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

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TORONTO–(BUSINESS WIRE)–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 holding company Wyre, Inc. (“Wyre”), a San Francisco-based cryptocurrency infrastructure provider, has reached an agreement to be acquired by Bolt, a leading field of checkouts and purchasing networks. Details of the proposed transaction can be found here.

“We are delighted to have been a part of Wyre’s success thus far and believe the transaction will pave the way for increased opportunities between the traditional digital payment space and Web3 applications. We believe this transaction represents a great outcome for shareholders,” said Brian Mosoff, CEO of Ether Capital. “Ether Capital has always argued that the best way to invest in the industry is to support developers with infrastructure and tools. Wyre, a leading on-ramp for Web3 applications, has seen tremendous growth and success in over the past 24 months as new verticals have emerged in the industry – NFT, DeFi and self-hosted wallets, to name a few. We are excited to see two companies that are leaders in their own industries unite their strengths in delivering best-in-class customer experiences as we continue to transition to a more digital 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 stake in Wyre. The investment was prompted by the company’s investment thesis to support projects that build key infrastructure, particularly those that make fiat-to-crypto on- and off-ramps more efficient.

The initial cost of investing in Wyre was US$1.5 million and the book value of Wyre shares on Ether Capital’s balance sheet as of December 31, 2021 was C$6.2 million. During the second quarter of 2022, management will assess the book value of its investment in Wyre based on information that will be distributed to all Wyre shareholders to assess the proposed transaction. Ether Capital estimates that the consideration payable for the proposed acquisition will be a combination of cash and common stock of Bolt paid over four years.

Bolt is privately held and there is no active market for Bolt shares.

About Ether Capital Corporation

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

The content of this document is provided for informational purposes only and is not provided in the context of an offer of the securities described herein, nor does it constitute a recommendation or a solicitation to buy, hold or sell any securities. The information does not constitute investment advice and is not tailored to the needs or circumstances of any investor. The information contained in this document is not, and should not 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 statement to the contrary is an infringement. The information contained herein 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 shall be liable for any 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 laws. Forward-looking information includes, but is not limited to, statements regarding the acquisition of Wyre by Bolt, future opportunities between the traditional digital payments space and Web 3 applications, results for Ether Capital and shareholders of Ether Capital resulting from the proposed transaction, the expected closing of the proposed transactions, the future consideration payable under the proposed transaction, the future book value of Ether Capital’s investment in Wyre and the Ethereum ecosystem. The Company cautions readers not to place undue reliance on these 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 “anticipates”, “expects” or “does not expect”, “is expected”, “budget”, “planned”, “estimates”, “plans”, “intends”, “at the pace”, “anticipates” or “does not anticipate”, “believes” and similar expressions or indicates 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 the statements 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. These risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties; uncertainties regarding 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 deferred receipt of the consideration for the proposed transaction over four years, the significant portion of Bolt shares to be received in the proposed transaction, the risk that the target/assumed valuation of Bolt shares will not be achieved at the time of each payment tranche, 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 the Company believes are reasonable as of 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 pay the consideration for the transaction when it becomes due, and that the 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 this forward-looking information. Further, the Company cautions readers that the information provided in this press release is provided to provide 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.

Brian Mosoff

Chief Executive Officer

[email protected]

Ian McPherson

Financial director

[email protected]

Ashley Stanhope

Communications Director

[email protected]

Source: Ether Capital Corporation

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