DMG Blockchain Announces Acquisition of Blockseer

World News: . []

VANCOUVER, British Columbia , Feb. 13, 2018 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V:DMGI) (“” or the “”), is pleased to announce the acquisition of Datient, Inc., doing business as “Blockseer” (the “”) pursuant to which DMG’s U.S. subsidiary will acquire all of the issued and outstanding securities of Blockseer, and will close upon the TSX Venture Exchange’s approval.

Blockseer is a private company incorporated under the laws of Delaware, U.S.A., with its business headquarters in Silicon Valley, California, USA.

Blockseer’s mission is to make Blockchain data and applications accessible to everyone by providing valuable analysis of patterns, useful metrics, clear visualizations, and actionable intelligence. Blockchains are a new platform that enable transactions and applications (or smart contracts) in a decentralized setting. Blockseer provides the analytics tools for these transactions and applications on the Blockchain. Blockseer’s current team consists of seven (7) Blockchain developers located in Silicon Valley, California, USA, and is led by its Chief Executive Officer and founder, Danny Yang.

Under the terms of the Transaction, DMG, through its U.S. subsidiary (“”), will acquire Blockseer for a purchase price comprising C$2,630,769 in cash and up to 7,673,076 common shares of DMG (the “”) with a maximum transaction value of C$16,000,000. The number of Transaction Shares to be issued will be based on the 15-day volume weighted average trading price of DMG’s shares on the TSX Venture Exchange following the closing of the Transaction.

The Transaction Shares issued to the former Blockseer securities holders will be subject to vesting with such shares vesting ratably on a calendar quarterly basis over a two-year period following the Closing (the “”).

Following the Transaction DMG-US will own 100% of Blockseer, with DMG-US shares being owned approximately 61% by DMG and approximately 39% by the selling securityholders of Blockseer.

Upon completion of the Trading Restrictions  each individual holder of the DMG-US shall have the option to exchange  of such shares at the election of the holder 1-for-1 for DMG common shares which will be fully tradable subject to the regulations of the TSX Venture Exchange. Additionally, in the event that upon completion of the Trading Restrictions the per share price of DMG’s common shares is greater than C$0.40 (as adjusted for stock splits and consolidations), then DMG, at its sole election, shall have the option to exchange all of the shares of DMG-US held by the former security holders of Blockseer 1-for-1 for common shares of DMG, which will be fully tradable shares in accordance with the policies of the TSX Venture Exchange.

In connection with the Transaction, Danny Yang has been appointed as the Chief Technology Officer of DMG and Sheldon Bennett has been appointed as the Chief Operating Officer and will also remain as a director of DMG. Additionally, all of the Blockseer developers, including Mr. Yang, have agreed to enter into new employment agreements.

The Company is also pleased to announce the appointment of Lou Kerner to the Company’s advisory board. Lou Kerner is a Founding Partner of CryptoOracle, a Crypto VC and Advisory firm focused exclusively on investing and advising entities leveraging, blockchain, cryptocurrency, smart contracts and decentralization. Lou Kerner had a distinguished career as an equity analyst following media and tech companies for Goldman Sachs and Merrill Lynch. 

DMG Blockchain Solutions Inc. is a full service diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG intends to be the global leader in bitcoin mining hosting, Mining as a Service (MaaS), bitcoin mining, forensics and diversified blockchain platform development.

Daniel Reitzik, CEO & Director

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More news and information about DMG Blockchain Solutions Inc.

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Globe Newswire: 18:23 GMT Tuesday 13th February 2018

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