Routemaster Invests in Blockchain and Cryptocurrency Company That Uses Environmentally Friendly Solar Power
TORONTO, ONTARIO--(Marketwired - Dec. 14, 2017) - Routemaster Capital Inc. (TSX VENTURE:RM) ("Routemaster" or the "Company") has entered into a letter of intent to invest USD$1.35 million to acquire a 49% interest in Pinedale Springs LLC ("Pinedale") in Cary, North Carolina (the "Transaction").
Pinedale currently owns and operates a solar farm and cryptocurrency data center in Cary, North Carolina, in the North Carolina "Research Triangle" region, which is home to many prominent technology companies.
With the completion of this Transaction, the Company will have an investment in a company that has a "proof of concept" facility to undertake cryptocurrency mining with significantly lower carbon dioxide emissions than traditional fossil fuel power generation. Pinedale's solar-cryptocurrency facilities are currently cash flow positive.
The current management of Pinedale will continue to operate the facility, with Routemaster acting as an advisor. The founders of Pinedale will continue with active involvement in the business, bringing their extensive experience and expertise in legal and regulatory framework, electrical engineering and computer science.
Following the completion of the Transaction, Routemaster will be a significant investor in a company which uses alternative energy to power blockchain and cryptocurrency data centers. Pinedale's business model will allow those who wish to participate in the cryptocurrency market to do so in an environmentally friendly company following strong Environmental, Sustainable, Governance practices and policies.
Routemaster is focused on investing in companies with strong environmentally sustainable principles and will continue to seek out opportunities in this sector to provide Routemaster shareholders with accretive investments.
Completion of the Transaction is subject to satisfactory completion of due diligence by Routemaster, execution of a definitive agreement and all required approvals and consents.
About Routemaster Capital Inc.:
Routemaster Capital Inc. is a Canadian investment company that carries on business with the objective of enhancing shareholder value.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements, including statements regarding the Transaction and Pinedale, the impact of the Transaction on the Company, the blockchain/cryptocurrency industry and the sustainability thereof, the ability of Pinedale to execute its business model, the financial projection of Pinedale's business, the Company's ability to identify accretive investments and the Company's ability to attract required financing. 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.
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