Global Arena Holding, Inc. Has Entered Into an Agreement to Acquire Blockchain Technologies Corporation
Global Arena Holding, Inc., (OTC PINK: GAHC) reported in GAHC's Form 8-K filed with the SEC on May 20, 2015, that GAHC incorporated a new wholly owned subsidiary in the State of Delaware called "GAHI Acquisition Corp." This entity was incorporated to be the merger subsidiary for the acquisition of Blockchain Technologies Corporation (BTC).
GAHC entered into an agreement and plan of merger with BTC. Under this agreement, BTC will merge with GAHI Acquisition Corp., and GAHI Acquisition Corp. will be the surviving corporation. Pursuant to the terms of the merger, GAHC will reserve a number of shares equal to 1/3 of the total issued and outstanding of GAHC to be issued to BTC shareholders. Additionally, GAHC will also have capitalized GAHI Acquisition Corp. with $1,250,000 plus an amount equal to an outstanding bridge loan, which amount shall be used for the development and implementation of the Blockchain business and technologies, as well as, the repayment of said outstanding debt. For complete terms, please see GAHC's Form 8-K filed on May 20, 2015 located at www.sec.gov.
BTC is a technology company that acts as an early-stage investor, incubator, and seed accelerator program featuring a number of innovative startups utilizing the Blockchain, the underlying technology of the bitcoin digital currency. BTC currently owns several startups that are operating in the Blockchain technology field.
Intellectual property included in the proposed GAHC-BTC merger includes at least four provisional patent applications reflecting material improvements upon rudimentary Bitcoin blockchain technology in areas such as i) database creation and utilization, ii) decentralized voting, iii) retail affinity tokens or rewards, and iv) the invention of an interactive Internet browser that makes possible user-advertiser affinity tokens or rewards.
The Provisional Patents are:
1. Application No. 62/029,409 filed July 25, 2014; A system and method for database for self-actuating contracts and other data.
2. Application No. 62/033,706 filed August 5, 2014; Designed for the use of the Blockchain Database to Enhance Security of and Support Secure Electronic Voting and Election Result Tabulation.
3. Application No. 62/090,370 filed December 11, 2014; Retailer-Captive Blockchain System for Hosting Secure and Non-Counterfeit Affinity Token Transactions, and Tracking Affinity Token Inventory, Within A Customer Affinity Program.
4. Application No. 62/112,130 February 4, 2015; System and Method for Blockchain-Type Based Search Engine Database within an Internet Browser Supporting a User Affinity Program.
When consummated, this deal will mark a significant step in the history of the rapidly growing Blockchain ecosystem by having one of its key players be part of a publicly traded company, GAHC.
In particular, the GAHC proposed acquisition affords GAHC ownership of Blockchain Technologies Corporation's wholly owned technology companies including:
Slidechain LLC: a company that utilizes multiple Blockchains simultaneously, with their backbone being the Bitcoin blockchain;
Digital Assets Vending Inc.: a bitcoin ATM / BTM company whose main product, D.A.V.E. (Digital Asset Vending Equipment), is being developed to be the easiest, most flexible, and affordable device of its kind;
Cryptos: a high-speed, ultra-secure digital currency-trading platform with AlphaPoint, the same backend Bitfinex uses;
Overseas BC Marketing: A company that has entered into an agreement with an Irish gaming company pursuant to which Overseas BC Marketing will market online web-based waging services and products. This platform does not allow wagering from U.S. citizens;
Blockchain Apparatus LLC: a company that uses the Blockchain for an incorruptible voting application and self-executing wills and smart contracts, among other uses.
GAHC Chairman and Chief Executive Officer John S. Matthews said, "I am very pleased with the potential technology acquisition and believe on consummation, BTC and its subsidiaries will add an exciting dimension to the growth of GAHC."
BTC Chairman & Chief Executive Officer Nick Spanos stated "We're delighted with the GAHC proposed merger as it will enable us to compensate developers with a publicly traded stock, and we are further inspired by the knowledge that as a function of this proposed merger, the public can now participate in a company with Blockchain technology.
GAHC is trading on the OTC pink sheets and has been publicly traded since 2011. GAHC holds a number of interests, including Global Elections Services, and Global Arena Investment Management.
This press release contains forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned that such forward-looking statements should not be construed as a guarantee or assurance of future performance or results. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors. In light of these risks and uncertainties, there can be no assurance that the forward- looking statements contained herein will in fact occur. These forward-looking statements are based on current expectations, and the Company assumes no obligation to update this information. The Company is a going concern. Readers are urged to carefully review and consider the various disclosures made by the Company in its Form 10-K and in the Company's other reports filed with the Securities and Exchange Commission that discuss certain of the risks and factors that may affect the Company and its business.