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.
