OSLO, NORWAY: DLT ASA (OSE: DLTX) has entered into a letter of intent (LOI) with the majority owners to acquire US-based DSM Tech Enterprises LLC (DSM), a pioneer in Bitcoin mining and large scale Filecoin operations.
“We’re excited to announce the plan for DSM to join forces with DLTx. With this acquisition we will move forward as one company, further enhancing our position as a leading technology and operations company in the blockchain industry. By bringing the management and expertise of DSM in house, we enhance our ability to deliver Web 3.0 solutions and to deploy blockchain infrastructure at scale,” says David A. Johnston, COO of DLTx.
The DSM team have strong commercial track record of scaling technology businesses and have been in the Bitcoin space since 2011 as long-term operators. Their extensive knowledge of blockchain protocols and technological resources will allow DLTx to take part in a greater part of the value-chain of upcoming web 3 infrastructure projects.
DSM Tech is currently a joint venture partner with DLTx in File Storage Partners LLC, and after the transaction DLTx will control 100% of the Filecoin storage provider established earlier this year. In addition to File Storage Partners, DSM has experience from operating other Filecoin storage providers and bitcoin miners where the company is also a substantial shareholder.
“Having worked with the DLTx team for the last year, we see this as a natural next step to expanding our operations and exploring new protocols and opportunities together. We have complementary and incremental skill sets so this transaction will enable us to execute much faster together than we could have separately,” says Simon Campbell, CEO of DSM Tech.
The Transaction will be carried out as a share exchange, where DLTx will issue 14,269,057 new shares in exchange for all the shares of DSM Tech on a fully diluted basis.
Signing of a legal binding share exchange agreement (SEA) is conditional upon, among other things, completion of a due diligence of DSM with outcome to the satisfaction of DLTx, and successful negotiation, approval and signing of the SEA.
DLTx is an enterprise vendor for DAOs and public blockchains focused exclusively on building technology within the blockchain industry. DLTx will partner with the best-in-class companies in sectors being reshaped by Distributed Ledger Technologies. www.dltx.com