Routemaster Capital Enters Into Definitive Agreement to Acquire Remaining 51% Interest in DeFi Holdings Inc., a Company Pursuing Investments in the Decentralized Finance Market

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TORONTO, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Routemaster Capital Inc. (the “Company” or “Routemaster”) (TSXV: RM) is pleased to announce that it has entered into a definitive agreement dated as of January 14, 2021 to acquire 51% of the issued and outstanding common shares DeFi Holdings Inc. (“DeFi Holdings”) (the “Definitive Agreement”).

Under the terms set out in the Definitive Agreement, the Company shall issue 20 million common shares of Routemaster from treasury (the “Payment Shares”) to the shareholders of DeFi Holdings in exchange for a 51% of the total issued and outstanding common shares DeFi Holdings (the “Purchased Shares”) pro rata in proportion to their holdings of Purchased Shares. The completion of the transaction to acquire the Purchased Shares (the “Acquisition”) is subject to customary closing conditions. No finder fees are payable in connection with, and no change of control of the Company will result from the Acquisition. The Acquisition is subject to regulatory approval and satisfaction of closing conditions. There can be no assurances that the Acquisition of the Purchase Shares will be completed as proposed, or at all.

Routemaster currently owns 49% of DeFi and following the Acquisition DeFi will become a wholly owned subsidiary of the Company.

DeFi Holdings is a company focused on investing, incubating and managing trading technologies associated with the fast-growing decentralised finance market. Decentralized finance could be considered the next wave of financial innovation on the blockchain. It refers to digital assets, financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum and other blockchains. In simpler terms, it is financial software built on the blockchain. Decentralized finance’s core selling point is the removal of intermediaries in transactions which in traditional finance provide the “trust” layer (i.e. banks and brokers) in a transaction between two parties. With decentralized finance, users can access the network directly, so there is no need for intermediaries.