VANCOUVER, British Columbia, Jan. 02, 2018 (GLOBE NEWSWIRE) -- Atlas Cloud Enterprises Inc. (CSE:AKE) (XFRA:A49) (the “Company” or “Atlas Cloud”) provides the following corporate update regarding its proposed development of a server facility to be located in Washington State and intended to be devoted to crypto currency mining activity.
The Company currently operates a server facility in Vancouver, British Columbia. The existing servers and server location are currently operating as cloud storage infrastructure facility. The proposed server facility in Washington State is intended to be devoted entirely to crypto currency mining (the “New Facility”). The Canadian Securities Exchange (the “Exchange”) has determined that the development of the New Facility will be considered a fundamental change pursuant to Policy 8 (Fundamental Changes) as the Exchange has determined that the reorientation of the Company’s business constitutes a change of business pursuant to the aforesaid policy. The change of business will require approval of the Exchange and approval of the Company’s security holders.
The Company intends to seek security holder approval by way of a consent resolution. The Company will also be required to complete a disclosure document in support of the change of business which it anticipates being available during the month of January, 2018.
The change of business is subject to approval of the Exchange and the Company anticipates making the required submissions to the Exchange immediately with a view to completing the change of business during the first quarter of 2018.
On behalf of the Board of Directors
Atlas Cloud Enterprises Inc.
“Fred Stearman”
Fred Stearman, President & Director
Contact
Atlas Cloud Investor Relations
+1(778) 871-0357
info@atlascloud.ca
www.atlascloud.ca
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
FORWARD LOOKING INFORMATION
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the future business operations of Atlas Cloud. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in the news release are made as of the date of this news release, and the Company does not undertake any obligations to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.