Following the previous announcement by Global Blockchain Technologies Corp.?(BLOC) regarding a possible acquisition plan of X2 Games the two companies have eventually agreed on definitive acquisition terms. According to the agreement, BLOC will spinout a separate entity to run its enterprise and exchange operations.
Terms of the Agreement
With its activities pertaining its exchange taken care of, BLOC will then merge with X2 Games to ?conquer? the tokenization of gaming platforms space. The aggregate acquisition price for X2 Games was placed at over $49.58 million payable in nearly 330.52 million BLOC?s common shares. The common shares are priced at $0.15 each; the payout will cater for all the issued and remaining shares of X2 Games.
Upon the approval of the agreement, BLOC will own all the intellectual property rights to X2 Games? current games. This will also include 4 more interactive games for Amazon Alexa including the newly developed St. Noire slated for official launch in the first quarter of 2019.
BLOC will also retain the leadership of Nolan Bushnell– the founder and leader of Atari, the man with over 40 years of experience in the digital gaming space- and Zai Ortiz, a distinguished Animator famed for Iron Man?s J.A.R.V.I.S system in the Marvel movies. Ortiz?s expertise was also subcontracted in TRON?s Legacy, Sherlock Holmes and Mission Impossible starring Hollywood legendary actor Tom Cruise.
With such kind of minds on its team, there is no doubt that BLOC will take over the digital gaming space by storm, or as Shidan Gouran, the President and CEO of BLOC puts it, ?Bringing Nolan and Zai, as well as their creative works into BLOC enables us to build a stronger footing in the ever-growing interactive gaming space.? The President is optimistic that the companies resulting from the merger will gain traction before the end of 2018.
With everything set for the acquisition process, the only thing remaining is regulatory and X2 Games shareholders? approval. When the approval is granted, the acquisition process will be complete by the end of Q4 2018.