TORONTO, July 10, 2018 /CNW/ - HyperBlock Inc. ("HyperBlock") announced today it has completed its acquisition of CryptoGlobal Corp. ("CryptoGlobal") and will begin trading on the Canadian Securities Exchange ("CSE") on July 11, 2018 under the ticker symbol: HYPR.
"Today's news transforms HyperBlock into one of North America's largest and most diversified crypto-asset enterprises. The new HyperBlock operates high-performance cryptocurrency datacenters across Canada and the USA, with more than 21,500 servers on 28.5MW, five complimentary product offerings — and an expanding R&D lab focused on Bitcoin adoption and usage," explains HyperBlock CEO Sean Walsh.
According to Walsh, the successful acquisition of CryptoGlobal and conditional listing on the CSE "positions HyperBlock for both strategic acquisitions and accelerated organic growth — which will help the company thrive within the global cryptocurrency ecosystem — far beyond North American shores."
Acquisition Arrangement Closing Details
HyperBlock has successfully completed its previously announced acquisition of CryptoGlobal Corp. whereby pursuant to a court-approved plan of arrangement which was completed today, HyperBlock Technologies Corp. (the predecessor corporation to HyperBlock Inc. ("HTC") acquired all of the common shares of CryptoGlobal ("CryptoGlobal Shares") and amalgamated to form HyperBlock Inc. (the "Arrangement").
Under the terms of the Arrangement, holders of CryptoGlobal Shares received 0.4229 of a common share of HyperBlock in exchange for each CryptoGlobal Share held and holders of common shares of HTC ("HTC Shares") received one HyperBlock Share in exchange for each HTC Share held.
In connection with the Arrangement, CryptoGlobal Shares were delisted from the TSX Venture Exchange at the close of trading on Monday, July 9, 2018.
HyperBlock Directors Announced
The newly appointed directors of HyperBlock are Eric So, Sean Walsh, Rob Segal, Hon. Ronald Spoehel, Dayna Gibbs and Tony Gaffney. The officers of HyperBlock are Sean Walsh (Chief Executive Officer), Rob Segal (President), Tim Smart (Interim Chief Financial Officer) and Chris McGarrigle (Chief Information Officer).
About HyperBlock Inc.
HyperBlock is a leading North American diversified crypto-asset company which operates one of North America's largest and most efficient cryptocurrency datacenters. HyperBlock operates five complimentary product offerings focused on helping people and businesses create, safeguard, manage and grow crypto-assets. HyperBlock profit centers include Mining-as-a Service (MAAS), self-mining, server hosting, server hardware sales and a proprietary custodial vault product. Learn more at www.hyperblock.co
Cautionary Note Regarding Forward Looking Information
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to statements with respect to internal expectations, accretive earnings, anticipated revenues, cost synergies, the timing and receipt of the final stock exchange approval for the commencement of trading of HyperBlock Shares on the CSE, statements with respect to accretive earnings, statements with respect to internal expectations, expectations for future capacity, costs and opportunities, the effect of the transaction on HyperBlock and its strategy going forward.
While HyperBlock considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking statements also necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; future legislative and regulatory developments involving cryptocurrency; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cryptocurrency industry in Canada generally, income tax and regulatory matters; the ability of HyperBlock to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter.
HyperBlock disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE HyperBlock Inc.
For further information: Media Contact: Debra Quinn, [email protected]; HyperBlock Investor Inquiries: Eric So, 416.567.4675, [email protected]; CryptoGlobal Investor Inquiries: James Millership, 647.700.8661, [email protected]