HashChain Technology Announces Asset Purchase Agreement with 1042 Ventures, LLC.
VANCOUVER, BC / TheNewswire / November, 16, 2018 – HashChain Technology Inc. (TSXV: KASH; OTCQB: HSSHF) (“HashChain” or the “Company”) is pleased to announce that its wholly owned subsidiary Global Crypto Public Accounting Ltd. (“Global”) has entered into an Asset Purchase Agreement with 1042 Ventures, LLC (the “Buyer”). This transaction supersedes the proposed transactions previously announced on February 15, 2018 and September 20, 2018.
The terms of the Asset Purchase Agreement between Global and the Buyer are as follows:
- Global agrees to deliver to the Buyer all assets and proprietary software related to the NODE40 platform.
- In exchange for the assets related to the NODE40 software mentioned above, the Buyer agrees to forgive the US$5.2m of debt owed to it by Global.
- Global shall deliver to the Buyer an amount equal to CAD$400,000 less expenses paid for by Global from the period beginning on November 1, 2018 and ending on the closing date of the agreement.
"HashChain is excited that we were able to complete an agreement with 1042 Ventures LLC. This arrangement allows their organization to develop independently in the blockchain technology space while relieving us from an outstanding debt,” says Patrick Gray, CEO and President of HashChain. “This agreement furthers emphasizes our vision of concentrating solely on cryptocurrency mining and will afford us the opportunity to grow our business and consider focused strategies and potential investments.”
"Furthermore, following our strategic acquisitions in the second half of 2018, our company currently has an inventory of 11,895 Rigs that have the ability to operate with 17.5 megawatts of power,” says Patrick Gray. "We are pleased with the direction of the company and will continue to look for strategic opportunities to increase our presence in the cryptocurrency space.”
HashChain is a blockchain company, and the first publicly traded (TSXV: KASH; OTCQB: HSSHF) Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain taps low-cost North American power, cool climate and high-speed Internet: the trifecta most critical to mining success, to create a competitive position for maximizing the number of mining 'wins.' HashChain currently operates 8,395 Bitcoin Rigs with an additional 3,500 Rigs to be deployed from its previously announced acquisitions. Once all Rigs are operational, HashChain’s mining operations will consist of 11,895 Rigs consuming approximately 17.5 megawatts of power.
On Behalf of the Board,
CEO & Director
For Further information please contact:
HashChain Technology Inc.
Vice President, Marketing & Communications
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.