Business
True North Energy Enters Into $1.7 Million Convertible Debt Funding And Acquires Leading Korean Technology Developer Kryptonite
True North Energy Enters Into $1.7 Million Convertible Debt Funding And Acquires Leading Korean Technology Developer Kryptonite.
About this update from True North Energy Corp.
[{"type":"text","content":"True North Energy Enters Into $1.7 Million Convertible Debt Funding And Acquires Leading Korean Technology Developer KryptoniteSPRING, TX / ACCESSWIRE / January 8, 2018 / True North Energy Corp. (OTC PINK: TNEN) (\"True North\"), announced today that it has acquired 100% of the common shares in South Korea's leading digital media company, Kryptonite Korea Limited (\"Kryptonite\").Kryptonite owns a diverse digital intellectual property portfolio and operates a variety of social media applications. The company is specialized in developing leading smartphone consumer internet applications, primary for social entertainment. These applications are specifically designed to be used on very low-end hardware, targeting the expansive user base in the emerging markets.The acquisition of Kryptonite was in consideration for 28,331,197 shares of restricted common stock of True North and $25.000 cash. It is anticipated to be the first of a series of roll-ups to transform True North into the next generation Social-Entertainment-Games platform for all emerging markets. A suite of applications is expected to be launched in 2018 to provide a sustainable solution in the World's fastest-growing markets of South East Asia and South Asia, and other underserved markets.True North's CEO, William Simmons, is very pleased to announce the planned appointment of serial entrepreneur and CEO of Kryptonite, Mr. Chunhyok Chonq, as CTO of True North. \"Mr. Chonq and his Kryptonite engineering team have created tremendous value for shareholders in Korea's tech space by achieving rapid market dominance in chat, dating, live social video gaming and e-commerce applications - changing the way Koreans interact today.True North's strategy is to expand Kryptonite's success beyond Korea and create a vibrant mobile platform for Southeast Asia, where over 90% of current users access the Internet via smart phone only. Consumers in this region spend nearly four hours per day on their mobile devices - double the daily average time compared to users in the United States. These incredible levels of engagement and the continuous acceleration of e-commerce in the region have led to a sizable opportunity for True North's new business focus.\"Subject to the completion of the transaction, True North plans to add another highly experienced member of management by appointing Mr. Steve...