NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Oct. 05, 2018 (GLOBE NEWSWIRE) -- Routemaster Capital Inc. (TSXV: RM) (“Routemaster” or the “Company”) announces that further to the letter of intent entered into with Pinedale Springs LLC (“Pinedale”) on December 14, 2017 (the “Pinedale LOI”), management has decided not to proceed with the investment of USD$1.35 million to acquire 49% of Pinedale. Since entering into the Pinedale LOI, the Company has conducted thorough due diligence of Pinedale’s operations and financials. Although the Company believes in the potential of blockchain technology, the investment in Pinedale currently does not align with the Company’s strategic investment policies.
Additionally, the Company has entered into an amended and restated cooperation agreement (the “Amended and Restated Cooperation Agreement”) with GEAR Blockchain Inc. (“GEAR”) to amend and restate the cooperation agreement entered into on February 26, 2018. The Amended and Restated Cooperation Agreement clearly delineates that the Company’s obligations are to provide financial assistance to GEAR and to assist GEAR in identifying green energy projects to power its crypto-mining business. Under the Amended and Restated Cooperation Agreement, the Company shall not participate in any offering, distribution or sale of tokens of GEAR. Furthermore, any assistance from management of the Company to GEAR shall only be advisory in nature and non-binding. The Company continues to have the option to be repaid in 10% of the tokens issued by GEAR and the Amended and Restated Cooperation Agreement will expire on April 5, 2019, subject to mutually agreed upon extensions.
About Routemaster Capital Inc.:
Routemaster Capital Inc. is a Canadian investment company that carries on business with the objective of enhancing shareholder value.
For further information, please contact:
Vikram Pathak
President and Chief Executive Officer
Tel: +1 (416) 861-5933
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements, including statements regarding the Company’s cooperation agreement with GEAR and the Company’s future plans. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf, except as required by applicable law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.