STOCKHOLM IT VENTURES ACQUISITION OF FANTRAC GLOBAL FAILS TO COMPLETE
Luxembourg, 4th July 2018, the below announcement was made on the Stockholm IT Ventures website earlier today stating that the acquisition of Fantrac failed to complete. We have since been in touch with both Fantrac directors and SITV board.
The Directors of Fantrac maintain that the acquisition did complete and accordingly they have instructed lawyers in Sweden to pursue the matter. Mr Lochner the CEO of Fantrac stated that every effort was being made to try and resolve this matter.
The Board of SITV were not available for comment
Our view is that this will probably end up being a legal matter and the outcome is unpredictable. We will continue to work in the best interest of our members exposed to this situation.
July 4, 2018 in Press Release
STOCKHOLM, SWEDEN (4th July, 2018) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB), a Swedish technology company specialising in clean and efficient low-cost energy cryptocurrency mining, today announced that following the appointment of a new Board of Directors on 1 February 2018, the Board conducted a root and branch review of all material contracts that the Company (SITV) had entered into during the previous two years. This process was put in place to ensure that the business had acted in the best interests of shareholders and that all legal obligations had been properly recorded. The Company appointed legal advisers KLA Legal, based in Stockholm, to assist in the review.
The Board has now received a legal overview from KLA specifically on the proposed acquisition of Fantrac Global. The legal position is that the transaction failed to complete at the time as conditions precedent were not met by the end date of 21 March 2017. Stockholm IT Ventures did not issue any shares in relation to this transaction and therefore existing shareholders are not affected.
“Our main objective is and will always to serve the best purposes of our business and value to our shareholders,” said Anthony Norman, CEO, Stockholm IT Ventures. “As we forge ahead with our new team fulfilling on our vision for a new world crypto and digital financial services market landscape, we will continue to address business alignments that do not serve our greater purpose.”
The Company has tried to come to new terms with Fantrac in the intervening period, which has not resulted in an agreement and, therefore, Stockholm IT Ventures has now formally informed Fantrac that the transaction has failed to complete. The Board has since terminated all further discussions with Fantrac.