VANCOUVER, BC, CANADA (NOVEMBER 2, 2017) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B) announces that it has executed a non-binding letter of intent to acquire 60% of the outstanding shares of Silicon Valley based SV Crypto Lab (SV). If 360 and the shareholders of SV can agree on mutually acceptable terms and the transaction is completed, SV CryptoLab founder and CEO Mr. James Cerna will lead the advancement of the SV CryptoLab business model, establishing the 360 presence with its previously announced office in San Carlos, California.
“SV CryptoLab is founded on the principle that blockchain technology is at the same stage of development as the internet was in 1994,” explained Mr. Cerna. “With the resources that 360 brings to the mix, we can advance our objectives and nurture the blockchain and cryptocurrency projects that will define our next decade,” added Mr. Cerna.
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 60% of the fully diluted capital stock of SV, with the option to purchase the remaining 40% of the fully diluted capital stock.
- Purchase price to be paid by 360 to the shareholders of SV equals USD $250,000 and 5,000,000 shares of 360 (subject to receipt of stock exchange and regulatory approval).
- Mr. James Cerna, founder of SV CryptoLab will lead SV’s advancement, playing an integral role on the 360 leadership team.
- 360’s CryptoLab will lead the development of blockchain technologies for the Company with its access to engineering talent enabling the monetization of its R&D efforts.
- During the day, the lab which will have up to 200 parallel CPU’s available, and is host to blockchain and cryptocurrency engineers.
- Nights and weekends, the lab will use its computing power to join a mining collaborative and mine coins for the economic benefit of 360.
- This proposed investment will be the first of several to empower blockchain technologies with capital and experience to create exponential value.
“This is a significant milestone for 360,” noted Mr. Brian Keane, Director. “SV is the first of our proposed acquisitions. SV brings with it a strong business plan, outstanding leadership and vision highlighted by Jim Cerna; plus a vibrant presence in the heart of Silicon Valley,” said Mr. Keane. “We are in prime position to leverage this position, in combination with our capital and experience, so that we can identify and acquire strategic blockchain technologies that will accelerate our growth. We are very hopeful that we can successfully negotiate and complete a transaction with SV as we would be thrilled to have Jim aboard,” added Mr. Keane.
Mr. Cerna is a successful company leader with 27 years’ experience in the software and energy industries. Mr. Cerna has served as an executive and director with companies listed on NYSE, Nasdaq, and OTCBB markets. Currently, Mr. Cerna serves as a director and advisor to various software companies. From 2014 to 2017 he was CEO and CFO of SauceLabs, the world’s largest automated testing cloud company based in San Francisco. Prior to SauceLabs, Mr. Cerna was the President of Armada Oil in Dallas. From 2004 to 2009, Mr. Cerna served as Chairman of the Board and CEO of Lucas Energy, Inc. (NYSE: LEI), a company he founded. Prior to joining Lucas Energy, Jim was the founder and CEO of NetCurrents, Inc., (NASDAQ: NTCS), an early SaaS company that focused on Internet data monitoring and analysis. In addition, Lieutenant Cerna serves as a senior officer and pilot with the Civil Air Patrol, U.S. Air Force Auxiliary, Squadron 192, California Wing.