NEPTUNE DASH TECHNOLOGIES ADDRESSES COVID-19, DROP IN CRYPTO PRICES AND ANNOUNCES SHARES FOR DEBT TRANSACTION
VANCOUVER, British Columbia, March 13, 2020 — Neptune Dash Technologies Corp. (“Neptune” or the “Company”) announces that the Company will be taking additional measures to ensure all management and associates protect their personal health and maintain operations functioning as normal during this challenging time. The Company reiterates that all Crypto assets remain safe in cold storage with numerous redundancies in place and both the Dash masternodes and delegated ATOM can be managed remotely.
“This is a very challenging time for the general public and investors. We remain committed to providing a well run and safe exposure vehicle. Our crypto revenues will not change during this time and operations will be maintained in full working order from a distance to ensure the safety of our team. These are price fluctuations in a panic driven market and we firmly believe the rebound will be as strong as the sell-off. As such, for additional precaution we have chosen to cut costs further and clear debt off our balance sheet through share issuances and thus preserving capital.” Stated Cale Moodie, Neptune’s CEO.
Additionally, Neptune’s board of directors has approved the settlement of up to $221,860 of debt through the issuance of common shares of the Company (the “Debt Settlement“). Pursuant to the Debt Settlement, the Company would issue up to 3,892,279 common shares of the Company (the “Shares“) at a deemed price of $0.057 per Share to certain creditors of the Company comprised of certain of its directors and officers as well as Neptune Asset Group Inc., a company sharing two common directors with the Company (the “Creditors“).
Directors and officers of the Company will participate in the Debt Settlement by converting $121,860 of their outstanding consulting, management and director’s fees into a total of 2,137,894 Shares. In addition, creditor, Neptune Asset Group Inc., will also participate in the Debt Settlement by converting its outstanding debt of $100,000 into a total of 1,754,385 Shares.
The issuance of the Shares to the Creditors is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
The Debt Settlement involving the directors and officers of the Company will, in each case, constitute a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.7(a) of MI 61-101, respectively, as the fair market value of the subject of, and the consideration paid in the Debt Settlement, in each case, in relation to the interested parties, will not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.
About Neptune Dash Technologies Corp.
The Company primarily builds and operates Masternodes and invests in Node technologies. The Company also has a diversified cryptocurrency portfolio through investments made in Proof-of-Stake tokens and their associated blockchain technologies.
For further information please contact:
Neptune Dash Technologies Corp.
Cale Moodie, President and CEO
310 – 36 Water Street,
Vancouver, BC V6B 0B7
Phone: (604) 319-6955
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s proposed issuance of Common Shares to settle outstanding debt, the approval of the Debt Settlement by the TSXV, acquisition of additional Dash Masternodes and Dash; the Company’s projected asset allocations; business strategy and investment criteria; corporate governance standards applicable to cryptocurrencies; the rate of cryptocurrency adoption and the resultant effect on the growth of the global cryptocurrency market capitalization. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the construction and operation of Dash Masternodes may not occur as currently planned, or at all; the digital currency market; the Company’s ability to successfully operate Dash Masternodes and securely custody Dash; revenue of the Company may not increase as currently anticipated, or at all; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Listing Application of the Company dated January 15, 2018.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to complete the construction and operation of Dash Masternodes; the Company will be able to profitably liquidate its digital currency inventory if required; historical prices of digital currencies and the ability of the Company to securely custody the Dash required to operate each Dash Masternode; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.