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Graph Blockchain (CSE:GBLC) to acquire AI developer

Cryptocurrency
CSE:GBLC
06 August 2020 14:21 (EDT)

Graph Blockchain (GBLC) has entered into a binding letter of intent, for the acquisition of Third Eye Insights.

Third Eye provides a cloud-based analytics platform, using artificial intelligence to analyse data-intensive information. The company can analyse trends and critical social data in the alternative medicines industry, and recreational and medicinal sectors.

For Graph Blockchain, which is implementing a blockchain-supported e-commerce marketplace for psychedelic products, the synergies are obvious.

Under the proposed transaction, the company will acquire 100 per cent of issued and outstanding shares in Third Eye. Graph Blockchain will pay by issuing 120 million of its common shares at two cents each, for total consideration of C$2.4 million.

The company’s CEO, Christian Scovenna, commented on the benefits of the proposed acquisition and transaction.

“This acquisition of Third Eye is a great direction for the company and our shareholders.

“The AI technology of Third Eye’s deep analytics platform will allow our e-commerce marketplace BluStem to capture and visualise a vast amount of consumer data.

“This will allow BluStem to understand target audiences in real-time, and make better decisions by pinpointing specific trends, risks, and opportunities when selling various Wellness brands and products,” he said.

The proposed transaction is subject to a number of requirements, before it can be completed. These include completion of formal due diligence, execution of a definitive agreement, and receipt of regulatory approvals.

Approvals necessary for the transaction must come from the Canadian Securities Exchange, and both companies’ Boards of Directors.

While the transaction might not proceed as currently described, the companies expect it to close on or around August 31, 2020.

Graph Blockchain (GBLC) remains unchanged and is trading at two cents per share at 11:36am EDT.

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