Datametrex Announces Final Settlement With a Ronin Vendor
19 March 2019 - 3:48AM
Datametrex AI Limited (the “
Company” or
“
Datametrex”) (
TSXV: DM, FSE:
D4G) announces that it has entered into a final settlement
agreement (the “
Settlement Agreement”) with the
owners of 0718512 BC Ltd., a company representing 25% of the
vendors of Ronin Blockchain Corp. (“
Ronin”), a
wholly owned subsidiary of the Company. In connection with the
terms of settlement, the Company will issue 2,000,000 common shares
in the capital of the Company (“
Common Shares”) at
a deemed price of $0.05 per share for total consideration of
$100,000.
A Statement of Claim was issued to the vendors
of Ronin Blockchain Corp. on January 16th, 2019 alleging the
vendors breached certain representations and warranties in the
share purchase agreement entered into between Datametrex and the
Vendors on January 15, 2018 (the “Share Purchase Agreement”)
pursuant to which Datametrex acquired all of the issued and
outstanding common shares of Ronin from the Vendors (the
“Transaction”).
“We are happy to report that we successfully
negotiated a settlement with the owners of 0718512 BC Ltd. This
group owned 25% of Ronin Blockchain and agreed to settle for
$100,000 representing 20% of the final payment. We believe this is
a fair and reasonable settlement and look forward to negotiating
with the remaining 75% of the vendors,” says Andrew Ryu, CEO and
Chairman of the Company.
About Datametrex
Datametrex AI Limited is a technology focused
company with exposure to Artificial Intelligence and Machine
Learning through its wholly owned subsidiary, Nexalogy
(www.nexalogy.com) and Implementing Blockchain technology for
secure Data Transfers through its investee company, Graph
Blockchain (www.graphblockchain.com).
For further information, please
contact:
Jeffrey Stevens – President & COOPhone: (647) 400-8494Email:
jstevens@datametrex.com
Forward-Looking Statements
This news release contains “forward-looking
information” within the meaning of applicable securities
laws. All statements contained herein that are not clearly
historical in nature may constitute forward-looking information. In
some cases, forward-looking information can be identified by words
or phrases such as “may”, “will”, “expect”, “likely”, “should”,
“would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”,
“estimate”, “believe” or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions “may” or “will”
happen, or by discussions of strategy.
Readers are cautioned to consider these and
other factors, uncertainties and potential events carefully and not
to put undue reliance on forward-looking information. The
forward-looking information contained herein is made as of the date
of this press release and is based on the beliefs, estimates,
expectations and opinions of management on the date such
forward-looking information is made. The Company undertakes no
obligation to update or revise any forward-looking information,
whether as a result of new information, estimates or opinions,
future events or results or otherwise, or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
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