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APW to Change Name After Acquiring Crypto Miner CloudXchange

2 Mins read


The
American Premium Water Corporation (APW), a diversified consumer products
company, has announced its intention to acquire CloudXchange DataCentre Pte Ltd
(CloudX SG), an entity that engages in crypto-mining-related business.

APW
in a statement issued on Monday and obtained by Finance Magnates said its Board of
Directors had approved its 100% acquisition of the company which is a wholly
owned subsidiary of CloudXchange DataCentre Inc. (CloudX).

The
purchase price of the transaction will be at a consideration of US$45.6 million
which reflects a projected price-to-earnings ratio of 30, the products company
said.

APW
also disclosed that it will issue restricted common shares of equivalent value
to Heng Fai Ambrose Chan, the seller and sole shareholder of CloudX. Chain is an
experienced entrepreneur and business owner.

Change
of Name

With
the acquisition, APW, known for building brands that utilize cutting edge
bioscience and nanotechnology in the Cannabidiol and wellness space, will now
be focusing on the crypto-mining sector.

The
company also intends to change its name to “American Premium Mining Corporation”.

APW
further explained: “As part of the terms of the acquisition agreement, the
Seller [Chan] has provided APW with a guarantee to generate a minimum of US$1.5
million in earnings before interest, taxes, depreciation and amortization (EBITDA)
for CloudX SG within the first 12 months from June 2022 or upon the full
delivery of the mining rigs (miners).

“In
the event that the EBITDA of CloudX SG falls short of US$1.5 million, a
guaranteed top-up for any shortfall amount up to US$1.5 million will be borne
by the Seller.”

APW’s
announcement is coming some days after the US Treasury announced that it had imposed sanctions on BitRiver, one of the largest crypto data center service providers in the industry,
over its operations in Russia.

The
American Premium Water Corporation (APW), a diversified consumer products
company, has announced its intention to acquire CloudXchange DataCentre Pte Ltd
(CloudX SG), an entity that engages in crypto-mining-related business.

APW
in a statement issued on Monday and obtained by Finance Magnates said its Board of
Directors had approved its 100% acquisition of the company which is a wholly
owned subsidiary of CloudXchange DataCentre Inc. (CloudX).

The
purchase price of the transaction will be at a consideration of US$45.6 million
which reflects a projected price-to-earnings ratio of 30, the products company
said.

APW
also disclosed that it will issue restricted common shares of equivalent value
to Heng Fai Ambrose Chan, the seller and sole shareholder of CloudX. Chain is an
experienced entrepreneur and business owner.

Change
of Name

With
the acquisition, APW, known for building brands that utilize cutting edge
bioscience and nanotechnology in the Cannabidiol and wellness space, will now
be focusing on the crypto-mining sector.

The
company also intends to change its name to “American Premium Mining Corporation”.

APW
further explained: “As part of the terms of the acquisition agreement, the
Seller [Chan] has provided APW with a guarantee to generate a minimum of US$1.5
million in earnings before interest, taxes, depreciation and amortization (EBITDA)
for CloudX SG within the first 12 months from June 2022 or upon the full
delivery of the mining rigs (miners).

“In
the event that the EBITDA of CloudX SG falls short of US$1.5 million, a
guaranteed top-up for any shortfall amount up to US$1.5 million will be borne
by the Seller.”

APW’s
announcement is coming some days after the US Treasury announced that it had imposed sanctions on BitRiver, one of the largest crypto data center service providers in the industry,
over its operations in Russia.



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