As part of its License agreement with BlocPal, the Company (SGGV) has also received a partial ownership position in BlocPal.
Wonder if this effects us any....
VANCOUVER, British Columbia – Genesis Fintech Inc. (“Genesis” or the “Company”) announced it has signed a letter of intent (“LOI”) for a business combination with BlocPal International Inc.(“BlocPal”).
Pursuant to the terms of the Acquisition, Genesis will acquire 100% of the issued and outstanding shares in BlocPal, thereby acquiring BlocPal’s intellectual property, development program, operations and key personnel. As consideration, Genesis will issue to the BlocPal Common Shareholders three Genesis Common Shares for each one BlocPal Common Share held (3:1 ratio). Any options or warrants for the purchase of BlocPal Shares outstanding at the time of the Acquisition will also be adjusted using the same ratio. It is anticipated that, immediately prior to the business combination, Genesis will have 3,100,000 common shares issued and outstanding and BlocPal will have 28,982,000 common shares issued and outstanding. Upon completion of the business combination, it is anticipated that the resulting issuer will have 90,046,000 common shares issued and outstanding. The resulting issuer intends to raise up to $5 million in new equity financing.
Upon completion of the business combination, Mr. Nick Mellios will be named as the CEO and President of the resulting issuer. Nick Mellios currently owns 6,375,000 of the common shares of BlocPal. The resulting issuer will be a reporting issuer and intends to apply for a listing on a recognized Canadian stock exchange.
“BlocPal is one of the first and leading fintech blockchain payment processors in Canada,” according to Simon Cheng, Director of Genesis. “We are very excited about BlocPal’s proprietary intellectual property and first-mover platform designed to make blockchain and cryptocurrency transactions easier, safer and more efficient.”
“The combination with Genesis is a key next step in the evolution of BlocPal, as we formalize our path to a public listing on a Canadian stock exchange. BlocPal has invested $2.6 Million into its innovative blockchain payments platform and is currently preparing to launch solutions for merchants and enterprise partners. The public listing will help BlocPal continue to raise capital, support the growth of its user base and achieve revenue targets” said Nick Mellios, CEO of BlocPal.
About Genesis Fintech Inc.
Genesis Fintech is investigating opportunities in the fintech and blockchain payment sectors.
About BlocPal International Inc.
BlocPal provides an advanced FinTech digital payments infrastructure focused on bringing the significant benefits of blockchain and digital currencies to the mainstream. BlocPal’s mission is to provide a simpler, smarter and more secure way to transact with crypto and traditional currencies. BlocPal has designed the first ‘multi-currency, multi-fiat’ decentralized blockchain, using proprietary technology to simplify and secure payment processing. With extensive developer APIs, BlocPal’s ecosystem supports point-of-sale terminals, ecommerce sites and financial applications, enabling users, merchants and enterprise partners to easily and safely transact with crypto or international currencies.
For further information, please contact:
Simon Cheng
Director
Phone: 604-689-0618
BlocPal
Elan Amir
Director of Marketing
info@blocpal.com
www.blocpal.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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