Grenville Strategic Royalty Announces Investment in Boardwalktech, Pioneer in Enterprise Blockchain
TORONTO, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Grenville Strategic Royalty Corp. (TSX-V:GRC) (“Grenville” or the “Company”) today announced that it has signed an agreement, alongside SQN Venture Partners (“SQN”), to provide growth capital to Boardwalktech, Inc. (“Boardwalktech”).
Based in Cupertino, California, Boardwalktech has developed a patented digital ledger technology that allows for multi-party collaboration and verification on a trusted, shared, secure, and private information cloud. Their data management platform allows rapid blockchain application development on any platform or user interface, supporting both on/off-chain “smart contract” business logic and blockchain data. The Boardwalktech Application Engine (BAE) Platform acts as the data management engine enabling enterprises to build enterprise-quality applications.
Grenville CEO Steve Parry commented: “Our Boardwalktech investment demonstrates the value of Grenville’s business model for evaluating and participating in emerging exponential markets like blockchain. Boardwalktech is a pioneer in digital ledger technology, with patents, Fortune 100 customers and significant revenues based on delivering applications that enable the blockchain environment to generate tangible return on investment to customers in mission-critical applications. Our royalty product is an excellent match for the rapid revenue growth that these companies experience. We have an established pipeline of new deals in the blockchain space and are devoting additional resources to sourcing more. We hope that Boardwalktech will be the first of many in this space.”
Boardwalktech CEO Andrew Duncan commented: “We are very pleased to include Grenville as a financial partner alongside of SQN. These two firms have provided our founding investors the ability to delay significant dilution of ownership while we developed our customer base. Now, with the explosion of interest in the blockchain environment, we are in an ideal place to realize significant shareholder value.”
As part of the growth capital facility, Grenville invested US $425,000.
About Boardwalktech, Inc.Based in Cupertino, California, Boardwalktech has developed a patented digital ledger technology that allows for multi-party collaboration and verification on a trusted, shared, secure, and private information cloud. Their data management platform allows rapid blockchain application development on any platform or user interface, supporting both on/off-chain “smart contract” business logic and blockchain data. Founded in 2005, Boardwalktech is primarily employee-owned.
About GrenvilleBased in Toronto, Grenville Strategic Royalty Corp. is a publicly-traded royalty company that makes investments in established businesses with revenues of up to $50 million dollars. Grenville generates revenues from royalty payments and buyouts from contracts. The non-dilutive royalty financing structure offered by Grenville competes directly with traditional equity to meet the long-term financing needs of companies on more attractive commercial terms.
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For further information, please contact:
Grenville Strategic Royalty Corp.:Steven ParryChief Executive OfficerTel: (416) 777-0383