February 12, 2018
Tess Inc. Announces an Agreement with IBM to Develop a Private Permissioned Hyperledger Blockchain
Toronto, Canada Tess Inc. has entered into an agreement with IBM to assist in development of a private permissioned Hyperledger Fabric I blockchain, which together with TessPay Smart Contracts constitute the core of its Wholesale Telecom Transaction Escrow Settlement Service. Hyperledger Fabric 1 is a blockchain framework implementation, hosted by The Linux Foundation. The TessPay blockchain will be constructed in concert with IBM, one of the major contributors to the Hyperledger project. The network will be highly scalable with consensus and integrity securely maintained by at least 50 nodes, operated, in many cases, by Major Carriers as part of their technology infrastructure.
January 22, 2018
Tess Inc. Announces a Marketing and Business Development Agreement with M37 Ventures, Inc.
Toronto, Canada Tess Inc. has entered into an agreement with M37 Ventures, Inc. to assist in the market development of its Wholesale Telecom Transaction Escrow Settlement Service for that industry.
M37 Ventures is a next-generation consulting and business solutions company that helps domestic and international organizations harness the power of technology to propel their brands and businesses aggressively into the future. Robert Strickland, founder and CEO, will work directly with the Company to accelerate market development of the Tesspay Smart Contract secure payment system for telecos transmitting long distance voice calls using VOIP technology.
January 17, 2018
TessPay Enters Definitive Agreement for Transaction with Publicly Traded Cresval Capital Corp.
Toronto, Canada Tess Inc. today announced that it has entered into a definitive agreement (the "Agreement") to complete a transaction with Cresval Capital Corp. ("Cresval"). After the closing of the anticipated transaction and subject to the terms and conditions of the Agreement, Tess expects its shares to be publicly traded on the TSX Venture Exchange (the "TSXV") and change its name to "TessPay Inc." ("TessPay").
The Agreement provides that each share of Tess will be exchanged for common shares of TessPay on the basis of 15.36 TessPay shares for every one Tess share. Tess will be issued 80,000,000 TessPay shares for a 90% interest in the resulting issuer. Cresval will be issued 8,400,000 TessPay shares, which will be distributed pro rata to shareholders of Cresval as part of the transaction. One of the conditions of the proposed transaction includes Tess completing a private placement financing of CAD $3,500,000 in the form of an unsecured convertible note at CAD $0.10 per share into TessPay. Holders of the note will be entitled to receive 35,000,000 TessPay shares upon conversion.
The parties expect that the proposed transaction can be completed by the 2nd quarter of 2018. No assurance can be given that the proposed transaction will be consummated, or that the combined company will be able to obtain adequate funds needed to fund its business plan.
Dec. 11, 2017
TessPay Signs Letter of Intent for Merger with Publicly Traded Cresval Capital Corp
Tess Inc. ("Tess") today announced it has entered into a non-binding letter of intent ("LOI") to merge with Cresval Capital Corp. ("Cresval") (TSX-V: CRV). TessPay is a blockchain company developing a supply chain payment platform for businesses to attempt to guarantee payment on time and in full. After the closing of the anticipated merger, TessPay will be publicly traded on the TSX Venture Exchange (the "TSXV") and change its name to "TessPay Inc.".
The LOI provides that TessPay will be issued 80,000,000 shares of Cresval, and the present shareholders of Cresval will retain 8,400,000 shares of the combined company TessPay post-merger. Riot Blockchain will receive 41,600,000 shares resulting from its 52% ownership of TessPay.
Assuming that TessPay and Cresval enter into a definitive agreement, the parties expect that the merger can be completed by the 2nd quarter of 2018. No assurance can be given that a definitive agreement will be entered into, that the proposed merger will be consummated, or that the combined company will be able to obtain adequate funds needed to fund its business plan. The merger would be the first of Riot Blockchain's investments to become a stand-alone public company. Haywood Securities Inc. acted as a financial advisor on the transaction.
Jeff Mason, Chief Executive Officer of TessPay, stated, "The decision to take the company public provides us access to traditional capital markets as we continue developing our blockchain technology solution. This environment will also foster transparency and accountability moving forward, providing confidence to investors and prospective customers alike."
The blockchain is a decentralized and encrypted ledger that offers a secure, efficient, verifiable and permanent way of storing records and other information without the need for intermediaries. These protocols are the backbone of numerous digital currencies, including Bitcoin, Ethereum and Litecoin. Blockchain protocols have a wide range of use, including processing transactions, accounting, verification and proof of ownership across a far-reaching spectrum of applications.
Cresval was incorporated under the laws of British Columbia, and its common shares are listed on the TSX Venture Exchange under the symbol “CRV”. The Company’s business is the exploration for mineral resources. The Company does not currently have any ongoing exploration operations, and its material assets are mineral claims comprising the Copper Mineral Claims (now known as the “Mike Claims”), New Raven Claims, and the Aumax Claims, all located in British Columbia.