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STOCKHOLM IT VENTURES AB AGREES DEAL TO ACQUIRE BLOCKCHAIN TRADE TECHNOLOGIES LTD
Stockholm, May 29, 2017
ISIN Nr. SE0006027546, Stockholm IT Ventures AB is in negotiations to purchase Singapore based Blockchain Trade Technologies LTD, following on from its recent purchase of Fantrac Global Ltd and Pimboo OU.
A deal has been agreed in principle, subject to due diligence, and both parties are aiming to reach full agreement within the next few days.
Blockchain Trade Technologies provides is a new backend platform that allows its licensees and their members the opportunity to follow early stage companies via blockchain technology. This proprietary technology adds to the portfolio of IT and social media companies acquired by Stockholm IT Ventures AB, and this acquisition would add to the growing monetisation of social media that is the focus of Stockholm IT Ventures AB.
Wayne Lochner, Chairman of Stockholm IT Ventures said: “We are delighted to have agreed to a deal with Blockchain Trade Technologies, as it brings another successful company into the group. We hope to complete due diligence within the next few days, and confirm the acquisition shortly after that. Once the acquisition is concluded it will undoubtedly strengthen the company as we continue to seek to grow the portfolio”
Stockholm IT Ventures AB
Stockholm IT Ventures AB heads a technology group currently operating throughout Europe, focussed on the monetisation of e-platforms, social media and e-merchandising. Within the group, Pimboo is based in Estonia and the Ukraine and utilises the skills of some of the most highly experienced e-commerce specialists in Europe to allow users to both create and monetise their e-platforms around the globe. Fantrac Global is the social media division that allows any celebrity, team or franchise from the world of entertainment, music and sport to monetise their existing social media following. It does this through tailored relationships with major brands like Mastercard, Amazon and Dentsu Aegis Corporation and by creating new and unique ways for each celebrity to interact with their fans.
This release contains forward-looking statements based on current experience, estimates and projections of the management board and currently available information. They are not guarantees of future performance. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. Many factors could cause the actual results, performance or achievements of Stockholm IT Ventures AB to be materially different from those that may be expressed or implied by such statements. These factors include those discussed in Stockholm IT Ventures AB’s public reports. Forward-looking statements therefore speak only as of the date they are made. Stockholm IT Ventures AB does not assume any obligation to update the forward-looking statements contained in this release or to conform them to future events or developments
For further information, please contact:
Stockholm IT Ventures AB
S- 131 27 Nacka Strand
Chairman of the Board