Carl Data Solutions Inc. today announced the company has entered into a letter of intent (LOI) to acquire cryptocurrency mining hardware from Connected Fintech Inc. and partner with Connected with respect to the joint development of a first of its kind IIoT blockchain technology for integration into the Carl Data’s machine learning, predictive analytics and operational metrics for cryptocurrency mining hardware.
In connection with the Carl Data Solution’s proposed acquisition of cryptocurrency mining hardware, the company has agreed to pay Connected $250,000 and to issue Connected up to 2,000,000 common shares in the capital of the company, such subject to the following milestones:
(i) 1,000,000 Shares to be released upon signing of a definitive agreement;
(ii) 500,000 Shares to be released upon the company’s facility and infrastructure being made fully compatible with cryptocurrency data miners; and
(iii) 500,000 Shares to be released upon final installation of Connected’s cryptocurrency mining hardware. In connection with the proposed technology development partnership between the company and Connected, the company has agreed to pay Connected a retainer of $4,000 per month and will grant a 15% royalty on the company’s gross revenue generated from cryptocurrency mining activities for an initial term of one year.
Greg Johnston, Carl Data President, and CEO stated:
“Consistent with our business plan to acquire new complementary products and services, our partnership with Connected Fintech Inc. will allow us to develop the first IIoT BlockChain. The technology will allow us to build in accountability, transparency, and security into the transactions of data from various measurement devices. We are very excited to introduce this new technology into the IIoT space and know it will be of tremendous value for our customers and all consumers of environmental monitoring data.”
Jiang (Jay) Yu, Connected Fintech Inc. President and CEO said:
“I am excited to partner with Carl Data Solutions to build out the infrastructure for their cryptocurrency mining facility. We also plan on developing IIoT BlockChain Technology for Carl, a vertical within the Cryptocurrency and BlockChain space that not many are focusing on. Having a partner like Carl, a big data company that has the infrastructure and ability to make sense of this fast-growing sector within fintech.”