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Cresval Capital, Blockchain Development Firm Tess to Form TessPay.

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M2 EQUITYBITES-January 22, 2018-Cresval Capital, Blockchain Development Firm Tess to Form TessPay

(C)2018 M2 COMMUNICATIONS http://www.m2.com

22 January 2018 - Canada-based blockchain development company Tess Inc. has agreed to complete a business combination with Canada-based mining company Cresval Capital Corp. to form TessPay, a new issuer on the TSX exchange, the company said.

Canada-based Tess, Inc. operates as a subsidiary of Colorado, US-based blockchain technology provider Riot Blockchain, Inc. (NASDAQ: RIOT)

TessPay expects its shares to be publicly traded on the TSX Venture Exchange and change its name to TessPay Inc.

Under terms of the merger agreement each share of TessPay will be exchanged for common shares of TessPay on the basis of 15.36 TessPay shares for every one Tess share.

Cresval will be issued 8.4m TessPay shares, which will be distributed pro rata to shareholders of Cresval as part of the transaction. Riot Blockchain will receive 41.6m shares resulting from its 52% ownership of TessPay.

One of the conditions of the proposed transaction includes Tess completing a private placement financing of CDN 3.5m in the form of an unsecured convertible note at CDN .10 per share into TessPay.

The parties expect that the proposed transaction can be completed by the second quarter of 2018.

The merger would be...

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