, the capital markets are not interested in blockchain companies and our attempts to find a complementary e-sports or gaming deal to pivot the company into that industry has not proven successful. I am confident that working with the newly appointed board members, we will create a successful outcome for our shareholders," says Mr. Stevens.
About Graph Blockchain Inc.
The company develops leading-edge private blockchain business intelligence and data management solutions and is a pure play in the graph database technology space. Graph leverages its proprietary integration of the AgensGraph Database engine with Hyperledger Fabric to create a transparent and immutable ledger with near real-time transactional data processing and intuitive data visualization.
We seek Safe Harbor.
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