Tickers: PINX:QEBR
Tags: Biotechnology, Heathcare, Education, Mining
Target company will operate integrated hydropower and bitcoin mining business lines; Company approves change in management; Company board approves reverse stock split and change of name
Las Vegas, NV / TheNewswire / April 23, 2018 - Virtual Medical International, Inc. (OTCMKTS: QEBR) announced that today it entered into a letter of intent to acquire 100% of the equity interests in Environmental Robotics Limited ("Environmental Robotics"), a Marshall Islands company with plans to provide renewable power to bitcoin mining operators. The parties plan to structure the transaction as an exchange of equity shares, with QEBR owning all issued and outstanding equity in Environmental Robotics, and the shareholders of Environmental Robotics owning the majority of the issued and outstanding stock of QEBR. The terms of the letter of intent are not binding on the parties and are subject to the execution of definitive agreements.
Prior to the signing of a definitive share exchange agreement, Environmental Robotics plans to acquire and operate small hydroelectric plants in both Tajikistan and Tibet, with the purpose of providing power to and operating bitcoin mining farms. Environmental Robotics plans to establish a wholly foreign-owned entity within the People's Republic of China to acquire an existing power plant and bitcoin farm that are both currently in operation. The parties to the letter of intent plan to execute a definitive agreement within the first half of this year.
In connection with the Environmental Robotics deal, QEBR director and executive officer Joe Arcaro stepped down from all board and management positions and appointed Yeung Yuenyong as president, CEO, treasurer, CFO, secretary and acting director of QEBR. Mr. Yeung has over 25 years' experience in the operation and management of power plant operations within the People's Republic of China, including planning, finance, and day-to-day operations.
The Company board also approved a corporate name change to ChainTech, Inc., and a reverse one-for-ten (1-for-10) stock split of its issued and outstanding shares of common stock and preferred stock. Fractional shares which result from the reverse stock split will be rounded up to the nearest whole share. The reverse stock split will have no effect on the number of shares of authorized stock of QEBR. The reverse stock split is subject to approval by the stockholders of QEBR and filings with FINRA, the OTC Markets, the State of Nevada, DTC and any other agency which has the regulatory authority over the reverse stock split.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Because they discuss future events or conditions, forward-looking statements may include words such as "anticipate," "believe," "intend," "could," "may," "seek," "plan," or similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding business strategies, financing plans and any other statements that are not historical facts. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual future results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
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