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STOCKHOLM IT VENTURES ACQUISTION OF FANTRAC GLOBAL FAILS TO COMPLETE
STOCKHOLM, SWEDEN (4th July, 2018) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB), a Swedish technology company specialising in clean and efficient low-cost energy crypto currency mining, today announced that following the appointment of a new Board of Directors on 1 February 2018, the Board conducted a root and branch review of all material contracts that the Company (SITV) had entered into during the previous two years. This process was put in place to ensure that the business had acted in the best interests of shareholders and that all legal obligations had been properly recorded. The Company appointed legal advisers KLA Legal, based in Stockholm, to assist in the review.
The Board has now received a legal overview from KLA specifically on the proposed acquisition of Fantrac Global. The legal position is that the transaction failed to complete at the time as conditions precedent were not met by the end date of 21 March 2017. Stockholm IT Ventures did not issue any shares in relation to this transaction and therefore existing shareholders are not affected.
“Our main objective is and will always to be serve the best purposes of our business and value to our shareholders,” said Anthony Norman, CEO, Stockholm IT Ventures. “As we forge ahead with our new team fulfilling on our vision for a new world crypto and digital financial services market landscape, we will continue to address business alignments that do not serve our greater purpose.”
The Company has tried to come to new terms with Fantrac in the intervening period, which has not resulted in an agreement and, therefore, Stockholm IT Ventures has now formally informed Fantrac that the transaction has failed to complete. The Board has since terminated all further discussions with Fantrac.
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company focuses on clean and efficient low-cost energy cryptocurrency mining and production, and in blockchain related technology. All mining activities shall use clean and sustainable energy from hydro power stations in Northern Europe, requiring less heat-generating energy compared to ordinary mining for Bitcoin. The Stockholm IT Ventures stock represents a green investment in cryptocurrency technology. For more information, visit www.stockholmit.co. You can also find them on Facebook, Twitter and LinkedIn. Details on the company’s Bytemine (BYTM) token and White Paper can be found here: www.bytemine.io.