TORONTO, June 15, 2021 (GLOBE NEWSWIRE) -- Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE: BCFN) is pleased to announce that it has signed a letter of intent to form a joint venture (the “JV”) with REVXM Inc. (“REVXM”), a leading sponsorship marketing company which has extensive relationships with rights holders and content creators in the sports, music, culture and cause-related verticals. Sponsorship Canada, a division of REVXM, currently works with clients to monetize revenue streams through strategic partnerships and the JV will expand this offering to include digital collectibles and non-fungible tokens (“NFTs”) through a new entity called CollectDeFi Inc. To sign up for updates on the project, users can visit www.CollectDeFi.com.
The purpose of the JV is to develop and launch a white-labelled NFT platform that allows content creators to list and sell NFTs and other digital collectibles. The platform will be built on the Syscoin blockchain platform, which was created by senior members of BCF’s technical team.
The JV will be structured such that BCF will own 40% of the JV equity, with the remaining 60% to be owned by REVXM and third-party investors. BCF will provide technical development to the JV and REVXM will oversee sales, marketing and operations. In consideration of REVXM’s role in the JV, BCF has agreed to issue REVXM one million common share purchase warrants to acquire an equal number of common shares of BCF at an exercise price of $0.37 per share for a period of 18 months from the date of issue.
The JV intends to launch an initial product in late 2021. Further updates will be provided to the market as the JV executes on its growth strategy and identifies initial clients for the platform.
“We’re excited to combine BCF’s blockchain expertise with REVXM’s robust network of content creators and property owners. The combination of these two entities will enable the rapid development of the target product while concurrently providing a set of clients that are ready and waiting to adopt our solution,” said Dan Wasyluk, CEO of BCF.
"We are ecstatic to partner with the team from Blockchain Foundry to create this unique venture," said Bill Gaskey, Managing Partner of REVXM. "REVXM was conceived to be an innovator and incubate disruptive concepts and this JV will provide an added edge for our brand and property partners. We can't wait to share CollectDeFi with the world."
About Blockchain Foundry Inc.
Blockchain Foundry develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to incorporate blockchain technology into their businesses.
About REVXM Inc.
REVXM was created to provide a new lens on properties and sponsorship and uncover how technology and innovation can play a role in the current environment and as we evolve into the future. REVXM also houses Sponsorship Canada which is a leader in sponsorship asset evaluation, naming rights sales and revenue generation for venues, events and properties. With over $1B in sales, consultation and valuation work to date, Sponsorship Canada continues to drive innovative monetization solutions for owners in the sports, music, culture and cause industries.
Blockchain Foundry Contact Information:
Chief Executive Officer
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Certain portions of this press release contain “forward-looking information” within the meaning of applicable Canadian securities legislation, which is also referred to as “forward-looking statements”, which may not be based on historical fact, including, but not limited to, statements with respect to the letter of intent relating to the JV and proposed ownership structure of the JV, business strategy and objectives of BCF, and the anticipated timelines for BCF’s future products and the initial product launch of the JV. Wherever possible, words such as “will”, “plans,” “expects,” “targets,” “continues”, “estimates,” “scheduled,” “anticipates,” “believes,” “intends,” “may,” “could,” “would” or might, and the negative of such expressions or statements that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved, have been used to identify forward-looking information.
Forward-looking statements should not be read as guarantees of future events, future performance or results, and will not necessarily be accurate indicators of the times at, or by which, such events, performance or results will be achieved, if achieved at all. Readers should not place undue reliance on such forward-looking statements, as they reflect management’s current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by BCF, are inherently subject to significant business, economic, regulatory, competitive, political and social uncertainties, and contingencies, including, but not limited to, capital expenditures, other costs, or implied future forecasts related to the new products, the ability of BCF to succeed in carrying out its business, or that it will be successful in developing, commercializing or profitably operating its future products in the manner described herein, changes to the proposed structure of the products that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval for the products. In addition, certain future products may require BCF to become registered or apply for an exemption for registration for which there can be no assurance that such applications will be successful or completed in a timely manner. Many factors could cause BCF’s actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.