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STOCKHOLM IT VENTURES ANNOUNCES CANCELATION OF CRYPTOTECH AS AGREEMENT AT EGM
STOCKHOLM, SWEDEN (6 April, 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 at the company’s EGM on April 3 that after further due diligence, it is cancelling an agreement with Value Media AS, 50% owner of Cryptotech AS, the Norwegian chip developer and manufacturer.
The company’s new chip did not demonstrate the mining capacity promised as part of the agreement. Therefore, the shareholders did not believe the value of the deal was good enough to dilute Stockholm IT Ventures shares and, as such, did not approve the deal. “Upon further review, we realized Cryptotech was not the most suitable technology partner to help drive forward our vision for a cleaner, better crypto world,” said Anthony Norman, CEO, Stockholm IT Ventures. “We are committed to increasing the value for all of our shareholders while charting a new course with our crypto mining and production to ensure a new global monetary platform that will enable safer, more reliable way of doing business.”
Stockholm IT Ventures Board of Directors will announce a new strategy in the coming days that supports their vision for finding next generation technologies for green investment in cryptocurrencies.
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 up to 80% less 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.
Vibrate Communications for Stockholm IT Ventures