VANCOUVER, British Columbia, Nov. 27, 2017 (GLOBE NEWSWIRE) -- Aida Minerals Corp. ("AMC" or the "Company") (CSE:AMC) (FRANKFURT:2AD) wishes to provide an update on the previously announced letter of intent (the "LOI") (October 6, 2017) to acquire 100% of 10375977 Canada Inc., a blockchain technology company doing business as Greenstream ("Greenstream"). The Company has completed the due diligence process, the definitive agreement has been signed by both parties and the transaction will submitted to the Canadian Securities Exchange (the "CSE") for review.
The definitive agreement has resulted in a fundamental change for AMC pursuant to Canadian Securities Exchange Policy 8. Accordingly, AMC will seek approval to the transaction from shareholders, and will completing a Form 2A listing statement and file the documents set out in CSE Policy 2 concurrently with filing the information circular in respect of an annual general and special meeting of shareholders to approve the transaction. This meeting is scheduled for December 28, 2017. The target closing date remains subject to the receipt of the required regulatory and shareholder approvals. Once those approvals have been accomplished, the Company will request permission to resume trading.
Once the transaction is completed, AMC will change the company name to BLOK Technologies Inc. (“BLOK”) to better reflect the change to a technology issuer. The Company will continue to trade on the CSE but will change its symbol to BLK, and the Board of Directors and management team of the Company will be reconstituted.
About Blockchain
Blockchain is an open, distributed ledger technology protocol that ensures trust, accuracy and auditability of transactions. Many believe that blockchain will transform the way business is done. Blockchain systems can record transactions between two parties efficiently and in a verifiable and permanent way. Once recorded, the data in any given block is immutable, meaning it cannot be altered retroactively without the alteration of all subsequent blocks by the majority of the network.
Blockchain systems are secure, decentralized and eliminate the need for central third parties to verify trust within the transaction. This makes blockchain ideally suited for recording of commercial transactions, inventory management, events, personal identity records, and the traceability of goods amongst producers and the supply chain.
Blockchain has significant benefits in the legalized cannabis industry for both companies and regulators enabling secure supply chain management and regulatory compliance like never before. This enables complete tax compliance at the municipal, provincial, and federal levels.
About Greenstream
Greenstream is engaged in the development of a blockchain-enabled supply chain management platform for the legalized cannabis industry. The federal government has laid out a roadmap to have cannabis legalized nationwide by July 2018. With this in mind, Greenstream is in the process of developing a technology architecture to address the supply management needs for this new regulatory environment, providing the industry the ability to manage from 'seed to sale'. The Greenstream architecture calls for three layers of development including: smart contract processing, POS and ID database integrations and integration with existing inventory management and enterprise management platforms. When fully deployed, there will be multiple stakeholders for the Greenstream platform, including: licensed producers, distributors, government regulators, dispensaries, and software providers.
The Company would also like to announce that it has granted stock options exercisable for the issuance of up to 150,000 common shares of the Company (the "Stock Options") at a price of $1.00 for a period of twelve months to directors, employees and consultants.
For further information, please contact:
James Hyland, B.Comm.
VP Corporate Development
(604) 442-2425
jamie@aidaminerals.co
ON BEHALF OF THE BOARD OF DIRECTORS
“Donald Gordon”
Director
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.