Datametrex AI Shifts Focus, Sells Electric Vehicle Subsidiary to Graph Blockchain
Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) has announced a strategic pivot away from the electric vehicle sector to refocus on its core verticals—healthcare, artificial intelligence, and technology. The Vancouver-based data-focused technology company is set to sell its electric vehicle subsidiary, DataMetex Electric Vehicle Solutions, to Graph Blockchain Inc. (CSE: GBLC) (OTC Pink: REGRF) (FSE: RT50) for $3.7 million, marking a significant realignment in its business strategy.
Datametrex’s Strategic Repositioning
Datametrex AI Limited has revealed its decision to divest its electric vehicle subsidiary, DataMetex Electric Vehicle Solutions, signaling a strategic shift away from the booming electric vehicle sector. The company is realigning its focus on its primary verticals, including healthcare, artificial intelligence, and technology, where it has established expertise.
Sale to Graph Blockchain Inc.:
The intended sale to Graph Blockchain Inc. involves the issuance of 15,000,000 common shares by Graph Blockchain to Datametrex at a price of $0.05 per share during the closing. Additionally, Datametrex has the potential to receive up to $3 million in earn-out payments if the subsidiary achieves specified post-closing performance metrics over the subsequent three years. The completion of this transaction would result in Datametrex holding an increased stake in Graph Blockchain.
Entering Green Technology Trends:
Graph Blockchain’s CEO and Chairman, Paul Haber, highlighted the strategic significance of acquiring DM EVS, stating that it positions Graph Blockchain at the intersection of two cutting-edge industries: blockchain and electric vehicle technology. The move not only reflects a strategic business decision but also aligns with global trends favoring green technology and sustainable practices.
Government Incentives for Electric Vehicles:
The growing demand for electric vehicles is partly fueled by government incentives promoting cleaner and more environmentally friendly transportation options. In Canada, the government offers a $5,000 incentive for electric batteries or hydrogen fuel cell vehicles, with additional incentives provided by provinces like British Columbia, Quebec, Yukon, New Brunswick, Nova Scotia, Prince Edward Island, the Northwest Territories, and Newfoundland and Labrador.
Electric Vehicle Incentives Across Canada
Provinces like British Columbia offer various programs, including the BC Hydro EV Fleet Program, Clean BC Go Electric Fleets Program, and vehicle incentive packages. The Northwest Territories stand out in promoting the shift to electric vehicles, offering potential savings of up to $7,500 on a new electric car. Combined with the $5,000 federal rebate, this region provides significant financial incentives for adopting electric vehicles.
Encouraging Electric Vehicle Charging Infrastructure
ChargeHub, with its website Chargehub.ca, facilitates information on home charging station installation incentives available throughout Canada. Rebate amounts are contingent on specific locations, encouraging the development of electric vehicle charging infrastructure.
Datametrex AI’s strategic decision to divest its electric vehicle subsidiary and refocus on core verticals reflects the evolving dynamics of the business landscape. The sale to Graph Blockchain aligns with industry trends and positions both companies at the forefront of emerging technologies. As the electric vehicle market continues to grow, government incentives play a crucial role in driving adoption, creating a dynamic landscape for businesses to explore new opportunities and realign their strategies.