Artificial Intelligence meets Blockchain backed by
strong IP
Key Highlights
- Blockseer has an expanding team of blockchain, AI, and data
scientists based in Silicon Valley
- Customer base has included Bitstamp, Intuit, and
Blockchain.info, one of the world's largest cryptocurrency wallet
providers
- Acquisition vaults DMG to leadership position in Blockchain
Forensics - users include US Secret Service, FBI, IRS
- Influential shareholders that include Charlie Lee, the founder
of Litecoin
Vancouver, B.C -- March 07, 2018 -- InvestorsHub NewsWire -- DMG
Blockchain Solutions Inc. (TSX-V:DMGI)
("DMG" or the "Company") is pleased to announce the formal closing
of the previously announced acquisition of Datient Inc., doing
business as "Blockseer" (the "Transaction").
The combined DMG - Blockseer alliance represents a strong
competitive advantage in providing leading cryptocurrency forensics
and proprietary real-time risk scoring for compliance and
anti-money laundering (AML). Additionally, Blockseer's blockchain
and data analytics expertise provides the capabilities to uniquely
offer class-leading enterprise solutions with a natural convergence
of Blockchain and artificial intelligence technologies - data is
the asset, which can be tracked and monetized utilizing blockchain
technology.
Blockseer is a blockchain and artificial intelligence company
headquartered in Silicon Valley, California. Blockseer has worked
with several law enforcement agencies including the U.S. Secret
Service, Federal Bureau of Investigation, and the Internal Revenue
Service, and it also provides Ethereum blockchain data services for
Blockchain.info, one of the world's largest cryptocurrency wallet
providers. Blockseer provides data analytics and incorporates
artificial intelligence to provide insight into what is happening
with digital currencies and blockchains.
Blockseer's intellectual property (IP) includes two (2) United
States provisional patents: (a) Providing Data Provenance,
Permissioning, Compliance, and Access Control for Data Storage
Systems Using an Immutable Ledger Overlay Network; and (b) Off
Network Identity Tracking in Anonymous Cryptocurrency Exchange
Networks.
Blockseer's current team comes from Stanford, Harvard,
University of Chicago, Carnegie Mellon and Columbia with deep
experience in artificial intelligence, big data, and blockchain and
is led by its Chief Executive Officer and founder, Danny Yang. Its
advisors include Andreas Weigend, Bill Tai, Stephen Sorkin, Vas
Bhandarkar, Phil Porras, and Brian Klein, and its influential
shareholders include Charlie Lee, the founder of Litecoin.
"To date, DMG has received recognition as a market leader in the
crypto mining space, and now with the Blockseer acquisition, DMG
can claim leadership in the blockchain development arena and
deliver on its commitment to be a diversified blockchain company.
Blockseer is not a single blockchain application, but a blockchain
development engine for multiple applications with well-known global
customers. We believe that the Blockseer team is amongst the most
talented in the industry today, and we welcome Dr. Danny Yang and
the Silicon Valley team to DMG," said Daniel Reitzik, CEO and
Director of DMG.
Chris Filiatrault, DMG's Chairman and Founder added, "Japan
remains the largest crypto market in the world, and very few
non-Japanese companies have been successful. With the Blockseer
product line, and the DMG presence in the market today, Japan
represents a massive opportunity for our stakeholders. We have
already planned a visit for Dr. Danny Yang to visit Japan and look
forward to sharing our progress in short order."
Terms of the Transaction
Under the terms of the Transaction, DMG, through its U.S.
subsidiary ("DMG-US"), acquired Blockseer for a purchase price
comprising C$2,630,769 in cash and 7,673,076 common shares of DMG
(the "Transaction Shares").
The Transaction Shares issued to the former Blockseer securities
holders will be subject to vesting with such shares vesting ratably
on a calendar quarterly basis over a two-year period following the
Closing (the "Trading Restrictions").
Following the Transaction, DMG-US will own 100% of Blockseer,
with DMG-US shares being owned approximately 61% by DMG and
approximately 39% by the selling securityholders of Blockseer.
Upon completion of the Trading Restrictions, each individual
holder of the DMG-US shall have the option to exchange such shares
at the election of the holder 1-for-1 for DMG common shares, which
will be fully tradable subject to the regulations of the TSX
Venture Exchange. Additionally, in the event that upon completion
of the Trading Restrictions, the per share price of DMG's common
shares is greater than C$0.40 (as adjusted for stock splits and
consolidations), then DMG, at its sole election, shall have the
option to exchange all of the shares of DMG-US held by the former
security holders of Blockseer 1-for-1 for common shares of DMG,
which will be fully tradable shares in accordance with the policies
of the TSX Venture Exchange.
About DMG
DMG Blockchain Solutions Inc. is a diversified blockchain and
cryptocurrency company that manages, operates and develops
end-to-end solutions to monetize the blockchain ecosystem. DMG
intends to be the global leader in bitcoin mining hosting - Mining
as a Service (MaaS), bitcoin mining, blockchain
forensics/analytics, and blockchain platform development.
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations: John Martin
Toll Free: 1-888-702-0258
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Direct: 778-868-6470
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information
based on current expectations. Statements about the Company's plans
and intentions, other potential transactions, product development,
events, courses of action, and the potential of the Company's
technology and operations, among others, are all forward-looking
information. Forward-looking statements consist of statements that
are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such information can generally be identified by the use of
forwarding looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, business, economic and capital market
conditions; the ability to manage operating expenses, which may
adversely affect the Company's financial condition; the ability to
remain competitive as other better financed competitors develop and
release competitive products; regulatory uncertainties; access to
equipment; market conditions and the demand and pricing for
products; the demand and pricing of bitcoins; security threats,
including a loss/theft of DMG's bitcoins; DMG's relationships with
its customers, distributors and business partners; the inability to
add more power to DMG's facilities; DMG's ability to successfully
define, design and release new products in a timely manner that
meet customers' needs; the ability to attract, retain and motivate
qualified personnel; competition in the industry; the impact of
technology changes on the products and industry; failure to develop
new and innovative products; the ability to successfully maintain
and enforce our intellectual property rights and defend third-party
claims of infringement of their intellectual property rights; the
impact of intellectual property litigation that could materially
and adversely affect the business; the ability to manage working
capital; and the dependence on key personnel. DMG may not actually
achieve its plans, projections, or expectations. Such statements
and information are based on numerous assumptions regarding present
and future business strategies and the environment in which the
Company will operate in the future, including the demand for its
products, the ability to successfully develop software, that there
will be no regulation or law that will prevent the Company from
operating its business, anticipated costs, the ability to achieve
goals and the price of bitcoin. Given these risks, uncertainties
and assumptions, you should not place undue reliance on these
forward-looking statements.
The securities of DMG are considered highly speculative
due to the nature of DMG's business.
Factors that could cause the actual results to differ
materially from those in forward-looking statements include,
failure to obtain regulatory approval, the continued availability
of capital and financing, equipment failures, lack of supply of
equipment, power and infrastructure, failure to obtain any permits
required to operate the business, the impact of technology changes
on the industry, competition, security threats including stolen
bitcoins from DMG or its customers, consumer sentiment towards
DMG's products, services and blockchain technology generally,
failure to develop new and innovative products, litigation,
increase in operating costs, increase in equipment and labor costs,
failure of counterparties to perform their contractual obligations,
government regulations, loss of key employees and consultants, and
general economic, market or business conditions. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The reader is cautioned not to place
undue reliance on any forward-looking information.
The forward-looking statements contained in this news
release are made as of the date of this news release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Source: DMG Blockchain Solutions Inc.
DMG Blockchain Solutions (TSXV:DMGI)
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