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LAS VEGAS, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Barrel Energy Inc. (the “Company” or “Barrel”) (OTC: BRLL) is pleased to announce pleased to announce the execution of a Share Purchase Agreement (“SPA”) with Flote App Inc. (“Flote”), the designers of advance social media, virtual reality and cryptocoin platforms.
In consideration for the share purchase agreement, Barrel’s per share purchase price is based upon specific pre-market valuations of Flote and the Company will be entitled to acquire an aggregate of 45% equity into the cutting-edge company by way of two tiered tranches.
Flote are the creators of a massive new Social Network system built on respect for each user’s personal data, privacy and pocketbook. The all-encompassing Flote platform fully delivers on the internet’s promise of a wholly connected community without big tech censorship, murky guidelines, and infringement. On Flote, people can regain their privacy, express themselves freely, build communities, chat, text and earn digital money by engagement or providing valuable content. The powerful platform provides a valuable marketspace with multi-currency wallets and more ways for content providers and creators to monetize their goods and services, even including their content from third-party social applications like Facebook or Twitter.
Barrel’s first tranche of Common shares, equal to a 25% interest in the equity of Flote, is based upon a $10,000,000.00 (Ten Million Dollars) valuation; and the second tranche of Common shares of the Company, equal to a further 20% interest, is based upon a $30,000,000.00 (Thirty Million Dollars) valuation for Flote. Barrel has already executed and delivered the first portion of the initial 25% tranche.
As Flote ramps up its marketing and development it will move some operations into the Barrel Technology Center. Flote has also developed a cryptocurrency token based on the Ethereum blockchain which will be integral part of the entire Flote social ecosystem, fully able to support fast and autonomous business or personal monetary transactions.
Flote’s advanced factory of developers are also currently working on gaming systems with integrated online wallets within a Virtual Reality environment. Flote has now launched the website www.FloteFactory.com and can be followed on Twitter @floteofficial.
Barrel and Flote are currently planning real world applications for a digital coin that will be integral to the expanding green energy sector. The use of ‘Green Coin’ could serve as a boom to Lithium explorers, producers, exporters and importers that could rely on upon a powerful digital currency of trade that replaces the world of the Petro-dollar. Decentralized finance with digital tokens offers optimal flexibility and global use. The Barrel and Flote team up is committed to create a new ecosystem that would benefit green energy assets with a smart contract led liquidity pool that could bypass conventional finance instruments and the inflationary fluctuations of fiat currencies.
Barrel and Flote anticipate Flotes’ full public launch will be completed within Q2 of 2021 with shares trading on the U.S., Canada and Frankfurt exchange. Additionally, Barrel plans to adapt and dedicate its large hemp-acreage in California as a replacement battery recycling area from Nevada as there are potential farming by products from the technology and it is closer to a population of 9 million people.
About Barrel: Barrel Energy Inc., (OTC Markets: BRLL) is focused on several ventures within the energy and minerals sector and the rapid development of valuable production opportunities throughout North America.
Contact: Louis Silver, Investor Relations
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.