TORONTO, July 18, 2019 /CNW/ - CryptoStar Corp. (TSXV: CSTR) ("CryptoStar", or the "Company") is pleased to announce that it has entered into a letter agreement (the "Agreement") with Hybrid Financial Ltd. ("Hybrid") to provide marketing services to the Company. Hybrid has been engaged to heighten market and brand awareness for CryptoStar and to broaden the Company's reach within the investment community through various channels including, but not limited to, direct telephone and e-mail communication. The Agreement is for an initial period of six months starting July 15, 2019 (the "Initial Term") and then shall be renewed automatically for successive three month periods thereafter, unless terminated by the Company in accordance with the Agreement.
Hybrid has agreed to comply with all applicable securities laws and the policies of the TSX Venture Exchange (the "TSXV") in providing the Services.
In consideration for the entering into of the Agreement and the provision of the Services, the Company will: (i) pay Hybrid a monthly fee of $15,000, plus applicable taxes, during the Initial Term, inclusive of all costs and charges incurred by Hybrid in connection with performing the Services, and (ii) grant 250,000 options to purchase common shares in the capital of the Company (the "Options") under the Company's stock option plan at an exercise price of $0.135 per share. The Options will vest in four equal installments at three, six, nine and twelve months following the date the Options are granted. Following the Initial Term, the Company will pay Hybrid a monthly fee of $15,000, plus applicable taxes. The Company will fund such payments using existing cash resources.
The Agreement and the Options granted thereby are subject to the approval of the TSXV.
About Hybrid Financial Ltd.:
Hybrid is a sales and distribution company working in the financial industry on behalf of clients across several market sectors. Hybrid's unique approach helps effectively and efficiently build brands and increase market awareness for its clients. Offices in Toronto and Montreal allow Hybrid to comprehensively cover both American and Canadian markets.
There is no prior relationship between the Company and Hybrid. Other than as described above, Hybrid does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.
About CryptoStar Corp.:
CryptoStar has one of the world's largest cryptocurrency mining operations with data centres located in the U.S.A, Canada and Iceland. CryptoStar is currently dedicated to further expansion into low cost energy regions in North America and around the globe.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
SOURCE CryptoStar Corp.
For further information: CryptoStar Corp., Attention: David Jellins, President and Chief Executive Officer, Email: [email protected], W: www.cryptostar.com