TAAL Announces the Opening of New Office in Zug, Switzerland, Along With Operations Update
TAAL Distributed Information Technologies Inc. a vertically integrated, blockchain infrastructure and service provider, announced the opening of its new office in Zug, Switzerland, along with key hires in c-suite and senior management roles and also provided an update on its ongoing operations.
Switzerland is known for its legislation upon which a globally-recognized banking and finance industry has developed, and the city of Zug, which has a well-earned reputation as one of the fastest growing technology hubs in Europe, has recently seen a proliferation of fintech, blockchain and distributed ledger technology companies. Zug was the first state authority in the world to accept blockchain as an official means of payment in 2016 and higher education and post-doctoral level research on blockchain is offered at many nearby universities, contributing to a concentration of world-class talent.
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In connection with the opening of the Zug office, TAAL is onboarding a number of key new hires with the goal of expanding the Company’s operations, including a Chief Technology Officer, Chief Compliance Officer, VP of Product Development, Head of Business Development, Chief Scientist and VP of Digital Strategy. Chief Executive Officer Jerry Chan and Chief Financial Officer Satoshi Kitahama will be relocating to the Swiss office in 2021.
“The opening of our Zug office represents a strategic move to expand TAAL’s operations in Switzerland, a region that offers enormous potential for the growth and development of blockchain businesses,” said Jerry Chan, CEO of TAAL. “Our new hires will allow us to further strengthen our business capabilities in this region, and execute on our strategic vision globally.”
TAAL expects to hire additional people at the Zug office and for the office to be completely staffed and fully operational by the end of Q1 2021. The Swiss office will focus on intellectual property development and support of global operations.
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Sale of Assets
On September 8, 2020 the Company entered into an agreement to sell 37,500 non-operational hashing servers (the “Assets”) to an arms’ length buyer for total proceeds of US$825,000 (the “Asset Sale”). The purchase price will be paid in eight equal installments over eight weeks and the purchaser will proportionally take possession of the equipment from TAAL’s U.S. warehouses upon each payment.
As previously announced, TAAL had acquired over 50,000 of the Assets on March 9, 2020 for a purchase price of approximately US$4 million pursuant to an asset purchase agreement with, among others, Tansley Equipment Limited, which is beneficially owned by Mr. Calvin Ayre, TAAL’s controlling shareholder.
The Assets were originally acquired by TAAL with the intention of upgrading and optimizing them for deployment in the Company’s blockchain transaction processing operations; however, the Company has subsequently determined to sell the Assets and to use the proceeds from the Asset Sale, and any further sales of the Assets, towards the purchase of new state-of-the-art blockchain hashing servers for its North American hashing initiatives.
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