Routemaster Announces Cooperation Agreement with GEAR Blockchain
TORONTO, March 01, 2018 (GLOBE NEWSWIRE) -- Routemaster Capital Inc. (TSX-V:RM) ("Routemaster" or the "Company") announces that it has entered into a partnership with GEAR Blockchain Inc. ("GEAR"), a privately held company focused on the energy-intensive cryptocurrency mining space (the "Transaction"). GEAR is currently working to launching its own token network via an initial coin offering ("ICO") in Barbados. Pursuant to the agreement among Routemaster and GEAR dated February 26, 2018, Routemaster will provide GEAR with management consulting services and up to US$2 million in cash to be used by GEAR for the launch of its ICO. Routemaster will not be issuing any shares to GEAR pursuant to the Transaction. As consideration for Routemaster's financial and management support, Routemaster will be issued 10% of the GEAR tokens issued pursuant to the proposed ICO. The term of the agreement is for one year.
Routemaster has no assurance that it will receive any return on this investment.
GEAR is in the early stages of preparing a White Paper for its token network. The White Paper is a pivotal component of the ICO which is currently in its initial stages. Given the current stage of the ICO, GEAR has not yet received any firm commitments from investors to acquire tokens. The ICO is at a preliminary stage and there can be no assurances on when or if the ICO will be completed; if an active and liquid market will develop for the tokens; or if the tokens received by Routemaster will have any value.
The Transaction follows Routemaster's recently announced investment into Pinedale Springs LLC ("Pinedale"), a company that successfully operates solar powered cryptocurrency mining facilities located in Cary, North Carolina (see Press Release dated December 14, 2017).
The proposed GEAR network is an innovative platform that will try to support the green and renewable energy sector by:
- Building a cryptocurrency mining network through the allocation of mining proceeds toward scaling and expansion
- Accelerating the offset of conventional energy in the blockchain industry and cryptocurrency mining process
- Decentralizing and democratizing the cryptocurrency mining space via GEAR's token network which utilizes voting rights and green hashing power tokenization
- Investing in the green energy and renewable sector accelerating global adoption
There can be no assurances that GEAR will be able to complete any of its planned investments into the blockchain and cryptocurrency mining space.
Routemaster has consultants and a director who are experienced in the blockchain and cryptocurrency sectors and Routemaster will provide management expertise to assist GEAR with the launch of its ICO. Routemaster and GEAR are arm's length parties. The GEAR team is comprised of highly talented and experienced experts across a multitude of backgrounds, including finance, marketing, blockchain and technology. Mr. Orlando Bustos, a consultant for the Forbes & Manhattan Group, is an insider of GEAR. GEAR is incorporated in Barbados and will comply with all applicable securities laws.
The global cryptocurrency market has seen recent exponential growth however this comes with an enormous amount of energy usage due to the intensive energy requirements of the proof-of-work system utilized by mining operations of the most popular cryptocurrencies including Bitcoin and Ethereum. The Bitcoin network alone currently consumes 50TWh per year in its mining process, mostly powered by dirty fossil fuels such as coal which has a massive carbon footprint. Furthermore, much of mining computing power is concentrated into the hands of a small number of entities, which runs counter to blockchain's decentralized fundamentals. GEAR recognizes and acknowledges that these are issues that threaten the security of the blockchain industry and cryptocurrencies.
GEAR is developing a unique mining platform with an innovative token network that provides security to the blockchain industry and cryptocurrency network by deploying hashing power using renewable energy and bringing decentralization to the cryptocurrency mining process, all in a manner that drives substantial value to the network, tokenholders and partners.
The GEAR Network
The GEAR network will be comprised of globally located clean energy farms, including, but not limited to, solar, wind, tidal and biomass. Energy produced will mainly be used for cryptocurrency mining but will also have a number of other use cases including grid sales and inputs into datacentres.
A key feature of the GEAR network is its decentralized system and green hashing power tokenization which provides tokenholders voting and comment rights to network operations, allowing participants to influence the growth of the platform and its initiatives. GEAR tokenholders are therefore able to, but not limited to, selectively allocate network proceeds or hashing power toward the expansion of a particular green energy farm or toward specific research and development projects.
Fred Leigh, President and CEO of Routemaster stated, "As a believer in blockchain technology and its applications, Routemaster is pleased to partner with GEAR and leverage its unique GEAR network and mining platform and we look forward to helping GEAR launch its green token"
Routemaster Continues Focus on Blockchain and Green Energy Technologies
Through this partnership with GEAR, Routemaster affirms its position as a diversified investment vehicle committed to partnering with, and advancing, companies on the edge of blockchain technology and its applications, particularly those supporting environmental wellbeing and innovation in green energy and renewables.
About Routemaster Capital Inc.:
Routemaster Capital Inc. is a Canadian investment company that carries on business with the objective of enhancing shareholder value.
For further information please contact
President and Chief Executive Officer
Tel: +1 (416) 861-5933
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements, including statements regarding the Transaction and GEAR, the impact of the Transaction on the Company, GEAR ' s ability to complete the White Paper and ICO, the valuation and liquidity of the GEAR tokens, the blockchain/cryptocurrency industry and the sustainability thereof, the Company ' s ability to identify accretive investments and the Company ' s ability to attract required financing. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.
NEITHER THE 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.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Routemaster Capital Inc. via Globenewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Følg saker fra GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra GlobeNewswire
ProQR Announces Publication in Nature Medicine of QR-110 Data for Leber’s Congenital Amaurosis 1017.12.2018 17:52 | Pressemelding
LEIDEN, Netherlands and CAMBRIDGE, Mass., Dec. 17, 2018 (GLOBE NEWSWIRE) -- ProQR Therapeutics N.V. (Nasdaq:PRQR), a company dedicated to changing lives through the creation of transformative RNA medicines for the treatment of severe genetic rare diseases, today announced the publication of a peer-reviewed manuscript describing the previously announced interim results of a clinical trial of QR-110 for the treatment of Leber’s congenital amaurosis 10 (LCA10) in the journal Nature Medicine. “It was enormously gratifying to see robust improvements in visual acuity and significant augmentations in the patient’s ability to detect lights, and impressive to observe these effects within the first three months following a single injection,” said Professor Artur V. Cideciyan, Ph.D., who was one of the co-investigators at the Scheie Eye Institute of the University of Pennsylvania. “LCA10 is a severe form of childhood blindness and this is a major step forward in the treatment of these previously
Allied Esports™ Announces Formation of World’s First Affiliate Program for Esports Venues17.12.2018 15:30 | Pressemelding
Allied Esports™ Property Network to Offer Members Access to Global Events and Content, Expertise in Design and Operations, and Unique Sponsorship OpportunitiesFortress Esports Joins Program with Partnership Covering Exclusive Rights to New Properties in Australia and New Zealand ORANGE COUNTY, Calif., Dec. 17, 2018 (GLOBE NEWSWIRE) -- Allied Esports™, a global esports entertainment company, today announced the formation of the world’s first esports venue affiliate program – the Allied Esports Property Network – created for global partners interested in participating in Allied Esports’ global event programming, and licensing Allied Esports’ design, development and operations expertise for their own dedicated esports venues. The Allied Esports Property Network will provide members with access to Allied Esports’ global platform of events and content production, providing participants and viewers with integrated experiences both in-person and online. Affiliate members will be fully incorpo
Aryaka Names Cloud and Software Industry Veteran, Deepak Kumar, as Senior Vice President of Customer Success17.12.2018 15:00 | Pressemelding
SAN MATEO, Calif., Dec. 17, 2018 (GLOBE NEWSWIRE) -- Aryaka®, the leading SD-WAN as a Service provider, announced today that Deepak Kumar, a 20-year cloud and enterprise software industry veteran, has joined the company’s leadership team as Senior Vice President, Customer Success. "We’re thrilled to welcome Deepak to Aryaka; his leadership will help us further enhance our end-user customer experience worldwide,” said Matt Carter, CEO of Aryaka. “His expertise in building and nurturing enterprise relationships will be critical as we continue to grow in 2019 and beyond.” Before joining Aryaka, Kumar was the SVP & GM at 7.ai, a Sequoia portfolio company in the customer experience domain. As SVP Business Development, he was responsible for building out strategic partnerships and alliances. His hard work grew the channel driven revenue significantly. As General Manager, Kumar was responsible for the Customer Acquisition Cloud product line. The product line was built based on strategic a
Biome Grow receives new consumer sales amendment from Health Canada for its Nova Scotia brand, Highland Grow17.12.2018 14:00 | Pressemelding
Sales amendment granted for Highland Grow—Amendment to License Significantly Increases Product Availability for Medical and Adult Consumer-Use Markets TORONTO, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Biome Grow Inc. (“Biome” or the “Company”) (CSE: BIO) (Frankfurt: 6OTA) (OTC: ORTFF) is pleased to announce its Nova Scotia-based subsidiary, Highland Grow Inc. (“Highland Grow”), has received its sales authorization via an amendment to its existing license from Health Canada under the Cannabis Act. This authorization will allow Highland Grow to sell cannabis products to end consumers through appropriate medical and recreational cannabis channels, dramatically increasing product availability. The sales authorization will position Biome Grow to serve the rapidly growing domestic and international cannabis markets. "Biome Grow has been steadfast in its focus on a regional business strategy and building provincial brands that can serve the unique requirements of its local cannabis consumers. This n
Alkermes and Biogen Announce Submission of a New Drug Application to U.S. Food and Drug Administration for Diroximel Fumarate in Multiple Sclerosis17.12.2018 13:30 | Pressemelding
DUBLIN, Ireland and CAMBRIDGE, Mass., Dec. 17, 2018 (GLOBE NEWSWIRE) -- Alkermes plc (Nasdaq: ALKS) and Biogen Inc. (Nasdaq: BIIB) today announced that Alkermes has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for diroximel fumarate (BIIB098), a novel oral fumarate in development for the treatment of relapsing forms of multiple sclerosis (MS). Alkermes is seeking approval of diroximel fumarate under the 505(b)(2) regulatory pathway, and the NDA submission includes data from EVOLVE-1, a Phase 3 pivotal trial that evaluated long-term safety in relapsing-remitting MS (RRMS) with approximately 700 patients dosed with diroximel fumarate. If approved, Biogen intends to market diroximel fumarate under the brand name VUMERITY™. This name has been conditionally accepted by the FDA and will be confirmed upon approval. “Diroximel fumarate was designed to provide patients with relapsing forms of multiple sclerosis a novel oral fumarate with a differentiated
SoftServe Documentary Receives “The Best Corporate Media of Ukraine 2018” Award17.12.2018 13:00 | Pressemelding
25th anniversary documentary takes prize in “The Best Corporate Movie” category AUSTIN, Texas, Dec. 17, 2018 (GLOBE NEWSWIRE) -- SoftServe, a leading digital authority and consulting company, announces the Ukrainian Association of Corporate Media, a public organization uniting professionals in the field of marketing, PR, journalism, and advertising, recognized SoftServe in its annual competition – “The Best Corporate Media of Ukraine 2018.” SoftServe’s 25th anniversary documentary took second place in the “The Best Corporate Movie Category.” The documentary honors the company’s 25th anniversary with an inside look at how SoftServe evolved over the past quarter century to become a leading digital authority. In the documentary, SoftServe’s founders and leadership share their inspiring stories and highlight the company’s achievements over the years. “It is a great honor to receive this recognition from the Ukrainian Association of Corporate Media for our 25th anniversary documentary,” sai