Everything Blockchain Acquires Mercury, Inc. for $1.5M
Fleming Island, Florida, June 14, 2021 (GLOBE NEWSWIRE) -- Everything Blockchain, Inc., (OTCMKTS: OBTX), an advanced software development, engineering, and services company specializing in blockchain technologies and decentralized processing, announced today that it has completed its due diligence process with all terms acceptable to close its acquisition of Mercury, Inc., effective upon the determination of the Small Business Administration (SBA) forgiveness application of the Payroll Protection Program (PPP) currently submitted by Mercury, Inc.
Both parties have agreed in all aspects of the acquisition. All cash and stock to finalize the closing have been placed in Escrow pending the resolution by the SBA. Mercury, Inc. submitted its application for forgiveness in May 2021 and expects a determination on its PPP forgiveness within the next few days.
Mercury was founded by skilled IT professionals with leading-edge experience in enterprise software development, web application development, data analytics and visualization. Mercury has consistently recorded approximately $2.5 million in revenue with a 15% bottom line profit margin over the past three years (excluding 2020 – COVID 19 related). Mercury, Inc., was formed in 2009 and currently has 14 employees who service clients throughout the US.
Everything Blockchain views this acquisition as a strategic element in its long-term development of cyber security utilizing Blockchain technology. The Company will begin cryptocurrency mining operations in the Idaho Falls facility where it will be conducting research and development into advancements in its service products.
“In choosing Idaho as our base for our research and development and mining operations, Everything Blockchain will be able to secure access to some of the most competitively priced electrical energy and software engineers, while geographically located in an area that has conducive weather patterns well suited for our purpose,” said Eric Jaffe, Everything Blockchain’s CEO. “The acquisition of Mercury, Inc., is right in line with our strategic growth plan. Mercury, Inc., is a viable company that has existed for 12 years and has a seasoned book of business we will be able to draw from and help grow.”
Chris Carter, the CEO of Mercury, Inc., stated, “We are very excited to join the Everything Blockchain team and look forward to combining what we do with IT with their development and knowledge of Blockchain. We are convinced that with Everything Blockchain, 1+1=3.”
About Everything Blockchain
Headquartered in Fleming Island, Florida, Everything Blockchain, Inc., formerly known as OBITX, Inc., (OTCQB:OBTX) is a development, engineering and services organization specializing in blockchain technologies and decentralized processing.
Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
Everything Blockchain info@everythingblockchain.io RedChip Companies, Inc. Investor Relations Dave Gentry Tel: 407-571-0912 dave@redchip.com
Released June 14, 2021