RESAAS Acquires Real Estate Blockchain Company Real-Block Inc.
Vancouver, British Columbia (FSCwire) - RESAAS Services Inc. (CSE:RSS, OTCQX: RSASF), a cloud-based social business platform for the real estate services industry, is pleased to announce that it has today acquired Real-Block Inc. (“RBI”), a company holding a real estate blockchain application.
Following an extensive due diligence period that began in late 2017, RESAAS and RBI have today executed and closed a definitive share purchase agreement for the acquisition of all of the issued and outstanding shares of RBI. As consideration for the acquisition, RESAAS paid the shareholders of RBI $75,000 in cash, and issued these shareholders 1,102,938 RESAAS shares at a price per share of $0.68. Upon the completion by RBI of a beta test of its technology with at least one real estate association or land registry office within two years, RESAAS will issue the shareholders of RBI an additional $750,000 in RESAAS shares valued using a volume-weighted average price formula. RESAAS will also retain key software developers of RBI.
One aspect of RESAAS’ technology platform is designed to enable large real estate companies to increase the number of referrals they generate within their organization. Its clients include the worldwide RE/MAX network and Keller Williams Global Property Specialists. Referrals are facilitated every day by RESAAS’ technology, presenting new opportunities to the global agents using the network. It also provides business intelligence to the firms involved, helping them make informed decisions about expansion, growth and acquisition.
RESAAS believes that the acquisition of RBI will substantially enhance its referral feature by offering blockchain enabled Smart Contract functionality. RESAAS anticipates that agents will be able to transfer referral fees automatically thereby solving a significant industry problem.
“This is an exciting and strategic acquisition for RESAAS,” said Tom Rossiter, CEO of RESAAS. “Real Estate is considered to be a natural fit for the adoption of blockchain technology. With over 400,000 real estate agents on our platform, we expect to expand the use of Real-Block’s blockchain technology in other applications over time.”
About RESAAS Services Inc.
RESAAS is a cloud-based social business platform built for the real estate services industry. RESAAS brings proprietary real-time technology into the business of real estate and transforms how real estate listing data flows between real estate agents, brokers, associations, and MLSs.
On Behalf of RESAAS
RESAAS Services Inc.
Telephone: (604) 558-2929; Email: firstname.lastname@example.org
The CSE has not reviewed, approved or disapproved the content of this press release.
This press release and the RESAAS website referenced herein contain “forward-looking information” within the meaning of applicable Canadian securities legislation (“forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements include, but are not limited to, statements with respect to the payment of RESAAS shares to RBI in the future upon RBI’s completion of the beta test, the design, benefit and functionality of RBI’s technology, the successful integration of RBI’s technology into RESAAS’ technology and business model, the benefit that will be provided to RESAAS and the real estate industry as a result of the acquisition of RBI’s technology, including in respect of the automatic transfer of referral fees, RESAAS’ ability to facilitate fee payment within agent-to-agent referrals, the design, benefit and functionality of RESAAS’ technology to agents, firms and others, including its ability to generate referrals and provide business intelligence, and other statements regarding RESAAS’ technology platform.
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this press release, including, without limitation, assumptions about: the effectiveness and efficiency of RESAAS’ sales and marketing activities; future plans for the design and development of RESAAS’ technology platform; RESAAS’ ability to continue to develop and advance its technology; the continued applicability and utility of RESAAS’ technology; favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the continued growth and development of RESAAS’ technology; requirements under applicable laws; stability in financial markets; the continued popularity of current social media models; RESAAS’ ability to retain and attract users of its services; RESAAS’ intention not to pay dividends; claims, lawsuits and other legal proceedings and challenges.
While RESAAS considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Many assumptions are based on factors and events that are not within RESAAS’ control, and there is no assurance they will prove to be correct. Furthermore, such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: RESAAS’ history of losses from operations; RESAAS’ ability to generate sufficient revenues from the commercialization of its platform to fund operations and become profitable; RESAAS’ ability to build a user base for its services and adequately develop its technology; the pace and degree of technological change; RESAAS’ ability to obtain additional financing to meet long-term needs; RESAAS’ dependence on key personnel; RESAAS’ ability to effectively manage its growth; declines in or changes to the real estate industry; and RESAAS’ ability to protect its intellectual property and other proprietary information technology. There can be no assurance that any forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. RESAAS does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
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Source: RESAAS Services Inc. (CSE:RSS, OTCQX:RSASF)
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