Business
Fernhill Corp Announces a $675,000 Sale of Non-Core Assets and an Upcoming Live Event
Fernhill Corp Announces a $675,000 Sale of Non-Core Assets and an Upcoming Live Event.
About this update from Fernhill Corp.
[{"type":"text","content":"LAS VEGAS, NV / ACCESSWIRE / December 1, 2022 / Fernhill Corp (OTC:FERN) is pleased to announce the sale of all assets and intellectual property in its wholly owned Solar and Battery technology-focused subsidiary, World Wide Sun (WWS) to Extreme Biodiesel Inc (OTC:XTRM) for a combination of equity and assumption of debt.The transaction includes selling 100% of the assets and technology rights held in WWS, including various Solar Equipment, Battery Technology, and Intellectual Property. Extreme Biodiesel, Inc (OTC Markets:XTRM) is expanding its environmentally friendly and renewable energy business focus and saw a unique opportunity to complete a transaction that benefited both parties by acquiring non-core assets held by Fernhill.The consideration to Fernhill is valued at more than $675,000. FERN will receive a combination of equity and assumption of specific debt incurred with the original WWS Solar and Battery Technology acquisition.XTRM will tender $150,000 worth of common stock to FERN. The long-term plan is for the shareholders of FERN to receive a portion of the XTRM shares. The prospective dividend will be subject to fulfilling all required regulatory filings and necessary approvals to distribute the XTRM shares.XTRM has agreed to assume Fernhill's debt obligation associated with all the liability for the development and acquisition of the Intellectual property previously incurred for the Technology."This transaction will provide a dual benefit to the FERN shareholders. First, the distribution of XTRM shares will allow FERN shareholders to participate in the technology development. Second, this transaction will improve the Corporate Balance Sheet allowing FERN's management to engage with critical strategic partners," said Marc Lasky, Fernhill President.Fernhill Corp will host an exciting live-stream event this month, date and time TBD, to discuss the future of Web3, use-cases for the blockchain and the future-facing potential of digital assets with an industry expert from GDA Capital. GDA Capital incubates, advises, and invests in blockchain, digital assets, metaverse/gaming, and web 3.0 companies defining new industry niches. Stay tuned for more information.About Fernhill:Fernhill Corp is a Web3 Cloud Based Enterprise Infrastructure platform focused on providing APIs for digital asset trading, NFT marketplaces ...