360 Blockchain Inc. exercises its option to Increase Ownership to 80%
VANCOUVER, BC, CANADA (May 7th, 2018) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B - OTC: BKLLF) announces that has increased its investment in its subsidiary SV CryptoLab from 60% to 80% ownership.
“Under the leadership of Jim Cerna, director of the SV Lab, we have seen strong advancement on the business model to date, which has given us the confidence to increase our ownership position,” said George Tsafalas, 360 . President and CEO.
360 has exercised its option to increase its investment in SV CryptoLab Inc. through the purchase of 1,666,667 common shares in the capital of SV CryptoLab Inc., at a purchase price of $0.0225 per common share for a total payment of $37,500 USD.
This is a significant step for the growth of SV CryptoLab and we are thrilled to have such a strong working relationship as a featured 360 company in the 360 portfolio,” said Mr. Jim Cerna, Director of the SV Lab. “Our model is adaptive and is being deployed in such a way that we foresee tremendous upside with the company’s own crypto-mining activities and very importantly, proprietary offerings being developed for other companies involved in mining operations,” added Mr. Cerna.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that’s part hacker and part social space that is open to the public to attend weekly meetups and hackathons free of charge. On nights and weekends, the facility’s significant hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.