Sensor Announces Update Related to Blockchain Assets Management Group Limited
Toronto, Ontario–(Newsfile Corp. – December 15, 2021) – Sensor Technologies Corp. (CSE: SENS) (“Sensor”) is pleased to announce, that further to Sensor’s press release of December 7th, 2021, Blockchain Assets Management Group Limited (“BAM”) has created Club Leusureella Inc. (“Club”), a wholly-owned subsidiary company which is a membership based global club.
Club is a social media and e-commerce platform. The social media platform will allow members to post, follow, be followed, create timelines and interact with comments. The e-commerce platform will offer unique products, services, and experiences to its members such as supplements, beauty, travel, luxury jewelry, arts, and more. BAM anticipates launching the social media and e-commerce platforms in the first quarter of 2022.
In addition, BAM also intends to create:
(i) a utility token which will be used as currency in the e-commerce and social media platforms;
(ii) an e-wallet and POS that, by utilizing BAM’s blockchain, is anticipated to minimize transaction time and cost; and
(iii) a one-of-a-kind NFT platform to tokenize traditional arts like paintings, antiques, and precious stones.
Club Leusureella Inc.’s Managing Director is Ari Lozana. Mr. Lozana is the founder of Smarter Gaia Cities of the Future, a HUB aimed at converging and integrating technologies and solutions necessary for the development and deployment of new urban creations, harmonized and in complete balance between the needs of its inhabitants and the natural environment. Mr. Lozana was also the managing partner of Karim (Noble) Technologies LLC., an IT solutions company focused on creating innovative ways of integrating digital products and services and the education.
As a blockchain developer, BAM intends to develop a number of blockchain applications to meet market expectations.
Pursuant to its press release of December 7, 2021, Sensor entered into a non-binding letter of intent dated November 25, 2021 with BAM. Pursuant to the letter of intent, Sensor has agreed to acquire up to 20% of the issued and outstanding securities in the capital of BAM (the “BAM Shares”) for a purchase price of up to CAD$1 million (the “BAM Purchase Price”). The final BAM Purchase Price will be determined by the parties upon the completion of Sensor’s due diligence.
The BAM Purchase Price may be satisfied either through (i) cash consideration paid on the closing of the acquisition of the BAM Shares; (ii) the issuance of common shares (the “BAM Consideration Shares”) in the capital of Sensor at a price per BAM Consideration Share to be determined in the context of the market; or (iii) a combination of cash consideration and issuance of BAM Consideration Shares.
The acquisition of the BAM Shares (the “BAM Transaction”) is subject to requisite shareholder and regulatory approval, including the approval of the CSE and standard closing conditions, including the completion of due diligence investigations to the satisfaction of each of BAM and Sensor.
Prior to completion of the BAM Transaction, Sensor and BAM shall negotiate and enter into a definitive share exchange agreement on commercially reasonable terms and the parties shall have obtain the requisite shareholder approvals for the BAM Transaction.
About BAM
BAM is a blockchain company whose main asset is a secure blockchain platform that was built from the ground up by its in-house team of developers and engineers. Owning and developing its own block chain gives BAM advantages over other blockchain/smart contract platforms, such as:
- A complete platform to build almost any type of application;
- The ability to establish native cryptocurrency;
- The ability to add and support any other global blockchain network;
- A high level of decentralization;
- Regular updates and upgrades to the core code as its development team sees fit; and
- Documentation and direct access to its team of developers with experience.
Other blockchains such as Stellar, NEO, Stratis, and EOS have a similar offering, but with differing technological and protocol differences and platform bottlenecks. Blockchain systems are built as protocols. That means that performance is largely determined by technical decisions and trade-offs. BAM’s own decentralized blockchain allow a network of users to make an agreement and a mechanism for coming to a consensus on which actions and transactions are valid. This mechanism is computationally expensive and slows down most blockchains as proof of work or “mining” significantly. However, BAM decided long ago that the designing and structuring these mechanisms is what determines the performance of a decentralized platform and would not have to make trade-offs between scalability security and speed as BAM blockchain source code is 100% developed internally.
Confirmation time is the time it takes for your transactions to go through the network. Sending Bitcoin to a friend will take an average of 10 minutes. On the BAM network, transaction will take approximately 1 to 2 seconds.
The entering into of the BAM definitive agreement will be considered a fundamental change under Policy 8 of the CSE and, as such, will subject to all of the requirements of Policy 8 including, but not limited to, CSE and shareholder approval.
All information contained in this news release with respect to BAM was supplied by BAM for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.
Completion of the BAM Transaction is subject to a number of conditions, including CSE acceptance and shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transactions will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transactions, any information released or received with respect to the transactions may not be accurate or complete and should not be relied upon. Trading in the securities of Sensor should be considered highly speculative.
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release
About Sensor
Sensor develops non-intrusive asset health monitoring sensor systems for the oil and gas market to help operators track the thinning of pipelines and refinery vessels due to corrosion/erosion, strain due to bending/buckling and process pressure and temperature. Sensor’s FT fiber optic sensor and corrosion monitoring systems allow cost-effective, 24/7 remote monitoring capabilities to improve scheduled maintenance operations, avoid unnecessary shutdowns, and prevent accidents and leaks.
Corporation contact:
Jay Vieira, President, CEO
email: jay@fox-tek.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note regarding Forward-looking Statements
This news release includes certain information and forward-looking statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107706
