On May 20, 2015, the registrant incorporated a new wholly owned entity in the State of Delaware called “ GAHI Acquisition Corp. ” This entity was incorporated to be the merger subsidiary for the acquisition of BTC.
On May 20, 2015, the registrant entered into an agreement and plan of merger with BTC. Under this agreement, BTC will merge with GAHI Acquisition Corp., and GAHI Acquisition Corp. will be the surviving corporation. As consideration for the merger, the registrant will reserve a number of shares equal to 1/3 the total issued and outstanding of the Company to be issued to BTC shareholders.
On October 20, 2015, the parties agreed to extend the closing date of the merger to December 15, 2015.
On October 20, 2015, the registrant paid $125,000 in cash and authorized the issuance to Nikolaos Spanos of 1,377,398 of its common shares and 1,993,911 warrants to purchase its common shares at the exercise price of $.10 per common share with an exercise period of three years. The common shares and warrants are being issued for the purchase of 1,000,000 common shares of Blockchain Technologies Corporation ( “ BTC ” ). Said common shares represent ten (10) percent of the outstanding equity in BTC. The securities are being issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933.
Global Election Services, Inc.
On February 25, 2015, Global Election Services, Inc., a wholly owned subsidiary was incorporated under the laws of the State of Delaware. GES provides comprehensive technology-enabled election services primarily for organized labor associations. The key employees were previously employed by Election Service Solutions, LLC.
GES believes the proposed acquisition of the Blockchain Technologies Corporation may give it a strategic advantage based on the provisional patent application filed by BTC with the United States Patent and Trademark office which provides for the use of a Blockchain data base to enhance and support secure electronic voting and election results.
The Company has a term sheet in place for the asset purchase of ESS assets for the sum of $400,000.The proceeds will be used to buy only the assets of the company and pay off all existing debts/loans with the remaining dollars to be deployed into GES for operations and expansion. Their current clients include United States and International labor unions, Residential Organizations, Co-Op and Condominiums, Private Colleges and Universities and Trade Organizations.
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