TORONTO, June 27, 2018 /CNW/ - CryptoGlobal (TSXV:
CPTO) has been granted final court approval from the Ontario
Superior Court of Justice (Commercial List) in connection with the
proposed acquisition of CryptoGlobal by HyperBlock,
"This is an important milestone in our journey to create a
diversified crypto champion that will help people and businesses
create, safeguard, manage and grow crypto," explains HyperBlock CEO
Sean Walsh, who will lead the newly
combined company.
Under the terms of the acquisition agreement, HyperBlock will
acquire all of the common shares of CryptoGlobal by way of a court
approved plan of arrangement (the "Arrangement") under the
Business Corporations Act (Ontario). As previously announced by
CryptoGlobal, all requisite shareholder approvals of the
Arrangement were received at the annual and special meeting of
shareholders of CryptoGlobal, and at the special meeting of
shareholders of HyperBlock, each held on June 22, 2018.
Further details regarding the Arrangement are set out in the
joint management information circular of HyperBlock and
CryptoGlobal dated May 22, 2018 (the
"Circular"), which is available under CryptoGlobal's issuer profile
on SEDAR at www.sedar.com. Completion of the Arrangement is
subject to, among other things, receiving stock exchange approvals,
and the satisfaction of other customary conditions for a
transaction of this nature.
About HyperBlock Technologies Corp. and CryptoGlobal
HyperBlock is a leading North American diversified crypto-asset
company which operates one of North America's largest and most
efficient cryptocurrency datacenters. HyperBlock operates
four profit centers including Mining-as-a Service (MAAS),
self-mining, server hosting, and server hardware sales. Learn
more at www.hyperblock.co
CryptoGlobal is a leading Canadian blockchain and financial
technology company built on a strong core of diversified
cryptocurrency mining. Currently, CryptoGlobal focuses on mining
Bitcoin, DASH, Ether and Litecoin — using a mix of custom-tuned
mining technologies. Learn more at www.cryptoglobal.io
Cautionary Note Regarding Forward Looking
Information
Certain information in this news release constitutes
forward-looking statements under applicable securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to, statements with respect to
accretive earnings, anticipated revenue and costs synergies
associated with the merger of CryptoGlobal with HyperBlock,
statements with respect to internal expectations, estimated
margins, expectations for future capacity, costs and opportunities,
the effect of the transaction on the resulting combined company and
its strategy going forward, the completion of any capital project
or expansions, the timing for the completion of the Arrangement and
expectations with respect to future mining or production costs, the
anticipated timing for the special meetings of CryptoGlobal and
HyperBlock shareholders and closing of the transaction; the
consideration to be received by shareholders of CryptoGlobal, which
may fluctuate in value due to HyperBlock common shares forming the
consideration; the satisfaction of closing conditions including,
without limitation:(i) certain termination rights available to the
parties under the Arrangement Agreement; (ii) HyperBlock obtaining
the necessary approvals from the Canadian Securities Exchange for
the listing of its common shares in connection with the
Arrangement; and (iii) other closing conditions, including, without
limitation, the operation and performance of the CryptoGlobal
business in the ordinary course until closing of the Arrangement
and compliance by CryptoGlobal and HyperBlock with various
covenants contained in the Arrangement Agreement. In particular,
there can be no assurance that the Arrangement will be completed.
Forward looking statements are based on certain assumptions
regarding CryptoGlobal, HyperBlock and the resulting combined
company, including expected growth, results of operations,
performance, industry trends and growth opportunities.
While CryptoGlobal considers these assumptions to be
reasonable, based on information currently available, they may
prove to be incorrect. Readers are cautioned not to place undue
reliance on forward-looking statements. Forward-looking statements
also necessarily involve known and unknown risks, including,
without limitation, risks associated with general economic
conditions; adverse industry events; future legislative and
regulatory developments involving cryptocurrency; inability to
access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
the cryptocurrency industry in Canada generally, income tax
and regulatory matters; the ability of HyperBlock to implement its
business strategies; competition; currency and interest rate
fluctuations and other risks. Any forward-looking statements or
facts (including financial information) related to CryptoGlobal
discussed or disclosed herein are derived from information obtained
directly from CryptoGlobal and publicly available sources and has
not been independently verified by CryptoGlobal.
Readers are cautioned that the foregoing list is not
exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement and reflect our
expectations as of the date hereof, and thus are subject to change
thereafter.
CryptoGlobal and HyperBlock disclaim any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. This news release has been approved by
the Board of Directors of each of HyperBlock and CryptoGlobal.
Factors that could cause anticipated opportunities and actual
results to differ materially include, but are not limited to,
matters referred to above and elsewhere in CryptoGlobal's fiscal
2017 annual MD&A, the Circular and the material change report
filed that will be filed in respect of the Arrangement, which are,
or will be, available on CryptoGlobal's profile
on www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release. No stock exchange, securities commission or other
regulatory authority has approved or disapproved of the information
contained herein. This news release is not an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction,
nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
SOURCE CryptoGlobal Corp.