COINANALYST
CORP. ANNOUNCES PROPOSED
ACQUISITION OF ROCKSTOCK EQUITIES INC.
Toronto,
ON - January 20, 2022
- InvestorsHub
NewsWire - CoinAnalyst Corp. (CSE: COYX) (FSE: 1EO) ("CoinAnalyst"
or the "Company") is pleased to announce that it has entered
into a binding letter agreement (the "Letter
Agreement") dated January
11, 2022 with RockStock Equities Inc. ("RockStock") and all of the shareholders of RockStock™
(the "Vendors"), in respect of the acquisition by the
Company of all of the issued and outstanding shares in the capital
of RockStock (the "Transaction").
About
RockStock
RockStock Equities Inc. is poised
to capitalize on the dramatic impact of Blockchain technology,
Cryptocurrencies, and NFTs on a once beleaguered music industry.
With a primary focus on the development of an Artist/Fan Utility,
RockStock will facilitate and empower artists through a
state-of-the-art app platform, allowing them to directly monetize
their music, create "pay-per-view" performances and participate in
the exciting new world of NFT revenue generation. For the fans, it
is an opportunity to connect and support the artists they love
through a multi genre, online competition and participate in profit
opportunities created through the purchase of Artist Security
Tokens and NFTs. For more information about RockStock, please
visit www.myrockstock.com.
The
Letter Agreement
Under the terms of the Letter
Agreement, the Company will purchase all of the shares of RockStock
from the Vendors in consideration for $937,500, which will be
satisfied through the issuance of 3,750,000 common shares of the
Company ("Common
Shares") at a deemed price
of $0.25 per share (the "Consideration
Shares"). If, at the end of
six (6) months period immediately following the closing of the
Transaction (the "Closing
Date"), RockStock has
developed a minimum viable product (MVP) for its product, the
Company will issue an additional 250,000 Common Shares at a deemed
price of $0.25 per share (the "Earn-Out
Shares"). The Consideration
Shares and the Earn-Out Shares will be allocated to the Vendors
based on their pro rata shareholdings in RockStock.
The Letter Agreement includes a
number of conditions to the Closing Date, including but not limited
to, (a) a consulting agreement to be entered into between David
Abbott and the Company; (b) each Vendor entering into an agreement
with the Company for a contractual restriction on resale of the
Consideration Shares (the "Lock-Up
Agreements") pursuant to
which each Vendor will, among other things, agree not to trade the
Consideration Shares, provided that (i) 10% of the Consideration
Shares will be free trading on the Closing Date, and (ii) further
15% tranches of Consideration Shares may be traded on each
successive three months anniversary of the Closing Date; and (c)
the appointment of David Abbott to sit on the board of the
Company.
Further
information
The CSE
has in no way passed upon the merits of the Transaction and has
neither approved nor disapproved the contents of this news
release.
Cautionary
Statements Regarding Forward Looking Information
This
news release contains "forward-looking information" within the
meaning of applicable securities laws relating to the proposal to
complete the Transaction and associated transactions. Any such
forward-looking statements may be identified by words such as
"expects", "anticipates", "believes", "projects", "plans" and
similar expressions. Readers are cautioned not to place undue
reliance on forward-looking statements. Statements about, among
other things, the appointment of David Abbott on the Board of the
Company; the consulting agreement to be entered into between David
Abbott and the Company; and the Lock-Up Agreements to be entered
into by each of the Vendors and the parties' ability to satisfy
closing conditions and receive necessary approvals are all
forward-looking information. These statements should not be read as
guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements.
Although such statements are based on management's reasonable
assumptions, there can be no assurance that the Transaction will
occur or that, if the Transaction does occur, it will be completed
on the terms described above. CoinAnalyst and RockStock assume no
responsibility to update or revise forward-looking information to
reflect new events or circumstances unless required by applicable
law.
For
more information, please contact:
Andrew
Sazama
Chief
Operating Officer and Director
Email:
contact@coinanalyst.tech
Phone:
+ 49 69 2648485 - 20
For Media
interview requests, please contact:
Nelson
Hudes
Hudes
Communications International
Email: nelson@hudescommunications.com
Phone: (905)
660-9155