Blockmate Ventures Provides Information About Current Initiatives

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from GlobeNewswire

Published on April 26, 2024 • 3 minutes reading time

TORONTO, April 26, 2024 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (FSE: 8MH1) (“Blockmate” or the “Pursue“) is pleased to provide an update on certain ongoing company initiatives.

Midpoint divestment
The Company has completed the previously announced divestiture of Midpoint, its cross-border payments and foreign exchange business. The Midpoint business was transferred to David Wong in return for assuming responsibility for all liabilities and obligations associated with the business, as well as costs associated with maintaining operations.

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The divestiture is expected to reduce annual net cash outflows by approximately $500,000. The Company is independent of David Wong and no finder’s fees or commissions were paid in connection with the completion of the disposal.

BESS Power Innovation Corporation
The Company has decided to terminate the stock purchase agreement previously concluded with the shareholders of BESS Power Innovation Corporation. The company has decided not to proceed with the acquisition of BESS. No funds have been transferred to BESS in connection with the proposed acquisition and the Company has not assumed any ongoing liabilities or obligations as a result of the termination of the agreement.

Hivello
Hivello Holdings Ltd., an investee of the Company, recently completed financing totaling $2.5 million. The company holds a 67% stake in Hivello, and recent financings give that stake an implied value of about $6.7 million (CAD$8.9 million), or 8.1 cents per Blockmate share¹. The completion of the divestiture of the Midpoint business and the completion of the acquisition of BESS will allow the Company to focus its available resources on the further development of Hivello as well as the evaluation of other potential investment opportunities.

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About Blockmate Ventures Inc.
Blockmate is a venture founder focused on building fast-growing technology companies in cutting-edge sectors such as blockchain, climate and energy storage. By collaborating with potential founders, projects in incubation can benefit from the Blockmate ecosystem, which provides technologies, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download our free passive income app at www.hivello.com) and Sunified, which digitize solar energy.

Blockmate’s leadership team has successfully founded successful technology companies from the dot-com era to the social media era. Learn more about being a Blockmate: www.blockmate.com.

Blockmate invites investors to join the company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

ON BEHALF OF THE BOARD OF DIRECTORS

Justin Rosenberg, CEO
Blockmate Ventures Inc.
[email protected]
(+1-888-218-6863)

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Information
This press release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that may cause actual events or results to differ from those expressed or implied by the forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

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^¹ There is no guarantee that this review will be realized.