Marathon Patent Group to Acquire Global Bit Ventures Inc., a Digital Asset Technology Company
November 02 2017 - 8:49AM
Marathon Patent Group, Inc. (NASDAQ:MARA) (“Marathon” or the
“Company”), an IP licensing and management company, today announced
that it has entered into a definitive purchase agreement to acquire
100% ownership of Global Bit Ventures Inc. (“GBV”), a digital asset
technology company that mines cryptocurrencies. GBV has
robust infrastructure in place with significant capability for
expansion. The closing of the transaction is subject to obtaining
requisite approvals.
“We previously expressed our intent to review
alternative business directions with the goal of enhancing
shareholder value,” stated Doug Croxall, CEO of Marathon Patent
Group. “We believe the acquisition of Global Bit Ventures will take
advantage of an ongoing revolution in digital transactions
conducted on blockchains as we see increasing adoption and
proliferation of blockchain protocols in our everyday lives."
“This transaction marks a major milestone for
GBV and sets the stage for rapid revenue acceleration in the years
ahead,” stated Charles Allen, Director of GBV and an early mover in
the digital asset industry.
GBV is a technology company that powers and
secures Blockchains by operating custom hardware and software,
which verify Blockchain transactions. GBV currently owns 250GH/s of
GPU mining servers and plans to add 14PH/s of ASIC hashing
servers.
“This acquisition provides investors an
opportunity to invest in one of the first NASDAQ-listed public
companies to enter this rapidly growing industry,” stated Merrick
Okamoto, Chairman.
Blockchains are decentralized digital ledgers
that record and enable secure peer-to-peer transactions without
third party intermediaries. Blockchains are secured by miners
that use powerful computer networks to secure and verify every
transaction.
About Marathon Patent Group,
Inc.
Marathon is an IP licensing and management
company. The Company acquires and manages IP rights from a variety
of sources, including large and small corporations, universities
and other IP owners. Marathon has a global focus on IP acquisition
and management.
About Global Bit Ventures,
Inc.
Global Bit Ventures Inc. is a growth oriented,
private Nevada incorporated company, with operations in Quebec
where it is strategically positioned to accelerate growth.
GBV owns state-of-the-art GPU-based servers used to mine digital
assets.
Forward-Looking Statements
Statements made in this press release include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, regarding, but not
limited to, the amount and use of proceeds the Company expects to
receive from the sale of the shares of common stock in the
registered direct offering and the closing of the transactions.
Forward-looking statements can be identified by the use of words
such as "may," "will," "plan," "should," "expect," "anticipate,"
"estimate," "continue," or comparable terminology. Such
forward-looking statements are inherently subject to certain risks,
trends and uncertainties, many of which the Company cannot predict
with accuracy and some of which the Company might not even
anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading "Risk
Factors" in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
CONTACT INFORMATION
Marathon Patent Group Jason Assad 678-570-6791
Jason@marathonpg.com
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