Stockholm IT Ventures AB, SE0006027546

Stockholm IT Ventures AB, SE0006027546

12.04.2018 - 15:17:41

Stockholm IT Ventures AB: STOCKHOLM IT VENTURES ISSUES CORRECTION TO VALUE MEDIA AS DEAL

STOCKHOLM, SWEDEN (12 April, 2018) - Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB), a Swedish technology company specialising in clean and efficient low-cost energy crypto currency mining, today released a statement of correction regarding the deal with Value Media AS, 50% owner of Cryptotech AS, the Norwegian chip developer and manufacturer. Given the Cryptotech chip is still in development, it is not possible to conduct a conclusive review at this time. Therefore, we feel that we would rather continue the negotiation with Cryptotech in order to further clarify before entering into any premature binding obligations, keeping all options open.  "We acknowledge and apologize for this premature and inaccurate miscommunication to our shareholders," said Anthony Norman, CEO, Stockholm IT Ventures. "We will continue to collaborate with an array of technology partners to ensure a stable and strong ecosystem in order to deliver on our vision of developing a leading green energy platform."   During the process we discovered that Cryptotech's development process has been delayed and would not be able to meet the timelines that had been presented to us. Stockholm IT Ventures shareholders voted that it was in the best interest of the company to put the agreement on hold until further due diligence of the chip could be concluded. On a very positive note, according to the terms of the agreement, there will be no dilution of shares related to the Value Media AS contract at this time.   Some significant concerns came to our attention after the Value Media AS contract was signed. There are issues between the Cryptotech partners that are completely unrelated to Stockholm IT Ventures; therefore, we had to go back to the drawing board and renegotiate parts of the contract which will reflect the actual timeline that 3 B technology, Cryptotech and Value Media AS can undertake.  "We have full confidence that Cryptotech will eventually succeed in developing a world-class chip," continued Mr. Norman. "Assuming their development process is aligned with our timeline in the coming months, we look forward to revaluating the final terms of our agreement."   Stockholm IT Ventures will continue to aggressively work on identifying and collaborating with other best-in-class cryptocurrency green energy technology providers to ensure a clean future ahead. We are in talks with several parties including the current leading manufacturers of mining hardware. It is our intent to update the terms of our ICO whitepaper shortly to reflect the outcome of these talks and to create an additional incentive-driven model in where we discover and curate new technologies.  About Stockholm IT Ventures AB Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company focuses on clean and efficient low-cost energy cryptocurrency mining and production, and in blockchain related technology. All mining activities shall use clean and sustainable energy from hydro power stations in Northern Europe, requiring significantly less energy compared to ordinary mining for Bitcoin. The Stockholm IT Ventures stock represents a green investment in cryptocurrency technology. For more information, visit www.stockholmit.co. You can also find them on Facebook, Twitter and LinkedIn. Details on the company's Bytemine (BYTM) token and White Paper can be found here: www.bytemine.io.   # # #    Media Contacts:   Vibrate Communications for Stockholm IT Ventures ABleslie@vibratecommunications.comtyrone@vibratecommunications.com

12.04.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Stockholm IT Ventures AB Tegeluddsvägen 31 115 40 Stockholm

Sweden Phone: +44 207 148 6262 Internet: www.stockholmit.co ISIN: SE0006027546 WKN: A116BG Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Munich, Stuttgart, Tradegate Exchange   End of News DGAP News Service

674087  12.04.2018 

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