CBI: Global agreement with Atari to unwind cross-shareholdings and terminate the license agreement granted by Atari to CBI

Global agreement with Atari to unwind cross-shareholdings and terminate the license agreement granted by Atari to CBI

Paris, 30 March 2022. CRYPTO BLOCKCHAIN INDUSTRIES (CBI, Euronext Growth Paris: FR0014007LW0, ALCBI) announces that it has concluded a global agreement with Atari and its related companies, to unwind cross-shareholdings and terminate the license agreement granted by Atari to CBI.

Within the term of this agreement, dated March 29, 2022, it is agreed as follows:

• Atari is transferring back to CBI the warrant allowing Atari to acquire 5% of the capital of CBI at par value (0,1 euro per share).

• CBI will pay $110,000 and will transfer to Atari the ownership of 3.5 million Atari shares currently held by CBI.

• CBI will not participate in the ongoing capital increase of Atari.

• Atari and CBI mutually prohibit each other from acquiring securities issued by the other entity for a period of 5 years.

• The license granted by Atari to CBI allowing the latter to exploit certain Atari assets in the metaverse is terminated with immediate effect; the Atari NFTs already sold by CBI will remain in circulation.

The agreement takes effect immediately and also includes additional concessions and reciprocal non-interference clauses. This agreement is signed not only by each company and their subsidiaries, but also by their respective main shareholders, namely Frédéric Chesnais for CBI and Wade Rosen for Atari.

In addition, as part of this agreement, Frédéric Chesnais retrocedes to Atari 15 million ATRI tokens which had been allocated to him by Atari as part of his variable compensation, therefore ending the discussion between Frédéric Chesnais and Atari on the Say on Pay. This Say on Pay agreement will be submitted to the next Atari shareholders’ meeting, and Mr. Wade Rosen has committed to vote in favor of this resolution at said meeting.

Frédéric Chesnais commented: “It is a balanced agreement, each group has made concessions. I wish good luck to Atari and the Atari team. As for CBI, we will continue the development of AlphaVerse, our metaverse, which is scheduled for release in the summer of 2022 and for which many universes are being developed”.

Disclaimer

The realization of these projects, as well as their operational budget and financing plan, remain fundamentally subject to uncertainties, and the non-realization of the underlying assumptions may have a significant impact on the value of assets and liabilities.

About CBI

CRYPTO BLOCKCHAIN INDUSTRIES (“CBI”) is a French company that develops, operates and invests in video games, business applications and selected projects relating to the blockchain, non-fungible tokens (“NFTs”) and cryptocurrencies. Founded by Frédéric Chesnais, a renowned gaming industry entrepreneur and blockchain pioneer, CBI aims to develop and unlock value from a portfolio of blockchain activities across multiple industries (video games, finance, logistics, etc.) with a view to capitalizing on this technology, either directly or through partnerships. CBI has already made several investments and is currently developing AlphaVerse, a blockchain technology-based virtual world or metaverse that will be opening in summer 2022. CBI has been admitted to trading on the EI compartment (qualified investors) of the Euronext Growth Paris market since October 26, 2021. Learn more at www.cbicorp.io.

Contacts

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