(Nasdaq: BIOP) (the "Company") today announced it has entered into a definitive purchase agreement to acquire a 52% ownership interest in Tess Inc. TESS, based in , has a team of seven engaged in developing a blockchain-based payment service for wholesale telecom carriers.
The purchase reflects Riot Blockchain's efforts to own or control companies who are contributing to the development of the blockchain ecosystem.
The transaction is anticipated to close on or before , CEO of Riot Blockchain.
"The telecom payment platform of TESS is a prime example of how blockchain-based technologies can be leveraged to disrupt established industries.
I believe that Riot Blockchain is poised to take advantage of this revolution in digital transactions as we see increasing adoption of blockchain protocols in our everyday lives." TESS is a technology company whose current business is focused on developing a guaranteed payment system using a blockchain-based escrow service for wholesale telecom carriers.
Immutable blockchain terms and protocols guarantee payment and provide an alternative to the traditionally written legal agreements where it is difficult to assess financial risk profiles.
The TESS platform will provide a flexible and transparent ledger that is recorded securely on a blockchain.
, as well as the availability of additional senior management resources, all in aid of our ambitious business plans around blockchain." Blockchain protocols offer a secure way to store and relay information without the need for middlemen.
It uses a decentralized and encrypted ledger that offers a secure, efficient, verifiable, and permanent way of storing records and other information.
Blockchain protocols are the backbone of numerous digital cryptocurrencies including Bitcoin, Ethereum and Litecoin.
They have a wide range of potential applications including use in processing transactions, managing medical records, recording votes and proof of ownership across a far-reaching spectrum of applications. (formerly Bioptix, Inc.) leverages its expertise and network to build and support blockchain technology companies.
It is establishing an Advisory Board with technical experience intending to become a leading authority and supporter of blockchain, while providing investment exposure to the rapidly growing blockchain ecosystem. The company continues to maintain its existing Bioptix business segments and its royalty license stemming from its Exclusive License Agreement with Ceva Santé Animale S. ("Licensee"), providing an exclusive worldwide royalty-bearing license, until , to develop, seek regulatory approval for and offer to sell, market, distribute, import and export luteinizing hormone ("LH") and/or follicle-stimulating hormone ("FSH") products for cattle, equine and swine for the assistance and facilitation of reproduction.