March 21, 2018
Carl Data will acquire Connected Fintech to further blockchain, fintech data services development
VANCOUVER--Carl Data Solutions Inc is going to acquire Connected Fintech Inc, a provider of crypto currency mining, support and hosting services, for 883,010 common shares of the Company (valued at $0.192/share).
Connected's assets including crypto currency servers (miners) and related hardware, data center facilities, hosting contracts, and expertise and knowledge of Connected's team of network specialists and developers will give Carl Data a competitive advantage adapting current software and predictive analytics for optimized transaction processing and continued development of breakthrough machine to machine (M2M) transactional capabilities using blockchain technology for the Industrial Internet of Things (IIoT).
Greg Johnston, Carl Data's President and CEO, commented, "This acquisition will allow us to take advantage of a number of immediate opportunities, and give us a competitive advantage working with IIoT data through new technology we are developing. Our Big Data as a Service (BDaaS) tools will be applied to the fintech market, taking advantage of the current need for crypto-mining hosting services as overseas operations look to Canada for expansion and re-location. Recent advances in our data collection hardware, combined with the blockchain expertise of Connected's staff and contractors, will allow us to continue development of our smart contract and M2M transaction solutions based on blockchain technology."
Jay Yu, CEO of Connected, remarked, "Merging with Carl Data will allow us to accelerate our expansion plans. The Carl team brings a wealth of experience in big data and AI that will help Connected Fintech offer value added services to our clients. This will provide a real competitive advantage in attracting clients who use us for hosting their cryptocurrency mining servers. Our relationship this past year has strengthened, and working with CEO, Greg Johnson and the rest of Carl's management team is an ideal fit for us. I am excited to become part of such a dynamic public company."
Pursuant to the LOI, Carl Data and Connected have agreed to use their commercial best efforts to formulate a structure for the Acquisition that will comply with all necessary legal and regulatory requirements, minimize or eliminate adverse tax consequences and be as cost effective as possible. It is anticipated that the LOI will be superseded by a definitive agreement between Carl Data and Connected and that such agreement will include representations, warranties and covenants typical for a transaction of similar nature to the Acquisition as well as customary conditions precedent, including completion of due diligence, receipt of any required consents and approvals and Carl Data's entry into of a consulting agreement with Jay Yu, CEO of Connected, providing for Mr. Yu's continued service as President of Connected following the Acquisition.
Further details about the Acquisition will be provided in a more comprehensive press release when Company and Connected enter into a definitive agreement.
Connected Fintech Inc., with offices in Vancouver B.C. and Wall Street N.Y.C, is a diversified financial technology company focused on the fastest growing sectors of cryptocurrency, blockchain technology, payment solutions, data intelligence, artificial intelligence (AI), machine learning and predictive analytics.
Connected currently runs one data center with two additional sites under development. Connected provides technical professionals in hardware and software who support the building of cryptocurrency data mining services and facilities. Connected is creating a portfolio of intellectual property (IP) in the space of payment solutions, cryptocurrency and blockchain technologies.
Carl Data Solutions Inc. is an Industrial IoT (IIoT) company focused on providing next generation information collection, storage and analytics solutions for data-centric companies. Building on its recent acquisitions, Carl helps its clients analyze and understand all forms of environmental data through a powerful platform of data collection, monitoring, reporting, and predictive analysis tools. Carl Data continues to develop applications to work with new cloud-based mass storage services and analytics tools (Big-Data-as-a-Service (BDaaS) to provide scalability for municipalities, utilities and other industrial verticals. These data collection and storage methods allow the company to build smart Software-as-a-Service (SaaS)-based applications that can collect data from many diverse sources and provide deep insight for decision-making purposes.