Routemaster Announces Cooperation Agreement with GEAR Blockchain
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.
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
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.
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
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