VANCOUVER, British Columbia, Feb 10, 2018 (GLOBE NEWSWIRE through COMTEX) —
Cascadia Consumer Electronics Corp. (the “Company” or “Cascadia”) (cse:CK) broadcasts that it has disposed of all of its fairness curiosity in its 100% owned subsidiary Beijing Cascadia Technology Ltd. (“Beijing Cascadia”) in consideration for RMB1 with the belief of debt of greater than $1 million by the purchaser.
Beijing Cascadia was integrated on February 17, 2016 in Beijing to facilitate the every day operation in China and to additional develop and check applied sciences to create a platform for buying and selling blockchain property for the Company. The improvement and the testing of the platform have been accomplished on the finish of 2017. After the sale of Beijing Cascadia, the Company may have a extra environment friendly crew to assist the continuing improvement and enhancement of the platform and different blockchain associated initiatives sooner or later.
Rachel Wang, CEO of the Company commented “the sale of Beijing Cascadia will streamline the Company’s plan to focus on developing other blockchain projects and significantly improve our balance sheet as significant amount of the debt will be assumed by the purchaser. Moreover, we are now negotiating with multiple potential customers to license out our newly developed platform which provides users a secured and simple way to trade their blockchain related assets. We believe the Company will start to generate ongoing revenue in 2018 once we secure a licensing agreement with our customers.”
Listed on the Canadian Securities Exchange (cse:CK) and headquartered in Vancouver, BC, Cascadia is a know-how firm working from each Vancouver, Canada and Beijing, China.
For additional data, please contact:
Cascadia Consumer Electronics Corp.
President and Chief Executive Officer
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Cascadia Consumer Electronics Announces Disposition of Beijing Cascadia Technology Ltd. by: Steve Melvin published: