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Cloud Nine Web3 Technologies has announced the acquisition of specific intellectual property assets from Victory Square Technologies for $6 million, comprising 4,411,765 shares at $1.36 each. These assets include a development-stage VPN platform, which Victory Square has advanced over three years at a cost of approximately $3.2 million. Cloud Nine plans to invest an additional $0.5 million to advance the platform to beta testing, aiming for product availability by Q3 2021. This acquisition positions Cloud Nine strategically within the Web 3.0 movement, enhancing its product offerings and commitment to a secure internet.
Cloud Nine Web3 Technologies Inc. (OTC: CLGUF) has appointed blockchain expert Pavel Bains as a Strategic Advisor. Bains, co-founder of Bluzelle, brings extensive experience in decentralized technologies, aiming to enhance Cloud Nine's ed-tech platform and expand its global Web3 opportunities. The global ed-tech market was valued at USD $76.4 billion in 2019, with a projected growth rate of 18.1% CAGR through 2027. Bains' advisory role will focus on aligning strategic opportunities and advancing Cloud Nine’s roadmap for emerging technology products.
Cloud Nine Education Group Ltd. (CSE:CNI) (OTC: CLGUF) announced a strategic focus on its education platform, engaging Bluzelle Networks for Web3 development. The initiatives aim to position Cloud Nine as a leader in Ed-Tech and include:
- Creating a global assessment platform for degree information.
- Implementing a Web3 learning ledger for tracking student progress.
- Developing a decentralized file storage solution.
Additionally, the company extended a letter of intent with Victory Square Technologies to finalize an acquisition and secured a $300,000 agreement with Fortyfive Media for marketing services.
Cloud Nine Education Group Ltd. (CSE:CNI)(OTC PINK:CLGUF) has signed a letter of intent to acquire key intellectual property assets from Victory Square Technologies Inc. for $6 million. This includes products like the LimitlessCrypto™ Miner and MicroBlock™ Miner, targeting household users interested in cryptocurrency mining. The Acquisition is expected to close around February 26, 2021, pending various approvals. The company will also undergo a name change to Limitless Blockchain Technology Inc. and raise up to $5 million through a private placement, enhancing its position in the blockchain sector.
Cloud Nine (CSE:CNI)(OTC PINK:CLGUF) announced significant leadership changes, appointing Kant Trivedi to its Board of Directors and Nilda Rivera as Chief Financial Officer and Corporate Secretary, effective immediately. Kant brings over 20 years of experience in technology and blockchain, with a notable record at Blockfusion Technologies and Rogers Communications. Nilda has extensive experience in corporate finance, previously serving at Aurora Cannabis, where she managed substantial financial operations. Both appointments aim to bolster the company's growth strategy.