Toronto, Canada, December 7, 2023 – Datametrex AI Limited (the "Company" or "Datametrex'') (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) is pleased to announce it has closed the previously announced (see Press Release from November 14, 2023) sale of its subsidiary, DataMetrex Electric Vehicle Solutions Inc. ("DMEVS") to Graph Blockchain Inc. ("Graph Blockchain") (CSE: GBLC, OTC: REGRF, FRA: RT50).
Pursuant to an agreement dated November 13, 2023, Graph Blockchain has acquired DMEVS from Datametrex for an aggregate purchase price of up to $3,750,000, consisting of shares and cash Earn-Out Payments.
Graph Blockchain has issued to Datametrex 15,000,000 common shares at a deemed price of $0.05 per share. In addition, Datametrex's opportunity to receive up to $3,000,000 in cash Earn-Out Payments is contingent upon DMEVS's fulfillment of certain post-closing performance metrics over three (3) years. These Earn-Out Payments incentivize and ensure continued focus on maximizing DMEVS's value under new ownership.
Datametrex filed an early warning report on November 14, 2023 in connection with the execution of an agreement to sell DMEVS to Graph Blockchain. The common shares of Graph Blockchain are listed for trading on CSE. Datametrex now holds 18,928,956 common shares of Graph Blockchain, representing approximately 19.66% of the issued and outstanding shares of Graph Blockchain.
A director of Datametrex is also a director and senior officer of Graph Blockchain. The transaction was approved by independent directors of each of Datametrex and Graph Blockchain.
Marshall Gunter commented on the transaction, stating, “The sale of DMEVS to Graph Blockchain marks a pivotal step in Datametrex's growth, aligning us with a partner who shares our vision for innovation in the tech sector. This deal not only benefits our shareholders but also promises continued success and advancement in the electric vehicle industry under Graph Blockchain's stewardship."
Datametrex is an innovative leader in artificial intelligence, machine learning, and healthcare. The Company excels in delivering tools and solutions that enhance operational efficiencies and business outcomes. With a commitment to innovation, Datametrex is dedicated to supporting enterprises by setting a new standard for business protocols through cutting-edge technology. For more on Datametrex’s insights into AI, cybersecurity, telehealth, and healthcare, please visit our YouTube channel and the company website.
About Graph Blockchain
Graph Blockchain is a technology-focused company with exposure to private blockchain, and electric vehicle charging solutions. Learn more at www.graphblockchain.com.
Investor Relations & Communications
Marshall Gunter, CEO
Neither 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.
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements, including but not limited to the proposed spin-out transaction. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.