360 Blockchain Inc. has signed a letter of intent dated June 22, 2018 to buy ICORanker.com and BlockchainRanker.com websites in a deal valued at $US 2.25 million in cash and stock.
VANCOUVER, BC, CANADA (July 5, 2018) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE – FWB: C5B – OTC: BKLLF) has signed a letter of intent dated June 22, 2018 to buy ICORanker.com and BlockchainRanker.com websites in a deal valued at US $2.25 million in cash and stock. The Company is currently conducting due diligence; the acquisition is expected to close in July.
“ICORanker is a profitable editorial property.” said Jeff Koyen, 360’s Strategic Advisor. “This deal supports our strong belief that the token sale ecosystem has a bright future as regulatory clarity clears the path for retail and institutional investors to participate.”
According to a report by PricewaterhouseCoopers’ Strategy& consulting firm, token sales raised $13.7 billion in the first five months of 2018, more than doubling total funds raised during 2017. ICOs are past the “hype cycle,” PwC said, and “are becoming more mature and established.”
“Yet, many challenges and opportunities remain,” said Koyen. “Most of all, the vast token-sale community needs a trusted source of unbiased information about these offerings. This kind of analysis can be highly profitable.”
Prior to joining 360 Blockchain Inc., Jeff Koyen enjoyed a 20-plus-year career in digital publishing, where he built and grew media properties at Forbes, Dow Jones Digital and Travel + Leisure and others. Plans for ICORanker include multi-language support for Asian markets, deeper community engagement, more in-depth reviews and expanded sponsorship opportunities.
360 will also acquire BlockchainRanker.com, a pre-revenue website that vets and rates blockchain platforms, services and software providers. Expected to relaunch under 360’s management in Q3, BlockchainRanker will refocus revenue efforts on highly lucrative lead generation and referral programs. Both websites will be managed by Koyen with small teams distributed internationally.
360 Blockchain Inc. will pay CAD $1.95 million in cash to fully acquire ICORanker.com and BlockchainRanker.com from Technology Development Partners, the broker representing the two sellers. ICORanker’s current owners will also receive US $300,000 worth of restricted shares in 360’s stock, based on the 5 day trading average at closing. The Company will issue a more comprehensive press release with financial information when the due diligence is complete and a definitive agreement has been signed.
“Just a fraction of Canada’s public blockchain companies are posting revenue this year,” said George Tsafalas, 360’s CEO. “By adding ICORanker to the 360 family, we are diversifying our holdings in a manner that puts revenue on the books immediately. Looking forward, we’re very excited to support the growth of these outstanding opportunities.”