Brooklyn-based startup to relaunch as blockchain-powered platform to fight fake news
VANCOUVER, BC, CANADA (November 22nd, 2017) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B - OTC: BKLLF) is pleased to announce it has executed a letter of intent to acquire 70% of the media directory and website Pressland (http://press.land) from Chaotic Neutral LLC, which letter of intent is subject to closing conditions usual to transactions of this type, including exchange approval. Under the direction of 360's strategic advisor, Jeff Koyen, Pressland will become a blockchain-powered platform dedicated to debunking fake news.
"Before 'fake news' was a household term, Pressland was already in the business of media transparency,” said George Tsafalas, 360’s President. “Today, thanks to the innovative power of blockchain technology and utilizing 360's expertise and resources we have the unique opportunity to expand Pressland's mission to debunking fake news and exposing unreliable players in the media.”
Launched in 2015 as "Yelp for Media," Pressland offers a crowd-sourced directory of nearly 20,000 media outlets and professionals. Starting in 2018, Pressland will distribute blockchain-powered tools to the public that expose biased and unreliable media outlets and stories.
"Pressland is already a fundamentally good idea that's been popular with media professionals," said Jeff Koyen. "But now that blockchain technology is more accessible and market-proven, it's a very exciting time to re-envision Pressland as a general-interest, public platform operating on trust and transparency."
Pressland is fully held by Chaotic Neutral LLC, a Brooklyn-based incubator of media projects founded by Jeff Koyen. With capital from 360 Blockchain Inc., Pressland will relaunch as a blockchain-based media-transparency platform. Plans for an initial coin offering (“ICO”) (or, cryptocurrency token offering) are being discussed.
While no definitive documentation has yet been signed by the parties, and there is no certainty that such documentation will be signed, certain terms of the proposed acquisition include:
- 360 would acquire 70% of Pressland from Chaotic Neutral LLC, with the option to purchase the remaining 30% within one year's time.
- Purchase price to be paid by 360 to Chaotic Neutral LLC equals two tranches of 1,000,000 shares of 360 (subject to receipt of stock exchange approval), with the first 1,000,000 shares paid on closing, and the second upon the exercise of the option to purchase the final 30%..
- Additionally, USD $250,000 in working capital to be provided by 360 to Chaotic Neutral LLC in two tranches, with USD $125,000 given upon closing, and the balance in 4 months from closing.
- Using this capital, Pressland will develop blockchain technologies for the Company, enabling the monetization of its R&D efforts.
- Mr. Jeff Koyen, 360's strategic advisor and an integral part of the 360 leadership team, will lead Pressland's advancement.
- Working with the appropriate regulatory bodies, 360 may decide to stage an ICO to further develop Pressland.
This proposed investment will be the third of several to empower blockchain technologies with capital and experience to create exponential value.