Ether Capital Corporation Announces Bolt’s Acquisition of Portfolio Company Wyre

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TORONTO — Ether Capital Corporation (“Ether Capital” or the “Company”) (NEO: ETHC), a leading technology company focused on participating in the development of the Ethereum and Web3 ecosystem, is pleased to announce that its portfolio company Wyre, Inc. (“Wyre”), a cryptocurrency infrastructure provider based in San Francisco, has entered into an agreement to be acquired by Bolt, a leading checkout and shopper network company. Details on the proposed transaction can be found here.

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“We are excited to have been part of Wyre’s success up to this point and believe the transaction will pave the way for increased opportunities between the traditional digital payments space and Web3 applications. We believe this transaction represents an excellent outcome for shareholders” said Brian Mosoff, CEO of Ether Capital. “Ether Capital has always made claim the best way to invest in the sector was through supporting developers with infrastructure and tooling. Wyre, a leading on-ramp for Web3 applications has seen tremendous growth and success in the past 24 months as new verticals have emerged in the industry – NFTs, DeFi and self-hosted wallets, to name a few. We are excited to see two leading companies in their own industries join forces to offer premier customer experiences as we continue the transition to a more digitally-native shopping and asset experience.”

The transaction is expected to close before the end of 2022 and is subject to multiple regulatory approvals and customary closing conditions.

Ether Capital’s investment represents a minority interest in Wyre. The investment was motivated by the Company’s investment thesis to support projects that are building key infrastructure, particularly those that make fiat-to-crypto on and off ramps more efficient.

The original cost of the Wyre investment was US$1.5 million and the carrying value of the Wyre shares on the balance sheet of Ether Capital as of December 31, 2021, was C$6.2 million. During Q2 2022, management will assess the carrying value of its Wyre investment based on information to be distributed to all Wyre shareholders to evaluate the proposed transaction. Ether Capital believes that the consideration to be paid for the proposed acquisition will be a combination of cash and common shares of Bolt paid over four years.

Bolt is a private company and there is no active market for the Bolt shares.

About Ether Capital Corporation

Ether Capital is a Toronto-based technology company with a long-term objective to become the central business and investment hub for the Ethereum and Web 3 ecosystem. Ether Capital has invested the majority of its balance sheet in Ethereum’s native utility token “Ether” as a core strategic asset and intends to become a net accumulator of Ether over time. Ether Capital is focused on technology development to further expand Web3 technologies and generate corporate value. Ether Capital’s management team and Board of Directors are comprised of crypto natives, leading venture capitalists and capital market experts, which uniquely positions the company to identify and capitalize on opportunities in the digital asset ecosystem. As of April 7, 2022, Ether Capital has approximately 33.58 million shares outstanding.

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The content of this document is for informational purposes only, and is not being provided in the context of an offering of any securities described herein, nor is it a recommendation or solicitation to buy, hold or sell any security. The information is not investment advice, nor is it tailored to the needs or circumstances of any investor. Information contained on this document is not, and under no circumstances is it to be construed as, an offering memorandum, prospectus, advertisement or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any representation to the contrary is an offence. Information contained in this document is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. The information provided is subject to change without notice and neither Ether Capital, nor any of its affiliates, will be held liable for inaccuracies in the information presented, except in accordance with applicable securities laws.

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements in regard to the acquisition of Wyre by Bolt, future opportunities between the traditional digital payments space and Web 3 applications, outcomes for Ether Capital and the shareholders of Ether Capital resulting from the proposed transaction, the expected closing of the proposed transactions, future consideration to be paid pursuant to the proposed transaction, future carrying value of Ether Capital’s investment in Wyre and the Ethereum ecosystem. The Company cautions the reader not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved.

Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties in regard to the development and acceptance of blockchain technology; the ability of the parties to complete the proposed transaction in accordance with its terms; the staggered and delayed receipt of the consideration for the proposed transaction over four years, the large component of Bolt shares to be received in the proposed transaction, the risk that the target/assumed valuation of the Bolt shares will not be achieved at the time of each payment installment, and the risk that the transaction will not receive regulatory approvals. Although the forward-looking information contained in this press release is based on assumptions that the Company believes to be reasonable at the date such statements are made, including that the parties will complete the proposed transaction in accordance with its terms, that Bolt will be able to pay the transaction consideration as they come payable, and that required regulatory approvals will be obtained in a timely manner, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. In addition, the Company cautions the reader that information provided in this press release is provided in order to give context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220406006127/en/

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Contacts

Brian Mosoff
Chief Executive Officer
Brian@ethcap.co

Ian McPherson
Chief Financial Officer
Ian@ethcap.co

Ashley Stanhope
Director of Communications
Ashley@ethcap.co

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