LAS VEGAS and SAN DIEGO, Sept. 5, 2018 /PRNewswire/ -- Millennium BlockChain Inc. (OTC: MBLC) is primarily focused on seeking partnerships and investments in the Blockchain Technology and Cryptocurrency industry, today announces that it has closed on a $3 million transaction with Robot Cache, the first decentralized PC video game distribution platform that benefits publishers, developers and gamers that is set to disrupt a $27 billion industry.
"The investment in Robot Cache marks a major strategic step for our Company," said Brandon Romanek, Founder and CEO. "Millennium BlockChain now has three cornerstone investments in some of the largest and fastest growing sectors of the marketplace: Healthcare, Renewable Energy and Video Gaming. The roadmap for our Company is well defined and robust. We now intend to actively seek and invest in leading Blockchain-based Real Estate, Education, Agricultural, AI, Travel, Financial Services, Precious Metals & Storage enterprises throughout the globe."
Utilizing blockchain technology, Robot Cache plans to reduce the fees publishers and developers pay by 80% and allow gamers to resell their digital PC video games. Developers and publishers benefit from the lowest transaction fees of any digital PC video game distribution platform.
Gamers will benefit from Robot Cache's distribution approach. Currently, gamers can only resell physical retail copies of a video game, but once the Robot Cache platform launches, gamers will have the option to resell their digital games purchased on the Robot Cache platform and retain 25% of the proceeds IRON, which is Robot Cache's digital currency. In addition, gamers can opt-in to mine and exchange IRON. IRON can be used toward the purchase of games on the platform.
Under the terms of the investment, MBLC will receive 10,526,315 IRON tokens, and MBLC issued 6 million shares of common stock to Robot Cache at a deemed price of $0.50 per share in exchange for $3 million worth of IRON tokens, valued at a discount to the current market price. The Company also issued various non-cashless three-year warrants at strike prices that range from $0.75 - $5.00 per share to Robot Cache. These warrants have the potential to bring MBLC up to $7 million in additional capital if exercised. In addition to the rights to the IRON tokens, MBLC secured a right of first refusal to purchase up to 3% of the equity in Robot Cache's first equity round. To date, Robot Cache has not raised outside equity capital.
"We are extremely excited by the prospects of Robot Cache's platform, led by CEO Lee Jacobson, as it gears up for a major successful launch," said Brandon Romanek. "Robot Cache is poised to dramatically alter the landscape of the $27 billion gaming industry, and I am thrilled that Millennium can be a part of its pioneering effort to connect gaming and the Blockchain. We are fully committed to building and nurturing a leading portfolio of Blockchain-driven technology companies for the benefit of our shareholders. There are few, if any, other publicly listed companies that give investors this level exposure to a select group of assets that have the potential for exponential growth across several fast growing and dynamic industries."
"We are well positioned to grow Robot Cache into a decentralized video game distribution platform for the benefit of publishers, developers, and gamers," said Lee Jacobson, CEO of Robot Cache. "Brandon and his team at Millennium are the perfect partners to help us realize this vision. Millennium is committed to building a best-in-class portfolio of companies that will seek to redefine their respective industries."
As a reminder, Millennium BlockChain filed its Form 10 with the SEC on August 20, 2018. The Company intends to be a fully reporting issuer on October 19, 2018. A copy of the Company's Form 10 can be found at: https://bit.ly/2MsWHTd
About Millennium BlockChain
Millennium BlockChain Inc. (OTC: MBLC) is primarily focused on seeking partnerships and investments in the Blockchain technology industry. The Company seeks strategic equity investments in the following rapidly growing sectors: Precious Metals, Healthcare, Real Estate, Education, Energy, Agricultural, Gaming, Social, AI, Travel, Exchanges, Financial Services, & Storage. Most of the investments are structured to be stock-for-token and/or stock-for-stock transactions. The Company also has operations in the wellness industry and is developing a patent-pending sanitizing herb dryer, the dHydronator®, that is designed for drying and sanitizing freshly harvested cannabis, flowers, tea leaves, and other herbs.
For more information, please visit www.mblockchain.io and follow @Brandonromanek on Twitter.
About Robot Cache
Robot Cache is the first ever decentralized PC video game distribution platform with a revolutionary digital resale model utilizing the blockchain. Robot Cache allows publishers to keep significantly more revenues than other distribution platforms and gives gamers, for the first time ever, the ability to re-sell their digital games. Founded by video game legend Brian Fargo, Robot Cache is led by video game luminaries such as Lee Jacobson (CEO), Mark Caldwell (CTO), Laura Naviaux Sturr (CMO) and Philippe Erwin (GC & VP of Business Development). Robot Cache's advisory board includes a mix of video game and blockchain experts: Anna Sweet, Nolan Bushnell, Michael Maloney, Chris Keenan, Jayson Dubin, Scott Walker and Keven Baxter. For more information, please visit www.robotcache.com or follow @RobotCache at Twitter or RobotCache on Facebook.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "beliefs," "estimates," "expects," "intends," " plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
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SOURCE Millennium BlockChain Inc.