VANCOUVER, BC, Sept. 15, 2020 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) ("TAAL") announces that through its wholly owned subsidiary, Taal Technologies SEZC, it has purchased all of the issued and outstanding shares of WhatsOnChain Limited ("WhatsOnChain") enhancing TAAL's technology portfolio and accelerating TAAL's strategy as a leading provider of enterprise blockchain infrastructure services.
WhatsOnChain owns proprietary Bitcoin SV blockchain explorer technology developed by its founders who created the first-ever BSV block explorer to provide data in an easy and user-friendly manner. A blockchain explorer is a browser for the blockchain, similar to how web browsers like Maxthon or Google Chrome are used for browsing internet web pages. BSV users rely heavily on blockchain explorers to track their transactions. Having an open-source BSV explorer is what makes BSV transparent and immutable, and providing public access to the BSV ledger allows for a decentralized, trustless, and scalable system to ensue.
The WhatsOnChain team comprises software engineering and development entrepreneurs Liam Missin, who has over 15 years of software engineering and corporate experience at SAP and nChain, Muhammad Waqas Raza, who has 10+ years of software development experience and a Masters degree in Advanced Software Engineering with Distinction from the University of Leicester, and Simon Ordish, who has 20+ years of software engineering and executive-level experience. Simon Ordish, the Company's co-founder, said, "Our team is excited to be joining TAAL in our current capacities, and we look forward to contributing to the growth and transformation of the blockchain industry."
TAAL has purchased WhatsOnChain for $2MM GBP, which purchase price was paid through the issuance of 1,739,882 TAAL common shares (the "Consideration Shares"), with a share value of $1.97 established by the volume-weighted average price of the shares on the Canadian Securities Exchange for the 10 (ten) consecutive trading days up to and including September 9, 2020. The three co-founders of WhatsOnChain have agreed to lock up agreements pursuant to which, in addition to the 4-month hold pursuant to applicable securities laws, one-half of the Consideration Shares will be locked up for a one year period and the remaining Consideration Shares will remain locked up, subject to release only upon the achievement of certain development milestones by WhatsOnChain over a period of five years. Any Consideration Shares which remain unreleased at thereafter will be redeemable by TAAL for nominal consideration.
Support and services for enterprises using WhatsOnChain's open-source software and proprietary server components in conjunction with TAAL's services will create a new revenue-channel that will help to differentiate TAAL from its competitors. TAAL anticipates several additional features, which will be useful for enterprise users, such as customized tools and APIs, to become available for purchase in future updates to WhatsOnChain's software.
"With the acquisition of WhatsOnChain, TAAL can provide an incredibly innovative blockchain platform that enables users to capitalize on the opportunity of the BSV blockchain," said TAAL CEO Jerry Chan. "TAAL welcomes the WhatsOnChain team and users, commits to supporting WhatsOnChain's technology leadership in the BSV market, and will soon unleash its capabilities in enterprise industries which, when coupled with TAAL's blockchain computing infrastructure and transaction processing, will unlock a world of possibilities."
About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. (CSE:TAAL) delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the Bitcoin SV platform, and developing, operating, and managing distributed computing systems for enterprise users.
The CSE, nor its Regulation Services Provider accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute "forward-looking information" as defined under applicable Canadian securities legislation. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes, but is not limited to statements regarding: the growth and transformation of the blockchain industry and the expectation of new revenues from the acquisition. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL to leverage intellectual property into viable income streams and other risks set out in Item 20 Risk Factors of TAAL's Form 2A - Listing Statement dated July 31, 2018 and elsewhere in TAAL's continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
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SOURCE Taal Distributed Information Technologies Inc.
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