VANCOUVER, British Columbia and LONDON, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Blockmate Ventures Inc (TSX.V: MATE) (FSE: 8MH1) ("Blockmate" or “the Company") advises that yesterday, September 21, 2023, it entered into a binding agreement to divest its Midpoint foreign exchange business.
The 100% sale of Midpoint to David Wong for a nominal figure will allow Blockmate to focus all of its resources towards the blockchain, battery and clean energy ventures within its portfolio. By divesting Midpoint, Blockmate is expected to reduce its net cash outflows by approximately $500,000 per annum.
Justin Rosenberg, CEO of Blockmate, said: “Blockmate is focused on building fast growing technology businesses and we have identified exciting opportunities in the climate and energy storage sectors. The sale of Midpoint frees up our resources to pursue those opportunities. We wish David and the rest of the Midpoint team every success.”
The offer from Mr Wong came after negotiations between Blockmate and Klearium Inc to acquire 85% of Midpoint Group concluded without a binding agreement.
Pending approval from the TSX Venture Exchange, settlement of the transaction is expected to take place on or before October 31, 2023.
No finders’ fees or commissions are payable in connection with the transaction.
About Blockmate Ventures Inc.
Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, climate and energy storage. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download our free passive income app at www.hivello.com) and Sunified, digitising solar energy.
The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.
Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
Justin Rosenberg, CEO
Blockmate Ventures Inc
justin@blockmate.com
(+1-888-218-6863)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Information
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.
