Blockmate Ventures Completes Sale of Midpoint Business

Rhea-AI Summary

Blockmate Ventures Inc (MATE) completes divestiture of Midpoint to management team, reducing annual net cash outflows by approximately $500,000. The divestiture allows the company to focus on higher growth technology investments and capitalize on blockchain and climate technology sectors.

TORONTO, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Blockmate Ventures Inc (TSX.V: MATE) (FSE: 8MH1) (“Blockmate” or the “Company”) announces that it has completed the divestiture of Midpoint (see www.midpoint.com), its cross-border payments and foreign exchange business to the management team, led by Mr David Wong, Expadis and its group of investors (“Midpoint Management”). In consideration for the divestiture, Midpoint Management will assume responsibility for all liabilities and obligations associated with the business as well as operational expenses associated with maintaining its operations.

The divestiture will allow the Company to focus on higher growth technology investments, and is expected to reduce annual net cash outflows by approximately $500,000. The Company is at arms-length from Mr. David Wong, and no finders’ fees or commissions were paid in connection with completion of the divestiture.

Justin Rosenberg, CEO of Blockmate said “We wish David and the rest of the Midpoint team every success as they take Midpoint forward. This sale allows Blockmate to better capitalise on the exciting trajectory of its current assets in the fast growing sectors of blockchain and climate technology: Hivello and BESS Power Innovation Corp (subject to exchange approval). We expect to update the market with progress in both companies within the next couple of months.”

About BESS Power Innovation Corporation
BESS is a company focused on the sales and distribution of residential and industrial lithium iron phosphate batteries and auxiliary products. BESS owns the exclusive distribution rights to Blivex Energy Technology Co’s (“Blivex”) lithium battery products for North and South America and intends to address demand for residential and industrial battery products where expected delivery times for certain products exceeds 12 months. BESS anticipates that equivalent Blivex battery products can be delivered within 1-3 months from the time of order.

About Blockmate Ventures Inc.
Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, climate and energy storage. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download our free passive income app at www.hivello.com) and Sunified, digitising solar energy.

The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

ON BEHALF OF THE BOARD OF DIRECTORS

Justin Rosenberg, CEO	David S. Wong, CMT CAIA CMGr, FCMI
Blockmate Ventures Inc	Midpoint
justin@blockmate.com	david@midpoint.com, 31337@skiff.com
(+1-888-218-6863)	(44 20 3687 2934)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Information
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

FAQ

What did Blockmate Ventures Inc (MATE) announce?

Blockmate Ventures Inc (MATE) announced the completion of the divestiture of Midpoint, its cross-border payments and foreign exchange business, to the management team led by Mr. David Wong, Expadis, and its group of investors.

What is the impact of the divestiture on the company?

The divestiture is expected to reduce annual net cash outflows by approximately $500,000 and allow the company to focus on higher growth technology investments in the blockchain and climate technology sectors.

Who will assume responsibility for the liabilities and obligations associated with the business?

Midpoint Management, led by Mr. David Wong, Expadis, and its group of investors, will assume responsibility for all liabilities and obligations associated with the business.

What is the CEO of Blockmate Ventures Inc's comment on the divestiture?

Justin Rosenberg, CEO of Blockmate, expressed well wishes for David Wong and the Midpoint team and mentioned that the sale allows Blockmate to better capitalize on the exciting trajectory of its current assets in the fast-growing sectors of blockchain and climate technology.

What are the future plans for Blockmate Ventures Inc?

The company expects to update the market with progress in both Hivello and BESS Power Innovation Corp, subject to exchange approval, within the next couple of months.

Who led the management team that acquired Midpoint from Blockmate Ventures Inc?

Mr. David Wong, Expadis, and its group of investors led the management team that acquired Midpoint from Blockmate Ventures Inc.