Everything Blockchain Acquires Energy Technology Business

Rhea-AI Summary

Everything Blockchain, Inc. (OTCMKTS: OBTX) has acquired 100% of the outstanding shares of 832 Energy Technology Consultants for $1.5 million, marking the second acquisition within three months. 832 Energy, generating over $500K annually with a 50% net profit, will continue to operate under founder Cedric Harris, now the Chief Research Officer. The company has also entered into two Letters of Intent for further acquisitions aimed at enhancing its blockchain capabilities and market presence.

Positive

• Acquisition of 832 Energy Technology Consultants valued at $1.5 million.
• 832 Energy has a strong financial performance, generating over $500K in revenue annually with a 50% net profit.
• Cedric Harris's expertise in blockchain enhances the company's research and development capabilities.

Negative

• No assurance that two additional Letters of Intent will lead to successful acquisitions.

Cedric Harris Named Chief Research Officer

Fleming Island, Florida, June 21, 2021 (GLOBE NEWSWIRE) -- Everything Blockchain, Inc., (OTCMKTS: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today that it has acquired 100% of the outstanding shares of 832 Energy Technology Consultants, with its base of operations in Houston, Texas at its current valuation of $1.5 million.  This is the second acquisition Everything Blockchain has made in the last three months.  In additional to this acquisition, the Company has entered into two additional Letters of Intent for two additional strategic acquisitions that takes the Company one step closer to providing a blockchain platform that operates between regulatory agencies and industry. 

832 Energy Technology Consultants was formed in 2012 and has consistently generated more than $500K per year in revenue and generated a 50% net profit.  Currently they produce their revenue as a software architect and engineer for United Airlines. Cedric Harris is the founder of 832 Energy Technology Consultants and will continue to operate the business while also being named as the Company’s Chief Research Officer (CRO).  Mr. Harris most recent achievement was the development and inventor of the Blockchain utilized by the Center for Disease Control (CDC) worldwide contract tracing program.  Mr. Harris will be working with the Company in the development and filing of patents for its proprietary intellectual assets and services it intends to launch in the near future.  

“This acquisition is the second of several acquisitions where 1+1+1+1 = 1,111. These acquisitions will propel Everything Blockchain to the forefront of data security through use of the Blockchain and make Everything Blockchain a household name worldwide,” said Eric Jaffe, Everything Blockchain CEO said. He went on to say, “Cedric will be a great addition to the Everything Blockchain team.  His thinking falls right in line with our Company’s vision where everything in life will in one way or another be effected by Blockchain.”

Cedric Harris, the Company’s CRO stated, “I have been searching for years to find a Company I could call home and feel a part of.  The management team and personnel associated with Everything Blockchain bleed Blockchain.  From the first time I met them I felt a sense of belonging.  I look forward to continuing my research in Blockchain and developing worldwide patented technology that will have an effect on mankind and improve quality of life worldwide.”  

About Everything Blockchain:

Headquartered in Fleming Island, Florida, Everything Blockchain, Inc., (OTCMKTS: OBTX) is a development, architecture, and software designer of Blockchain that also provides consulting and services specializing in blockchain technologies and decentralized processing.

Forward Looking Statements

This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: There can be no assurance that the two additional  LOI’s mentioned in the Press Release will be consummated. The occurrence of any event, change or other circumstances that could give rise to the terms of the LOI not hereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the LOI following announcement of the LOI and transactions contemplated therein; the ability of the Company to meet listing standards following the transaction and in connection with the consummation thereof; the inability to complete the transactions contemplated by the LOI due to the failure to meet any closing conditions; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the LOI and consummation of the transaction described therein; costs related to the proposed acquisition; changes in applicable laws or regulations; the ability of the acquired assets to meet its financial and strategic goals, due to, among other things, competition, the ability of the Company to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company.

FAQ

What is Everything Blockchain's recent acquisition?

Everything Blockchain has acquired 832 Energy Technology Consultants for $1.5 million.

What financial performance does 832 Energy Technology Consultants have?

832 Energy generates over $500K in revenue per year with a 50% net profit.

Who has been appointed as Chief Research Officer after the acquisition?

Cedric Harris, founder of 832 Energy, has been named Chief Research Officer.

What future plans does Everything Blockchain have following this acquisition?

Everything Blockchain has entered into two additional Letters of Intent for further acquisitions.

What are the potential risks associated with the recent acquisitions?

There is no guarantee that the two additional Letters of Intent will lead to successful acquisitions.