Blockstrain Technology Corp. has entered into a letter of intent dated February 28, 2019 with Spark Digital Technologies Inc. (“Spark”). Under the terms of the LOI, the parties have agreed to finalize and enter into a definitive agreement, whereby the Company will acquire all of the issued and outstanding securities of Spark and the business of Spark. In consideration for the Acquisition, the LOI contemplates the issuance of 15,000,000 common shares in the capital of the Company to the shareholders of Spark at a deemed price of $0.26 per share.
Spark is the owner of its proprietary platform, IgnitePro™, which was built exclusively for the cannabis industry. The highlights of the IgnitePro™ software platform include:
- secure infrastructure powered by Microsoft Azure;
- robust APIs and web services for integration;
- inventory management and IgnitePro™ Smart Serialization™;
- document management, regulation and compliance reporting;
- a mobile companion app for tracking and monitoring; and
- sophisticated machine learning & AI capability.
The IgnitePro technology is connected globally and will be able to travel with cannabis plants and products as they move from cultivation to distribution. IgnitePro™ will produce reports, store documentation and track transports, and, when combined with Blockstrain, is expected to ensure regulation and compliance standards are being met and protected on the blockchain.
