Vancouver, BC , Dec. 08, 2021 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) (OTCQB: CRYBF) is pleased to announce that further to its news release dated November 23, 2021, it has now completed the acquisition (the “Acquisition”) of Optimal CP Inc. (“Optimal”), a company focused on the development and management of large-scale crypto mining facilities.
Optimal is presently developing numerous facilities within Alberta, Canada, that will leverage direct access to clean, reliable, low-cost power generation, that will provide energy for some of the cheapest, cleanest and most reliable mining operations globally.
The Company now has control over Optimal’s development pipeline and is retaining its management team to enable a seamless transition. The Company will also use the Optimal team’s expertise whilst the Company expands further into the cryptocurrency mining space.
Following extensive market research, EV Battery Tech believes this transaction will show significant synergies with its blockchain-based technologies, while providing the Company and its shareholders further direct exposure to the cryptocurrency industry.
“I’m incredibly pleased to have closed this Acquisition and retained Optimal’s team of experts to join us in our journey as we focus on this rapidly growing industry,” commented EV Battery Tech CEO, Bryson Goodwin. “Our emphasis on crypto and our acquisition of such an expansive crypto-mining infrastructure is an excellent opportunity for us to really expand on our portfolio”
As compensation for the Acquisition, and based on arm’s length negotiation, the Company has issued 55 million common shares of the Company (the “Consideration Shares”), 30 million of which are subject to a repurchase right, whereby the Company will have the option to repurchase such shares for nominal consideration in the event certain performance milestones are not met by Optimal following the Acquisition.
Debt Settlement
On November 18, 2021, the Company entered into a debt settlement agreement (the “Debt Settlement”) with NAI Interactive Ltd. (“NAI”). Pursuant to the Debt Settlement, the Company issued 476,190 common shares of the Company, in settlement of a $100,000 debt owing by the Company to NAI. Such shares are subject to a statutory resale restriction which will expire four months and one day from the date of issuance.
On behalf of the Company,
Bryson Goodwin,
Chief Executive Officer
About EV Battery Tech
Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets. The company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.
About Optimal CP
Optimal CP is principal-held company focused on meeting the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. Optimal’s focus on integrating its mining facilities into power generation facilities in Alberta, and using state-of-the-art operations techniques, will allow it to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world.
Contact Numbers and Emails
For further information about the Company, please visit https://www.evbattery.tech.
For further information about the Company’s Products please visit https://www.ionixpro.com.
For Investor Inquiries, please contact (236) 259-0279 or email info@evbattery.tech.
For Product or Sales Inquiries, please contact (236) 266-5174 or email sales@ionixpro.com.
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The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties, including the specific factors disclosed here and elsewhere in EV Battery Tech’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will”, “hope”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should”, “projected”, “proposed”, “rendering” and similar expressions, are forward-looking statements.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements respecting: (i) the benefits to the Company and Optimal of the Acquisition, (ii)_ the retention of Optimal’s team following the Acquisition, (iii) Optimal’s business plans and program, (iv) the Company’s focus on blockchain and crypto and (v) the Company’s repurchase right under the Acquisition Agreement. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
