CASTLE ROCK, Colo.,
Oct. 17, 2017 /PRNewswire/ -- Riot
Blockchain Inc. (Nasdaq: BIOP) (the "Company") today announced it
has entered into a definitive purchase agreement to acquire a 52%
ownership interest in Tess Inc. ("TESS"). TESS, based in
Toronto, Ontario, has a team of
seven engaged in developing a blockchain-based payment service for
wholesale telecom carriers. The purchase reflects Riot Blockchain's
efforts to own or control companies who are contributing to the
development of the blockchain ecosystem. The transaction is
anticipated to close on or before October
19, 2017.
"Riot Blockchain is committed to building and supporting the
blockchain ecosystem," said Michael
Beeghley, CEO of Riot Blockchain. "The telecom payment
platform of TESS is a prime example of how blockchain-based
technologies can be leveraged to disrupt established industries. I
believe that Riot Blockchain is poised to take advantage of this
revolution in digital transactions as we see increasing adoption of
blockchain protocols in our everyday lives."
TESS is a technology company whose current business is focused
on developing a guaranteed payment system using a blockchain-based
escrow service for wholesale telecom carriers. Immutable blockchain
terms and protocols guarantee payment and provide an alternative to
the traditionally written legal agreements where it is difficult to
assess financial risk profiles. The TESS platform will provide a
flexible and transparent ledger that is recorded securely on a
blockchain.
Jeff Mason, CEO of TESS, stated,
"Our affiliation with Riot Blockchain will give us better access to
the capital markets in the United
States, as well as the availability of additional senior
management resources, all in aid of our ambitious business plans
around blockchain."
Blockchain protocols offer a secure way to store and relay
information without the need for middlemen. It uses a decentralized
and encrypted ledger that offers a secure, efficient, verifiable,
and permanent way of storing records and other information.
Blockchain protocols are the backbone of numerous digital
cryptocurrencies including Bitcoin, Ethereum and Litecoin. They
have a wide range of potential applications including use in
processing transactions, managing medical records, recording votes
and proof of ownership across a far-reaching spectrum of
applications.
About Riot Blockchain
Riot Blockchain Inc. (formerly Bioptix, Inc.) leverages its
expertise and network to build and support blockchain technology
companies. It is establishing an Advisory Board with technical
experience intending to become a leading authority and supporter of
blockchain, while providing investment exposure to the rapidly
growing blockchain ecosystem. For more information, visit
http://www.riotblockchain.com/.
The company continues to maintain its existing Bioptix business
segments and its royalty license stemming from its Exclusive
License Agreement with Ceva Santé Animale S.A. ("Licensee"),
providing an exclusive worldwide royalty-bearing license, until
December 31, 2028, to develop, seek
regulatory approval for and offer to sell, market, distribute,
import and export luteinizing hormone ("LH") and/or
follicle-stimulating hormone ("FSH") products for cattle, equine
and swine for the assistance and facilitation of
reproduction.
About TESS
TESS is a blockchain company developing a payments ecosystem for
component and sub-component supply chain settlements (payments). A
dramatic transition will occur from the present state wherein
payments down a supply chain are essentially manual (triggered by a
manger or trusted party) to a blockchain protocol that mandates
simultaneous payment of all component and sub-component suppliers
when the primary party makes a payment into the chain. Using TESS
Smart Contracts a payment from the primary party in the chain will
be automatically apportioned to all other eligible parties in the
chain concomitant with payment by the primary party. The
creditworthy financial condition of the primary party will
facilitate lender involvement in the supply chain under the
security afforded by the TESS Smart Contract. The first TESS
smart contracts payment system will be tailored to the needs of the
international telecommunications industry in respect of cross
border telephone calls. For more information, visit
http://tesspay.io/.
Safe Harbor
The information provided in this press release may include
forward-looking statements relating to future events or the future
financial performance of the Company. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as "anticipates," "plans," "expects,"
"intends," "will," "potential," "hope" and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon current expectations of
the Company and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties. Detailed information regarding factors that may
cause actual results to differ materially from the results
expressed or implied by statements in this press release relating
to the Company may be found in the Company's periodic filings with
the Securities and Exchange Commission, including the factors
described in the sections entitled "Risk Factors", copies of which
may be obtained from the SEC's website at www.sec.gov. The parties
do not undertake any obligation to update forward-looking
statements contained in this press release.
Media Contacts
Karen
Chase or Travis Kruse
Russo Partners, LLC
(646) 942-5627
(212) 845-4272
karen.chase@russopartnersllc.com
travis.kruse@russopartnersllc.com
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SOURCE Riot Blockchain Inc.