Las Vegas based 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
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