VANCOUVER, Dec. 7, 2017 /CNW/ - Carl Data Solutions Inc. (CSE:CRL, FSE:7C5, OTC:CDTAF) (the "Company"), has entered into a letter of intent (the "Letter of Intent") to acquire cryptocurrency mining hardware from Connected Fintech Inc. ("Connected") and partner with Connected with respect to the joint development of a first of its kind IIoT BlockChain technology for integration into the Carl Data's machine learning, predictive analytics and operational metrics for cryptocurrency mining hardware.
Greg Johnston, Carl Data President and CEO, stated, "Consistent with our business plan to acquire new complimentary products and services, our partnership with Connected Fintech Inc. will allow us to develop the first IIoT BlockChain. The technology will allow us to build in accountability, transparency and security into the transactions of data from various measurement devices. We are very excited to introduce this new technology into the IIoT space and know it will be of tremendous value for our customers and all consumers of environmental monitoring data."
Jiang (Jay) Yu, Connected Fintech Inc. President and CEO, stated, "I am excited to partner with Carl Data Solutions to build out the infrastructure for their cryptocurrency mining facility. We also plan on developing IIoT BlockChain Technology for Carl, a vertical within the Cryptocurrency and BlockChain space that not many are focusing on. Having a partner like Carl, a big data company that has the infrastructure and ability to make sense of this fast growing sector within fintech."
In connection with the Company's proposed acquisition of cryptocurrency mining hardware, the Company has agreed to pay Connected $250,000 and issue to Connected up to 2,000,000 common shares in the capital of the Company (each, a "Share"), such subject to the following milestones: (i) 1,000,000 Shares to be released upon signing of a definitive agreement; (ii) 500,000 Shares to be released upon the Company's facility and infrastructure being made fully compatible with cryptocurrency data miners; and (iii) 500,000 Shares to be released upon final installation of Connected's cryptocurrency mining hardware. In connection with the proposed technology development partnership between the Company and Connected, the Company has agreed to pay Connected a retainer of $4,000 per month and will grant a 15% royalty on the Company's gross revenue generated from cryptocurrency mining activities for an initial term of one year.
The Letter of Intent contemplates that a definitive agreement will be entered into on or before January 2, 2018.
About Connected Fintech Inc.
Connected Fintech Inc. with offices in Vancouver B.C. and Wall Street N.Y.C, is a diversified financial technology company focused in the fastest growing sectors of Cryptocurrency, BlockChain Technology, Payment Solutions, Data Intelligence, Industrial Internet of Things (IIoT), Artificial Intelligence (AI), Machine Learning and Predictive Analytics.
Connected Fintech Inc. plans to purchase its own real estate and land for developing large scale Cryptocurrency mining facilities in Canada and the United States. Worldwide launch of Connectedcoin ATMs, which offer bi-directional functionality, enabling both the purchase of cryptocurrencies as well as redemption of cash. Connected Fintech Inc. provides Technical Professionals in Hardware and Software build out of Cryptocurrency data mining infrastructures and facilities. The company is creating a portfolio of Intellectual Property (IP) in the space of Industrial Internet of Things (IIoT), Payment Solutions, Cryptocurrency and BlockChain Technologies. www.ConnectedFintech.com
About Carl Data Solutions Inc.
Carl Data Solutions Inc. is an Industrial IoT (IIoT) company focused on providing next generation information collection, storage and analytics solutions for data-centric companies. Building on its recent acquisitions, Carl helps its clients analyze and understand all forms of environmental data through a powerful platform of data collection, monitoring, reporting, and predictive analysis tools.
Carl Data continues to develop applications to work with new cloud-based mass storage services and analytics tools (Big-Data-as-a-Service (BDaaS) to provide scalability for municipalities, utilities and other industrial verticals. These data collection and storage methods allow the company to build smart Software-as-a-Service (SaaS)-based applications that can collect data from many diverse sources and provide deep insight for decision-making purposes. More information can be found at www.CarlSolutions.com.
On behalf of the Board of Directors:
President, Chief Executive Officer, Director
Carl Data Solutions Inc.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Disclaimer for Forward-Looking Information
Certain statements in this press release related to the Offering and the securities issuable thereunder are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the proposed acquisition of cryptocurrency mining hardware by the Company and the expected terms of such acquisition, the Company's proposed partnership with Connected and the expected terms of such partnership, the entering into of a definitive agreement and the timeline for same and the expected benefits of the Company's foray into the cryptocurrency mining and Blockchain spaces. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Company's ability to complete the Offering, including the risk that the Offering may not be completed as expected or at all and other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Carl Data Solutions Inc.
For further information: Kimberly Bruce, Corporate Communications, Carl Data Solutions Inc., Telephone: (778) 379-0275, Email: [email protected]