FogChain Corp. Acquires RadJav Rapid Application Development Platform and Blockchain Technology
Vancouver, British Columbia (FSCwire) - FogChain Corp. (CSE: FOG) (“FogChain” or the “Company”) is pleased to announce that it has reached an agreement to acquire the RadJav rapid application development platform (“RadJav”) and other related assets from Higher Edge Software, LLC in a transaction valued at $5,000,000 USD.
FogChain, a next generation application lifecycle management company, significantly advances its business plan, development capabilities, and blockchain technology foundation with the acquisition of RadJav. The asset acquisition includes the RadJav rapid application development platform, all related integrations with the platform including the OpenSSL cryptography library, Linux compatibility, WebSockets, HTTP Server and Electrum Wallet to name a few, as well as all related content and Intellectual Property (“IP”) assets.
James Cerna, FogChain’s founder and CEO, commented, “The acquisition of RadJav will provide a great boost to our development efforts and condense our timeline to market.” He further added, “We are privileged to add these assets and more importantly, talented engineers to our company.”
Under the terms of the acquisition, FogChain will pay consideration of $5,000,000 USD which includes $4,750,000 USD in common shares of FogChain (10,000,000 common shares at $0.615CAD per share), and $250,000 USD in cash. This acquisition is the Company’s first of many anticipated acquisitions to accelerate and expand upon its market presence and technology capabilities, as well as solidifies the foundation for growth moving forward. FogChain, with RadJav, anticipates rolling out an aggressive development pipeline over the next few months which should help to establish several major beachheads with both new clients, as well as technological advances in the application lifecycle management and blockchain industries.
The founder of Higher Edge Software and creator of the RadJav platform, Nathanael Coonrod, stated, “We’ve been working on our platform for over 3 years now and could not have found a better strategic partner in FogChain given the depth of experience with their team in building businesses, as well as the direction they’re taking with the Company. We’re very excited about what the future will bring together and the technology that we’ll be launching to revolutionize the application development industry.” Mr. Coonrod joins FogChain as its VP of Engineering and will be the Lead Developer.
About FogChain Corp.
FogChain is exactly as it sounds - the event horizon, where application lifecycle management meets the decentralized Fog (edge network), providing the most secure and efficiently distributed platform for software development on any platform. With the recent explosive demand for more edge computing and security within the Micro-Service, IoT and Driverless Vehicle space, FogChain's platform provides a software tool kit leveraging the best of both worlds. The inherent security of Blockchain combined with the ubiquity and performance of the Fog is the only logical and scalable path. Led by a team of Cloud and SaaS veterans, FogChain is uniquely positioned to be the next super wave for the $500 billion software development market.
FogChain Investor Relations:
Jim Cerna, Director
Karan Thakur, Director
FORWARD LOOKING STATEMENTS
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the terms and conditions of the Transaction; use of funds; and the business and operations of the Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE FogChain Corp.
Source: FogChain Corp. (CSE:FOG)
To follow FogChain Corp. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire