LAS VEGAS, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Millennium Blockchain Inc. (OTC:MBLC) (“Millennium Blockchain” or the “Company”), a holding company primarily focused on blockchain technologies and crypto-assets in financial markets, healthcare, crypto-mining and high technology sectors, announced today that the Company has signed a letter-of-intent to invest $5 million into BurstIQ’s $20 million private equity and token offering. Millennium Blockchain plans to take a 2.5% equity stake in the healthcare blockchain data leader in addition to stake in BurstIQ’s token offering. The transaction was negotiated at the 2018 World Economic Forum, #DAVOS2018.
The decision to invest in BurstIQ comes on the heels of BurstIQ’s successful 2017 fiscal year-end, the 2018 revenue pipeline and its enterprise-level healthcare blockchain deployment partnership with Empiric Health for Intermountain Healthcare. This partnership, in conjunction with BurstIQ’s other operational efforts, has positioned BurstIQ as one of the only revenue-generating and profitable emerging growth companies in the blockchain industry.
Enzo Villani, Chairman of Millennium Blockchain, commented, “At present, there are only a handful of enterprise-level blockchain companies out there, even fewer in healthcare, and only one that I’m aware that is profitable—BurstIQ. We are extremely excited to be able to support their growth—BurstIQ should be a marquee asset in our portfolio.”
Frank Ricotta, CEO of BurstIQ, commented, “We are thrilled to be working with the dynamic team at Millennium Blockchain. We’re honored to have a strategic blockchain investor such as Millennium Blockchain on our cap-table to help support us during this growth period.”
“Blockchain is transformative technology that will fundamentally disrupt multiple different industries,” said Millennium Blockchain CEO Brandon Romanek. “We could not be happier with our choice to invest in BurstIQ; they will be our first portfolio acquisition, and we look forward to working with their management team to help them grow.”
