DGAP-News: Stockholm IT Ventures

STOCKHOLM, SWEDEN (20 March, 2018) - Stockholm IT Ventures AB (ISIN SE 0006027546 - Frankfurt Stock Exchange: SVAB), a Swedish technology company specialising in clean and efficient low-cost energy cryptocurrency mining, today announced it has completed an agreement with Value Media AS, 50% owner of Cryptotech AS, the Norwegian chip developer and manufacturer that is developing a new chip that is expected to significantly increase the mining capacity of cryptocurrencies. On January 16, 2018, the Stockholm IT Ventures AB and Cryptotech AS entered into a Memorandum of Understanding; this agreement closes the deal outlined in the Memorandum of Understanding. The board of directors of Stockholm IT Ventures AB have approved the agreement subject to shareholders approval. The agreement will be formally approved by the shareholders on an upcoming general meeting planned to take place on Tuesday, 3 April.
 
The terms of this deal will see Stockholm IT Ventures acquiring 50% of Cryptotech's hashrate to be produced by the use of the revolutionary new CTECH mining chip for a period of five years. Cryptotech's ASIC chips will have a mining capacity of up to 15.000 Petahash, which will significantly increase mining capacity at a rate far beyond the current industry standard.
 
Stockholm IT Ventures will pay up to a maximum of EUR210 million for the deal with EUR200 million being paid in cash and the remaining EUR10million in shares. These payments will be made in stages prior to the start of cryptocurrency mining and throughout 2018. Stockholm IT Ventures is securing loan financing for this deal to minimize shareholder dilution while increasing the value per share.
 
"Cryptotech's new CTECH chip is accelerating the state-of-the-art technology of cryptocurrency mining at a rate that will revolutionize the global crypto mining world," said Anthony Norman, CEO, Stockholm IT Ventures. "We are trailblazing a path forward to deliver clean energy cryptocurrency to global markets at a capacity and cost that is unheralded to-date."
 
At the company's EGMs in December 2017 and January 2018, a new board of directors was put in place to lead Stockholm IT Ventures rapid progression and leadership into green energy technology for cryptocurrency.
 
"Our combined companies mission to drive forward a future of sustainable, cost and energy efficient crypto mining is further underscored with our deal with Stockholm IT Ventures," said Erik Solberg, owner of Value Media AS and CEO of Cryptotech AS. "We look forward to aligning our forces to deliver a higher capacity of mining and production to ensure cryptocurrency is a viable and stable utility token of commerce."
 
 
 
 
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company focuses on clean and efficient low-cost energy cryptocurrency mining and production, and in blockchain related technology. All mining activities shall use clean and sustainable energy from hydro power stations in Northern Europe, requiring up to 80% less energy compared to ordinary mining for Bitcoin. The Stockholm IT Ventures stock represents a green investment in cryptocurrency technology. For more information, visit www.stockholmit.co. You can also find them on Facebook, Twitter and LinkedIn. Details on the company's Bytemine (BYTM) token and White Paper can be found here: www.bytemine.io.
 
 
 
About Cryptotech AS
Cryptotech AS is a Norwegian based mining company with mining facilities in Norway and development facilities in the US. Cryptotech is currently building the worlds largest Bitcoin mining facility in Norway driven by over 150 MW of clean hydroelectric energy. Through the use of their brand new ASIC mining chip which is scheduled to enter production in April 2018 they will gain a enourmous competitive advantage over their competition. The Cryptotech CC 1250 x will be the fastest and most energy efficient SHA256 ASIC chip in the world with a whopping 400+ GH/s per 3x3mm chip at a energy consumption of 0,0022J/GH. With their patented technology as a basis they will achieve their goals and be able to make Bitcoin mining affordable and highly profitable for all our initial supporters. Value Media AS holds 50% of the shares in Cryptotech AS.
For more information, visit http://www.cryptotech.no/.
 
 
# # #
 
 
Media Contacts:
Vibrate Communications for Stockholm IT Ventures
leslie@vibratecommunications.com
tyrone@vibratecommunications.com