Calgary, Alberta / TheNewswire / November 30, 2017 - Africa Hydrocarbons Inc. (NFK.H: NEX | KNPRF: PNK | KRL1: STU) (the “Company”) is pleased to announce that it has established an Advisory Board and that Dr. Bob McElrath, Geoff Hampson, Wayne Nemeth and Tim Vercruysse have been appointed as its initial members.

 

Bob McElrath is Vice President of Block Chain System Architecture at Fidelity Investments, a leading financial institution. He was previously a serial CTO, Chief Scientist and Software Developer for blockchain technology companies, including SolidX (cryptographic keys for identity) and Ribbit Rewards (cryptocurrencies for airline rewards programs). He is an experienced cryptocurrency developer and team leader with experience in bitcoin and Ethereum. He was formerly Senior Software Developer at Bloomberg and has a PhD in theoretical particle physics from the University of Wisconsin. Dr. McElrath did his post doctorate work at the University of California and at CERN and has over 32 publications.

 

Geoff Hampson brings over 30 years as an investor, acquirer, senior executive and director of start-up, turnaround and high growth companies. Geoff has completed transactions in the industrial manufacturing, real estate, internet infrastructure, mining, and oil & gas sectors where he has been able to build strong teams to lead businesses into sector leading positions. He has built up data center/ cloud business, Peer 1 Network, and sold it to Cogeco for $565 million. Geoff is an investor and director of many small and mid-sized companies throughout Canada, Europe and the USA. He currently serves as the Chairman of the Board and CEO of Fibrox Technology Ltd., a North American leader in the production of mineral fiber. He also serves as the Chairman of the Board and CEO of Para Resources Inc., a publicly-listed company on the TSX Venture Exchange, focusing on North and South American gold properties. Geoff served as a member of the University of British Columbia’s International Advisory Board. He is active in local and international associations and charities. Geoff has lived and worked in both Canada and the USA.

 

Wayne Nemeth is a technology company CEO, advisor and investor. He was formerly CEO/ COO of T+ink, a venture backed electronic ink company connecting retail inventory to Internet of Things. He was founder of Pelap Group, an advisory and investment firm focused on SAS and data analytics. For 10 years, Wayne was a Partner at Sprout Group, a $3 bn venture capital firm owned by DLJ/ Credit Suisse. Board roles include: Calix, DynamicOps (acquired by VM Ware), Internet Phonics (acquired by Ciena) and Lefthand Networks (acquired by HP).  He is a graduate of University of Pennsylvania and The Wharton School

 

Tim Vercruysse is a seasoned technology executive with 25 years' experience building world class systems, teams and technology solutions. He is founder and Managing Partner of Black Dog Consulting, providing data science and machine learning solutions to clients such as Thomson Reuters, CBS, 1-800 Flowers and the US Office of Naval Research. He was formerly Director of Software Development at Bloomberg and Citigroup and has a BS and MS in Computer Science and Data Science from Stony Brook University

 

About the Company

 

The Company has announced a proposed “Change of Business” transaction (“COB Transaction”) pursuant to the policies of the TSX Venture Exchange (the “Exchange”), with the result that the Company will become a blockchain technology company, listed on the Exchange.

 

See the Company’s press releases dated November 23, 2017 and November 24, 2017 for further information regarding the COB Transaction and related financing.  The Company will issue additional press releases related to the COB Transaction, financings, sponsorship, the names and background of other proposed management and directors of the Company (as applicable), its proposed name change and other material information as it becomes available.

 

ON BEHALF OF THE BOARD OF

AFRICA HYDROCARBONS INC.

 

Douglas Wu

Director

 

For further information, please telephone: (403) 984-3194.

Completion of the COB Transaction is subject to a number of conditions, including but not limited to acceptance by the Exchange and if applicable pursuant to the Exchange requirements, majority of the minority shareholder approval. Where applicable, the COB Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the COB Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the COB Transaction, any information released or received with respect to the acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the COB Transaction and has neither approved nor disapproved the contents of this news release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

 

Cautionary Note Regarding Forward Looking Statements

This press release contains statements which constitute ”forward-looking statements”, including completion of the proposed COB Transaction, the closing of the financings related thereto, receipt of requisite approvals for a name change for the Company and other information concerning the intentions, plans and future action of the Company described herein. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of a public company, currently with limited business and financial resources, risks related to the Company’s inability to satisfy a condition precedent to the completion of the COB Transaction (including obtaining necessary regulatory approvals and completion of the financings thereon), as well as those risk factors discussed or referred to in the Company's continuous disclosure record available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

 

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