GlobeNewswire

Routemaster Announces Cooperation Agreement with GEAR Blockchain

Share

TORONTO, March 01, 2018 (GLOBE NEWSWIRE) -- Routemaster Capital Inc. (TSX-V:RM) ("Routemaster" or the "Company") announces that it has entered into a partnership with GEAR Blockchain Inc. ("GEAR"), a privately held company focused on the energy-intensive cryptocurrency mining space (the "Transaction"). GEAR is currently working to launching its own token network via an initial coin offering ("ICO") in Barbados. Pursuant to the agreement among Routemaster and GEAR dated February 26, 2018, Routemaster will provide GEAR with management consulting services and up to US$2 million in cash to be used by GEAR for the launch of its ICO. Routemaster will not be issuing any shares to GEAR pursuant to the Transaction. As consideration for Routemaster's financial and management support, Routemaster will be issued 10% of the GEAR tokens issued pursuant to the proposed ICO. The term of the agreement is for one year. 

Routemaster has no assurance that it will receive any return on this investment.    

GEAR is in the early stages of preparing a White Paper for its token network. The White Paper is a pivotal component of the ICO which is currently in its initial stages. Given the current stage of the ICO, GEAR has not yet received any firm commitments from investors to acquire tokens. The ICO is at a preliminary stage and there can be no assurances on when or if the ICO will be completed; if an active and liquid market will develop for the tokens; or if the tokens received by Routemaster will have any value. 

The Transaction follows Routemaster's recently announced investment into Pinedale Springs LLC ("Pinedale"), a company that successfully operates solar powered cryptocurrency mining facilities located in Cary, North Carolina (see Press Release dated December 14, 2017).

The proposed GEAR network is an innovative platform that will try to support the green and renewable energy sector by:

  • Building a cryptocurrency mining network through the allocation of mining proceeds toward scaling and expansion
  • Accelerating the offset of conventional energy in the blockchain industry and cryptocurrency mining process
  • Decentralizing and democratizing the cryptocurrency mining space via GEAR's token network which utilizes voting rights and green hashing power tokenization
  • Investing in the green energy and renewable sector accelerating global adoption

There can be no assurances that GEAR will be able to complete any of its planned investments into the blockchain and cryptocurrency mining space. 

Routemaster has consultants and a director who are experienced in the blockchain and cryptocurrency sectors and Routemaster will provide management expertise to assist GEAR with the launch of its ICO. Routemaster and GEAR are arm's length parties. The GEAR team is comprised of highly talented and experienced experts across a multitude of backgrounds, including finance, marketing, blockchain and technology. Mr. Orlando Bustos, a consultant for the Forbes & Manhattan Group, is an insider of GEAR. GEAR is incorporated in Barbados and will comply with all applicable securities laws.      

Background

The global cryptocurrency market has seen recent exponential growth however this comes with an enormous amount of energy usage due to the intensive energy requirements of the proof-of-work system utilized by mining operations of the most popular cryptocurrencies including Bitcoin and Ethereum. The Bitcoin network alone currently consumes 50TWh per year in its mining process, mostly powered by dirty fossil fuels such as coal which has a massive carbon footprint. Furthermore, much of mining computing power is concentrated into the hands of a small number of entities, which runs counter to blockchain's decentralized fundamentals. GEAR recognizes and acknowledges that these are issues that threaten the security of the blockchain industry and cryptocurrencies.

GEAR is developing a unique mining platform with an innovative token network that provides security to the blockchain industry and cryptocurrency network by deploying hashing power using renewable energy and bringing decentralization to the cryptocurrency mining process, all in a manner that drives substantial value to the network, tokenholders and partners.

The GEAR Network

The GEAR network will be comprised of globally located clean energy farms, including, but not limited to, solar, wind, tidal and biomass. Energy produced will mainly be used for cryptocurrency mining but will also have a number of other use cases including grid sales and inputs into datacentres.

A key feature of the GEAR network is its decentralized system and green hashing power tokenization which provides tokenholders voting and comment rights to network operations, allowing participants to influence the growth of the platform and its initiatives. GEAR tokenholders are therefore able to, but not limited to, selectively allocate network proceeds or hashing power toward the expansion of a particular green energy farm or toward specific research and development projects.

Fred Leigh, President and CEO of Routemaster stated, "As a believer in blockchain technology and its applications, Routemaster is pleased to partner with GEAR and leverage its unique GEAR network and mining platform and we look forward to helping GEAR launch its green token"

Routemaster Continues Focus on Blockchain and Green Energy Technologies

Through this partnership with GEAR, Routemaster affirms its position as a diversified investment vehicle committed to partnering with, and advancing, companies on the edge of blockchain technology and its applications, particularly those supporting environmental wellbeing and innovation in green energy and renewables.

About Routemaster Capital Inc.:

Routemaster Capital Inc. is a Canadian investment company that carries on business with the objective of enhancing shareholder value.

For further information please contact

Fred Leigh
President and Chief Executive Officer
Tel: +1 (416) 861-5933

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements, including statements regarding the Transaction and GEAR, the impact of the Transaction on the Company, GEAR ' s ability to complete the White Paper and ICO, the valuation and liquidity of the GEAR tokens, the blockchain/cryptocurrency industry and the sustainability thereof, the Company ' s ability to identify accretive investments and the Company ' s ability to attract required financing. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.

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.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Routemaster Capital Inc. via Globenewswire

About GlobeNewswire

GlobeNewswire



Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Karolinska Development delays publication of its Annual Report for 2018 and changes date for the Annual General Meeting26.4.2019 08:00:00 CESTPress release

STOCKHOLM, SWEDEN - 26 April 2019. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces today that The Board of Directors has decided to delay the publication of its Annual Report for 2018. Karolinska Development has changed the date for the Annual General Meeting to June 26, 2019. The date for publication of the Annual Report for 2018 has been changed from April 26 to April 30, 2019. Karolinska Development has changed the date for the Annual General Meeting from June 4 to June 26, 2019. Notice to the Annual General Meeting will be published in a separate press release. For more information, please contact: Viktor Drvota, CEO, Karolinska Development AB Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com Fredrik Järrsten, CFO, Karolinska Development AB Phone: +46 70 496 46 28, e-mail: fredrik.jarrsten@karolinskadevelopment.com TO THE EDITORS About Karolinska Development AB Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investmen

Karolinska Development senarelägger publicering av årsredovisningen för 2018 och meddelar nytt datum för årsstämma26.4.2019 08:00:00 CESTPressmeddelande

STOCKHOLM, SVERIGE - 26 april 2019. Karolinska Development AB (Nasdaq Stockholm: KDEV) meddelar idag att styrelsen har beslutat att senarelägga publiceringen av årsredovisningen för 2018. Karolinska Development har ändrat datum för årsstämman till den 26 juni 2019. Publiceringen av årsredovisningen för 2018 flyttas från den 26 april till den 30 april 2019. Karolinska Development har ändrat datum för årsstämman från den 4 juni till den 26 juni 2019. Kallelse till årsstämman kommer att publiceras senare i ett separat pressmeddelande. För ytterligare information, vänligen kontakta: Viktor Drvota, vd, Karolinska Development AB Tel: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com Fredrik Järrsten, finanschef, Karolinska Development AB Tel: +46 70 496 46 28, e-mail: fredrik.jarrsten@karolinskadevelopment.com TILL REDAKTÖRERNA Om Karolinska Development AB Karolinska Development AB (Nasdaq Stockholm: KDEV) är ett nordiskt investmentbolag inom life science. Bolaget fokuserar p

Karolinska Developments portföljbolag Aprea Therapeutics har fått särläkemedelsstatus och snabbspårstatus från FDA för APR-24616.4.2019 12:46:00 CESTPressmeddelande

STOCKHOLM, SVERIGE - 16 april 2019. Karolinska Development AB meddelar idag att portföljbolaget Aprea Therapeutics har av FDA fått särläkemedelsstatus för APR-246 för behandling av patienter med TP53-muterad myelodysplastiskt syndrom (MDS). Dessutom ger FDA bolaget snabbspårstatus (Fast Track Designation), för APR-246 för behandling av MDS. Amerikanska läkemedelsverket, FDA, ger särläkemedelsstatus till läkemedelskandidater för att snabba på utvärderingen och utvecklingen av säkra och effektiva behandlingar av ovanliga sjukdomar. Särläkemedelsstatus ger företag både regulatoriska och kommersiella incitament genom att läkemedlet får marknadsexklusivitet på den amerikanska marknaden i sju år efter marknadsgodkännande samtidigt som företaget får stöd från FDA när det gäller designen av kliniska prövningar, skatteförmåner för kostnader kopplade till kliniska prövningar och avgiftsbefrielse från FDA. FDA:s snabbspår underlättar utvecklingen av läkemedel som är avsedda för att behandla allva

Karolinska Development's portfolio company Aprea Therapeutics has received FDA Orphan Drug Designation and Fast Track Designation for APR-24616.4.2019 12:46:00 CESTPress release

STOCKHOLM, April 16, 2019. Karolinska Development's portfolio company Aprea Therapeutics has from FDA received an Orphan Drug Designation for APR-246 for the treatment of patients with Myelodysplastic Syndromes (MDS) having a TP53 mutation. In addition, FDA has also granted Fast Track Designation to APR-246 for treatment of MDS. Orphan Drug Designation is granted by the FDA Office of Orphan Products Development to advance the evaluation and development of safe and effective therapies for the treatment of rare diseases. The designation can provide development and commercial incentives for designated compounds and medicines, including eligibility for a seven-year period of market exclusivity in the U.S. after product approval, FDA assistance in clinical trial design, tax credits related to clinical trial expenses, and an exemption from FDA user fees. The FDA's Fast Track program facilitates the development of drugs intended to treat serious conditions and that have the potential to addre

Bergman & Beving AB: Bergman & Beving förvärvar KGC10.4.2019 14:00:00 CESTPressmeddelande

Pressmeddelande Bergman & Beving förvärvar KGC Bergman & Beving har idag tecknat avtal om förvärv av samtliga aktier i KGC Verktyg & Maskiner AB. KGC, med säte i Älvsjö, har i mer än 60 år utvecklat och levererat kvalitetsverktyg och tillbehör för murning och plattsättning i det egna varumärket KGC. Bolaget omsätter cirka 80 MSEK per år, och har 24 anställda. "KGC är ett ledande varumärke med högt anseende hos murare och plattsättare och har en mycket stark ställning på den svenska marknaden", säger Pontus Boman, VD och koncernchef. Tillträde beräknas ske den 1 maj 2019 och förvärvet bedöms ha en marginellt positiv påverkan på Bergman & Bevings resultat per aktie under innevarande räkenskapsår. Stockholm den 10 april 2019 Bergman & Beving AB (publ) För ytterligare information kontakta: Pontus Boman, VD & Koncernchef, telefon 010-454 77 00 Peter Schön, CFO, telefon 070-339 89 99 Denna information lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 10 april 201

Bergman & Beving AB: Bergman & Beving acquires KGC10.4.2019 14:00:00 CESTPress release

Press release Bergman & Beving acquires KGC Bergman & Beving has today signed an agreement to acquire all shares in KGC Verktyg & Maskiner AB. KGC, based in Älvsjö, has for more than 60 years developed and delivered quality tools and accessories for bricklayers and tilers in its own brand KGC. The business has a turnover of approximately SEK 80 million per year, and has 24 employees. "KGC is a leading brand with high reputation among bricklayers and tilers and has a very strong position in the Swedish market," says Pontus Boman, President and CEO. The closing is taking effect on 1 May 2019 and the acquisition is expected to have a marginal positive impact on Bergman & Beving's earnings per share during the current fiscal year. Stockholm, 10 April 2019 Bergman & Beving AB (publ) For further information, please contact: Pontus Boman, President & CEO, Tel: +46 10 454 77 00 Peter Schön, CFO, Tel: +46 70 339 89 99 The information was submitted for publication, through the agency of the cont

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom