Global Arena Holding, Inc. (OTC PINK: GAHC) will acquire technology major Blockchain Technologies Corporation (BTC), according to a latest media release.
GAHC had filed a Form 8-K SEC filing on May 20, 2015, stating the incorporation of a new wholly owned subsidiary called “GAHI Acquisition Corp.” The said buyout will see BTC merge with the new subsidiary.
Speaking on the occasion, GAHC Chairman and Chief Executive Officer John S. Matthews said, “I am very pleased with the potential technology acquisition and believe on consummation, BTC and its subsidiaries will add an exciting dimension to the growth of GAHC.”
BTC Chairman & Chief Executive Officer Nick Spanos stated “We’re delighted with the GAHC proposed merger as it will enable us to compensate developers with a publicly traded stock, and we are further inspired by the knowledge that as a function of this proposed merger, the public can now participate in a company with Blockchain technology.”
Terms of Agreement
The terms of the agreement state that BTC will merge with GAHI Acquisition Corp., and the new subsidiary will be the surviving corporation. BTC shareholders will receive shares equal to one-third of the total issued and outstanding shares of GAHC.
GAHC will fund GAHI Acquisition Corp. with $1,250,000 in addition to the amount of the outstanding bridge loan. The amount will be used to pay off the outstanding debt as well as for the development of the blockchain business and technologies.
About Blockchain Technologies Corporation
Blockchain Technologies Corp is a holdings and investments company with a wide portfolio of innovative, value-driven blockchain-based companies. The company’s portfolio boasts of Blockchain Apparatus, Cryptos, Overseas BC Marketing, and Dave. The company also provides blockchain-based enterprise-level global solutions.
About Global Arena Holdings
GAHC has been publicly trading on the OTC pink sheets since May 27, 2011, after successfully completing a reverse merger with China Stationery and Office Supply (CSOF). GAHC holds 100% stake in Global Arena Investment Management LLC (GAIM).