Aida Minerals Corporation Enters into Letter of Intent to Acquire a Blockchain Technology Company
06.10.2017 | Marketwire
VANCOUVER, October 06, 2017 - Aida Minerals Corp. ("AMC" or the "Company") (CSE: AMC) (CSE: AMC.CN) (CNSX: AMC) is pleased to announce it has entered into a non-binding letter of intent (the "LOI") to acquire 100% of 10375977 Canada Inc., a blockchain technology company doing business as Greenstream ("Greenstream").Under the terms of the deal, Aida will acquire all of the issued and outstanding common shares of Greenstream in exchange for the issuance of 7,000,000 common shares of Aida on a pro-rata basis to the shareholders of Greenstream, subject to certain performance-based vesting conditions. The LOI also contemplates that upon closing of the acquisition, Joel Yaffe, Greenstream's founder and CTO, will be engaged by Aida as the Chief Technology Officer.
Blockchain is an emerging technology category that facilitates trust and transactions through a secure and immutable distributed ledger system. It is being declared as a significant technology movement that will provide better and more secure solutions to numerous industries such as banking, supply chain management and transaction processing.
Greenstream is engaged in the development of a blockchain-enabled supply chain management platform for the legalized cannabis industry. Joel Yaffe, Greanstream's Founder and CTO says, "With the forecasted growth in the legalized cannabis industry to $22.6B* annually, we believe that businesses and regulators need a secure, interoperable and accessible system for tracking the supply chain from the seed to the sale. We're building the Greenstream solution to be the operating system for the industry. We have an experienced technology team and now, with Aida, we will have the resources and expertise to develop our business further." Aida will fund the development of Greenstream products and services.
The LOI will form the basis of a definitive agreement to be executed by both parties as soon as practicable with a target closing of November 1, 2017. The completion of the transaction is subject to board, shareholder and regulatory approval, and will result in a fundamental change for Aida. Aida intends to call an annual general and special meeting of shareholders to approve the transactions contemplated in the definitive agreement.
* 2016 Deloitte Report: Recreational Marijuana: Insights and Opportunities
ON BEHALF OF THE BOARD OF DIRECTORS
Donald Gordon
Director
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.
Attachment Available: http://www.marketwire.com/library/MwGo/2017/10/5/11G146293/20171005NRATTDELOITTERecreational-c7e38dc89d469198a0c7d720f5598080.pdf
For further information, please contact:
David Alexander, CFO
(778) 772-8184
dmalexander2@gmail.com