EV Battery Tech Completes Acquisition of Crypto Mining Infrastructure Provider Optimal CP
Extreme Vehicle Battery Technologies Corp. (CSE: ACDC; OTCQB: CRYBF) has announced that it has now finished the purchase of Optimal CP Inc., a firm dedicated on the creation and administration of large-scale crypto mining facilities, as stated in its November 23, 2021 press release.
Extreme Vehicle Battery Technologies Corp. is a blockchain and battery technology company that has developed revolutionary, patented Battery Management Systems (BMS) to cater to the increasing for scalable, smart solutions for the fast expanding Electric Vehicle (EV) and Energy Storage Solution (ESS) markets.
Optimal CP is a privately owned firm focusing on serving North America’s rapidly expanding need for cost-effective bitcoin infrastructure. Optimal is currently establishing a number of facilities in Alberta (Canada) that will use straight access to clean, dependable, low-cost power production to power some of the world’s cheap, greenest, and most dependable mining operations.
The Company now controls Optimal’s product lineup and is keeping its management team in place to ensure a smooth transition. The Optimal team’s knowledge will also be used when the company develops further into the cryptocurrency mining area. Following thorough market analysis, EV Battery Tech believes that this deal will demonstrate strong synergies with its blockchain-based solutions, while also giving the Company and its stockholders with additional direct exposure to the cryptocurrency business.
“I’m ecstatic to have concluded this acquisition and to have retained Optimal’s team of professionals to join us on our journey as we concentrate on this fast developing market,” said Bryson Goodwin, CEO of EV Battery Tech.
“Our focus on cryptocurrency, as well as our purchase of such a large crypto-mining infrastructure, provides us with a tremendous potential to significantly grow our portfolio.”
As compensation for the Acquisition, the Company has issued 55 million common shares of the Company, 30 million of which are subject to a repurchase right, under which the Company will have the choice to buy back such shares for nominal deliberation if certain achievement benchmarks are not fulfilled by Optimal following the Acquisition.
The Company inked a debt settlement deal with NAI Interactive Ltd. on November 18, 2021. In accordance with the Obligation Satisfaction, the Company issued 476,190 common shares in settlement of a $100,000 debt owed by the Company to NAI. Such shares are liable to a four-month and one-day statutory resale limitation that will expire four months and one day after issue.