VANCOUVER, British Columbia, Dec. 12, 2017 (GLOBE NEWSWIRE) -- Red Rock Capital Corp. (the “Company”) (TSXV:RCC.H) announces that in connection with its ongoing review of potential “qualifying transactions,” the board of directors of the Company intends to focus its attention on transactions in the blockchain sector which could include verticals surrounding cryptocurrency, artificial intelligence, gaming, cannabis and financial sectors.
To this end, management is pleased to announce the Company has entered into a letter of intent with Coinbit Blockchain Solutions Inc. (“Coinbit”), a leading financial and cryptocurrency publisher and boutique advertising agency that operates a series of high traffic financial content websites. These websites include: streetsignals.com, microsmallcap.com and most recently, cryptocurrencynews.com. Cryptocurrencynews.com is quickly becoming a leading source for news and education in the blockchain and crytocurrency sector. Coinbit has also developed a native ad publisher platform that is in beta testing across its owned and operated properties. The platform will allow third party publishers to earn revenue by placing financial and cryptocurrency widgets on their websites.
Completion of any transaction with Coinbit is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive agreements in respect of such a transaction, the availability of financing on terms acceptable to the Company, and the receipt of any required regulatory and shareholder approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that such a transaction will be completed at all. Readers are cautioned that the letter of intent entered into Coinbit does not set forth the terms of a potential transaction nor have such terms been negotiated or finalized.
While a review of potential transactions within the blockchain and cryptocurrency sector is ongoing, there can be no assurance that any transactions within this sector will be consummated.
For further information, contact Richard Grayston at rwgrayston@telus.net.
On behalf of the Board,
Red Rock Capital Corp.
Richard Grayston, Chief Executive Officer
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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to proposed activities within the blockchain and cryptocurrency sector, regulatory or government requirements or approvals, the reliability of third party information and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.