EV Battery Tech Announces Acquisition of Blockchain-Based, Crypto-Compatible Smart Phone Application

Rhea-AI Summary

Extreme Vehicle Battery Technologies Corp. (OTCQB: CRYBF) announced a Share Exchange Agreement to acquire CryptoPlug Technologies Inc.. This acquisition aims to enhance their Smart Command application, enabling EV users to pay for charging using cryptocurrency. The transaction is valued at $6 million, issuing 24 million common shares at $0.25 each. EV Battery Tech plans to provide the Smart Command application free of charge, monetizing through transaction fees. CEO Bryson Goodwin highlighted the integration of CryptoPlug technology will accelerate their product development and enhance user experience.

Positive

• Acquisition of CryptoPlug Technologies Inc. valued at $6 million, enhancing Smart Command application features.
• The Smart Command application will now support cryptocurrency payments, tapping into rising crypto interest.
• The integration of technologies aims to streamline energy management for EV users, improving user experience.
• The application is intended to be free for users with revenue generated through transaction fees.

Negative

• None.

The CryptoPlug App will connect EV drivers with EV Charging Stations and enables them to pay with Cryptocurrencies

VANCOUVER, British Columbia, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Extreme Vehicle Battery Technologies Corp. (the “Company” or “EV Battery Tech”) (CSE: ACDC) (OTCQB: CRYBF) is pleased to announce that it has entered into a Share Exchange Agreement (the “Agreement”) to acquire CryptoPlug Technologies Inc. (“CryptoPlug”), an entity developing a blockchain-based, crypto-compatible application for smartphones (the “Application”).

The Application’s primary function will be to enable users to personalize their EV power requirements around surrounding EV Infrastructure, and to enable them the ability to seamlessly pay for their charging needs using cryptocurrency. With the recent surge in interest in cryptocurrency, the Company believes this feature will be very attractive to customers.

The Company and its subsidiary, IoniX Pro Battery Technologies Inc. (“IoniX Pro”), have already launched their own Blockchain Power Management and Application, Smart Command (the “Smart Command”), and now intend to utilize CryptoPlug’s developing application to combine the two and reduce the development time of the Smart Command. The integration of the CryptoPlug features into the Smart Command will optimize how and when customers source all their EV and ESS power. Whether the energy is derived directly from renewable energy or from the grid, the Smart Command is able to monitor charging sessions, track power purchases and can even sell power to the grid, all with its blockchain based platform. Due to the nature of blockchain, the Smart Command will provide the highest level of accuracy and security encryption.

The Smart Command application has been designed with IoniX Pro, specifically with their product suite in mind, allowing for seamless and personalized usage. It is intended to bring flexibility and customer control to the tracking of energy movement for accurate and reliable measurement of energy costs both to and from all energy sources.

The Company intends to continue to build the Smart Command application and provide it to the market free of charge, with a fee-based model on transactions, to generate revenue.

“The CryptoPlug technology will be a perfect complement to our Smart Command application and will assist in bringing a more robust application to the market sooner than previously expected,” commented EV Battery Tech CEO, Bryson Goodwin.

“We plan to integrate this technology into the entire IoniX Pro product suite. By streamlining all payment systems, including cryptocurrencies, which are growing in popularity, we believe we will be revolutionizing the way consumers manage and pay for their EV and ESS power needs,” added Mr. Goodwin.

According to EV-Volumes, sales of electric vehicles (EVs) have increased exponentially over the last year, and are set to continue rapidly increasing across all regions around the globe. General Motors recently announced their intention to eliminate all gasoline and diesel engines from their production and sales by 2035, and many other companies in the EV industry are doing the same. This common trend in the industry is setting targets for everyone around the globe to strive towards becoming carbon neutral.

As compensation for the acquisition, and pursuant to the Agreement, the Company will be issuing 24 million common shares of the Company, at a price of $0.25 per common share, to the shareholders of CryptoPlug, for a deemed transaction valuation of $6M.

As the Company is now shifting it’s focus more on blockchain technology applications, it has decided to reshape its board of directors (“Board”) to better reflect the new vision going forward. Therefore, on October 20, 2021 Cedric Wilson, and Tjalling DeJong stepped down as directors of the Company and Taryn Stemp joined the Board. Mr. Wilson has served as a director of the Company for almost 3 years and Mr. DeJong for 2 and a half years. The Company is very appreciative of their service and wishes them the best in their future endeavours.

Mr. Goodwin concluded:

“This acquisition complements the eco-system that we have been building over the last year, now allowing us to offer a full end-to-end battery-blockchain system to consumers. This is giving us a blockchain secured financial backbone to deliver absolute control of power usage.”

On behalf of the Company,

Bryson Goodwin,
Chief Executive Officer

About EV Battery Tech 

Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company with revolutionary, patented Battery Management Systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing Electric Vehicle (EV) and Energy Storage Solution (ESS) markets. The company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.

Learn more at evbattery.tech

Contact Numbers and Emails 

For further information about the Company, please visit https://www.evbattery.tech. 
For further information about the Company’s Products please visit https://www.ionixpro.com.
For Investor Inquiries, please contact (236) 259-0279 or email info@evbattery.tech. 
For Product or Sales Inquiries, please contact (236) 266-5174 or email sales@ionixpro.com.

All communications are managed by AlphaOne Media Group Inc.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release. 

Forward Looking Statements

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties, including the specific factors disclosed here and elsewhere in EV Battery Tech’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will”, “hope”, “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should”, “projected”, “proposed”, “rendering” and similar expressions, are forward-looking statements.

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements respecting: (i) the Agreement and completion thereof; (ii) the Application and development thereof; (iii) the anticipated features and functionality of the Application and of Smart Command; (iv) integration of the Application and Smart Command into the Company’s products and sale of such platforms; and (v) market trends in the EV industry. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

 

FAQ

What is the purpose of the acquisition of CryptoPlug Technologies by EV Battery Tech?

The acquisition aims to enhance the Smart Command application, allowing EV users to pay for charging with cryptocurrency, thus improving user experience.

What is the transaction value for the acquisition of CryptoPlug Technologies by EV Battery Tech?

The transaction is valued at $6 million, with 24 million common shares issued at a price of $0.25 each.

When was the acquisition of CryptoPlug Technologies announced?

The acquisition was announced on October 22, 2021.

How will the acquisition affect EV Battery Tech's Smart Command application?

The integration of CryptoPlug's technology is expected to accelerate the development of the Smart Command application and improve its functionality.

What are the expected benefits of the integration of CryptoPlug's technology?

The integration is anticipated to optimize energy management for users, allowing for personalized EV power requirements and seamless cryptocurrency payments.