360 to acquire ICORanker, BlockchainRanker sites
2018-07-05 08:52 ET – News Release
Mr. George Tsafalas reports
360 BLOCKCHAIN ANNOUNCES INTENT TO ACQUIRE PROFITABLE ICORANKER.COM WEBSITE
360 Blockchain Inc. has signed a letter of intent dated June 22, 2018, to buy the ICORanker.com and BlockchainRanker.com websites in a deal valued at $2.25-million (U.S.) in cash and stock. The company is currently conducting due diligence; the acquisition is expected to close in July.
“ICORanker is a profitable editorial property,” said Jeff Koyen, 360’s strategic adviser. “This deal supports our strong belief that the token sale ecosystem has a bright future as regulatory clarity clears the path for retail and institutional investors to participate.”
According to a report by PricewaterhouseCoopers’s strategy and consulting firm, token sales raised $13.7-billion in the first five months of 2018, more than doubling total funds raised during 2017. ICOs are past the “hype cycle,” PwC said, and “are becoming more mature and established.”
“Yet, many challenges and opportunities remain,” said Mr. Koyen. “Most of all, the vast token-sale community needs a trusted source of unbiased information about these offerings. This kind of analysis can be highly profitable.”
Prior to joining 360 Blockchain, Mr. Koyen enjoyed a 20-plus-year career in digital publishing, where he built and grew media properties at Forbes, Dow Jones Digital, and Travel + Leisure and others. Plans for ICORanker include multilanguage support for Asian markets, deeper community engagement, more in-depth reviews and expanded sponsorship opportunities.
360 will also acquire BlockchainRanker.com, a prerevenue website that vets and rates blockchain platforms, services and software providers. Expected to relaunch under 360’s management in Q3, BlockchainRanker will refocus revenue efforts on highly lucrative lead generation and referral programs. Both websites will be managed by Mr. Koyen with small teams distributed internationally.
360 Blockchain will pay $1.95-million in cash to fully acquire ICORanker.com and BlockchainRanker.com from Technology Development Partners, the broker representing the two sellers. ICORanker’s current owners will also receive $300,000 (U.S.) worth of restricted shares in 360’s stock, based on the five-day trading average at closing. The company will issue a more comprehensive press release with financial information when the due diligence is complete and a definitive agreement has been signed.
“Just a fraction of Canada’s public blockchain companies are posting revenue this year,” said George Tsafalas, 360’s chief executive officer. “By adding ICORanker to the 360 family, we are diversifying our holdings in a manner that puts revenue on the books immediately. Looking forward, we’re very excited to support the growth of these outstanding opportunities.”
About 360 Blockchain Inc.
360 Blockchain has an all-round view to accelerate the development and application of revolutionary blockchain technologies by investing capital and expertise. The company is founded on the belief that blockchain technology, essentially a distributed ledger which is transparent and incorruptible, has the potential to transform the way business is conducted, delivering security, cost savings and efficiency gains not seen before in the Internet-connected world. 360 Blockchain will be focused upon identifying and empowering blockchain technologies applying to cryptocurrencies, smart contracts, e-sports, data management, the Internet of things, equity trading, privacy applications and beyond.
We seek Safe Harbor.
© 2018 Canjex Publishing Ltd. All rights reserved.