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Skychain Announces Updates of Quebec Facility Acquisition

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Vancouver, British Columbia–(Newsfile Corp. – May 31, 2021) – Skychain Technologies Inc. (TSXV: SCT) announces once more of the update in regards to the Quebec facility acquisition.

Sherbrooke Acquisition Clarification

Further to its news release dated May 21, 2021, the Company would like to clarify certain matters concerning the now terminated acquisition (the “Acquisition”) of all of the issued and outstanding common shares (the “Zhang Shares”) in the capital of 1151203 B.C. Ltd. (“115”). On December 23, 2020, the Company entered into an agreement (the “115 Agreement”) with 115 and Songhua Zhang (the “Vendor”) pursuant to which the Company agreed to purchase the Zhang Shares. One of the conditions in the 115 Agreement was that the Company make a cash payment of $1,500,000 to the Vendor within five days of closing of the transaction. As a condition to receiving TSX Venture Exchange (the “Exchange”) approval for the Acquisition, the Exchange required the Company to provide evidence that it either had the funds available to it or that the Company would be in a position to close a financing transaction concurrent with closing of the Acquisition. The Company was unable to satisfy this Exchange requirement.

In addition, the 115 Agreement provided the Vendor with a right to terminate the 115 Agreement if the Company did not obtain Exchange approval for the Acquisition within sixty (60) days of the date of the 115 Agreement. The Vendor had the right to terminate the 115 Agreement as of February 21, 2021. The Vendor has delivered written notice to the Company that it has terminated the 115 Agreement due to the Company’s failure to satisfy the Exchange’s Acquisition conditions within the stipulated time.

Sherbrooke Facility Lease

As also stated in the news release of May 21, 2021, the Company entered into a lease (the “Lease”) with 115, dated for reference February 14, 2018, pursuant to which the Company agreed to lease 39,323 square feet of land and building (the “Facility”) located in Sherbrooke, Quebec from 115. It is this Facility that was the subject matter of the 115 Agreement. Despite the termination of the 115 Agreement, the Lease remains in good standing.

The Lease runs for a term of five (5) years and two (2) months and expires on the last day of April 2023. In order to maintain the Lease in good standing, the Company agreed to pay 115 an annual base year rent of $275,261 (plus tax), calculated on the basis of $7 per square foot, payable monthly in advance at the rate of $22,938.42 (plus tax). Commencing May 1, 2019, and occurring annually, the rent shall increase by the greater of (i) the annual increase of the Consumer Price Index, or (ii) by a rate of 3% per annum.

The Company is permitted to use the Facility solely for the purposes of a data room and related activities. The Company is responsible for all operating costs, maintenance costs and insurance costs associated with the Facility.

About Skychain Technologies INC

Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. Our vision is to become a leading player in the crypto/data mining hosting by growing to 100Mw of crypto hosting capacity. To learn more, visit www.skychaintechnologiesinc.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Zhang
President and CEO

Contact: 604-456-0608
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATON INTO THE USA

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85899

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

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Revolutionizing Fintech: 6G Digital & Rune Nilsson’s FlexM Global in a Bold $12.5M Deal Shaking the Banking Industry

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Teletubbies Digital Companions to Launch on the Tezos Blockchain

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MetaPals, an AI digital companion platform, is partnering with WildBrain’s beloved Teletubbies to bring together cherished childhood memories and the innovative digital era with the launch of the Teletubbies AI digital companions on 20 April, 2024.
As Teletubbies commemorates its 27th anniversary on 31 March, the collaboration marks the beginning of an exciting array of renowned IPs joining the ‘MetaPals Multiverse’ in 2024. Through the use of AI and blockchain technology powered by Tezos, much loved Tinky Winky, Dipsy, Laa-Laa, Po, and even Noo-Noo have become personalized, evolving digital companions within the MetaPals browser extension game engine.

The Teletubbies characters integrate with users’ daily browsing experience that accompanies users across the web, offering both playful interactions and practical assistance. This technology not only brings these fun characters to life in new, interactive ways, but also helps to enhance the mental well-being of users by fostering a sense of companionship.

Each Teletubbies companion within the MetaPals Multiverse will exhibit unique personality traits, offering users a diverse and dynamic experience. With personalities distributed across 5000+ Teletubby companions along a spectrum, users are guaranteed a one-of-a-kind experience, ensuring enjoyment for all and opportunities to foster new connections with this nostalgic brand.

Max Giammario, CEO of MetaPals, said: “Through this collaboration we’re not just revisiting Teletubbyland, we’re reinventing it for the digital age. By weaving in AI and blockchain, we enable the Teletubbies characters to evolve, interact, and form unique bonds with users, embodying our vision of dynamic digital companionship. With a bit of ‘MetaPals magic’, the Teletubbies are exploring beyond the hills and far away, ready to play, in ways we’ve never imagined.”

Melissa Goodrich, Director, Franchise Strategy at WildBrain, said: “We’re excited to see our colorful quartet come to life in new ways through this unique digital experience for fans. As we celebrate 27 years of the perennially popular Teletubbies franchise, this latest collaboration encapsulates the essence of childhood nostalgia while embracing the limitless possibilities of the digital age.”
Jason Lim, TZ Apac Games Adoption Team for the Tezos Ecosystem, said: “MetaPals will be pioneering the convergence of iconic IPs such as Teletubbies with the limitless possibilities of the Tezos blockchain. I can’t wait to see the magic they are brewing up next.”

The post Teletubbies Digital Companions to Launch on the Tezos Blockchain appeared first on HIPTHER Alerts.

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Alarum Announces Exciting Events Lineup and Welcomes Esteemed Advisor to NetNut’s Advisory Board

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