Cloud Nine Web3 Technologies Inc, formerly Cloud Nine Education Group Ltd (CSE:CNI) (OTCMKTS:CLGUF), reported that it has completed its acquisition of certain intellectual property assets related to a development-stage VPN platform from Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6).
Cloud Nine said the acquisition furthers its commitment to leveraging the latest technology to deliver products and services for an open and more secure internet.
“The acquisition of these assets will further position Cloud Nine at the forefront of the Web 3.0 movement, enabling it to deliver additional products and services that make the Web more connected, more open, and more intelligent,” said Cloud Nine Web3 Technologies CEO Allan Larmour said in a statement.
READ: Cloud Nine Education launches new Education Technology Platform
The VPN platform assets include the “Limitless Technologies” brand, Next Decentrum Ed-Tech platform, virtual private network (VPN) platform and related decentralized storage technologies.
Cloud Nine said it intends to finalize development of the assets and incorporate monetization and integration strategies with its pre-existing platform to build out new and efficient ways of educating and furthering user experience in the world of Web 3.0.
The company noted that Victory Square has developed the platform over a period of three years at a cost of about C$3.2 million. Cloud Nine added that it anticipates incurring a further C$0.5 million in development to advance the platform to the beta testing phase and hopes to offer a finished product on or before 3Q 2021.
In consideration for the acquisition, Cloud Nine will issue 4,411,765 of its common shares, at a deemed price of C$1.36 per share, for a total purchase price of C$6 million. The shares are subject to a hold period of four months and one day.
Cloud Nine also announced that its shares will begin trading on Canadian Securities Exchange under its new name, Cloud Nine Web3 Technologies Inc, on March 17 with the same stock symbol (CNI).
Cloud Nine Web3 Technologies is an education-based technology company focused on incorporating emerging technologies into its Ed-Tech platform. The company said its mission is to fuel innovation and education.
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