Mr. Sergei Stetsenko reports
BLOCKCHAINK2 ANNOUNCES LETTER OF INTENT TO ACQUIRE EQUITI GAMES, LLC
BlockchainK2 Corp. has signed a non-binding letter of intent regarding the acquisition of 100 per cent of the business of Equiti Games LLC.
Under the terms of the LOI, completion of the transaction is subject to a number of conditions including, but not limited to, negotiation of the transaction, the completion of due diligence on Equiti, negotiation and execution of a definitive agreement, and satisfaction of closing conditions. The parties have agreed to an exclusivity period until Feb. 28, 2021, with a view to settling the definitive agreement. However, there can be no assurance that the transaction will be completed as proposed or at all.
Key terms of the proposed transaction as stated in the LOI include: the issuance of 120,000 common shares of BlockchainK2 as the purchase price, a commitment by the company to finance the Equiti business as to $200,000 (U.S.) and certain earnout payments to be payable over time depending on the success of the Equiti business.
Sergei Stetsenko, chief executive officer of the company, states: "The company is pleased to announce the entering into of an LOI for the acquisition of Equiti Games that will provide value for BlockchainK2's shareholders in the near and long term. The gaming industry has seen exponential growth over the past few years, and it is estimated to be worth $159-billion (U.S.) globally and is continuing to grow at 9.3 per cent year to year. This acquisition fills an underserved need in the gaming industry where it allows game developers and influencers to reach the game end-user directly, increasing efficiency and decreasing costs using cutting-edge blockchain technology. For additional information about EG, please visit [Equiti's company website]."
About Equiti Games LLC
Equiti Games, headquartered in New York, is a blockchain-based gaming technology platform that empowers platforms, on-line stores and game studios by facilitating the purchase, distribution and exchange of digital games and in-game items. The platform provides infrastructure that connects games directly to their markets, reducing overhead and significantly increasing revenue for platforms, game studios and gamers. Equiti is also able to capitalize on the existing gaming market by leveraging blockchain-powered transactions for existing games and platforms while also using that same blockchain-technology foundation to pave the way for the future of the gaming marketplace.
About BlockchainK2 Corp.
BlockchainK2 is a holding company investing in blockchain technology solutions for capital markets and other sectors that can be made more efficient through tokenization. The company is currently invested in RealBlocks, a technology platform for private equity, private credit and real estate that provides tokenized secondary trading of limited-partnership interests. The company also has executed a joint venture agreement with Standard Power, an industrial-scale cryptocurrency mining facility with very low power costs in the United States.
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