360 Blockchain Inc (CNSX:CODE) has penciled an agreement to acquire 70% of the media directory and web site Pressland from Chaotic Neutral LLC.
360 Blockchain is issuing 2mln shares to Chaotic Neutral in two tranches to Chaotic Neutral in return for the 70% stake, and has the option to purchase the remaining 30% stake within one year's time.
The purchaser will also provide US$250,000 in working capital to Chaotic Neutral in two tranches, with half of that up-front and the remainder within four months of the deal closing.
The working capital provided will be used by Pressland to develop blockchain technologies with a view to making money from these further down the road.
Jeff Koyen, 360's strategic advisor and the founder of Chaotic Neutral, will be driving Pressland's quest to become a blockchain-powered platform dedicated to debunking fake news.
“Before 'fake news' was a household term, Pressland was already in the business of media transparency,” said George Tsafalas, 360’s president.
“Today, thanks to the innovative power of blockchain technology and utilizing 360's expertise and resources we have the unique opportunity to expand Pressland's mission to debunking fake news and exposing unreliable players in the media,” he added.
Pressland was launched in 2015 as “Yelp for Media”, a crowd-sourced directory of nearly 20,000 media outlets and professionals.
Blockchain plans next year for Pressland to distribute blockchain-powered tools to the public that expose biased and unreliable media outlets and stories.
"Pressland is already a fundamentally good idea that's been popular with media professionals, but now that blockchain technology is more accessible and market-proven, it's a very exciting time to re-envision Pressland as a general-interest, public platform operating on trust and transparency," said Koyen.
Plans for an initial coin offering (or crypto-currency token offering) are being discussed.