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Toronto, Ontario--(Newsfile Corp. - February 22, 2024) - Bluesky Digital Assets Corp., (CSE: BTC) (OTCQB: BTCWF), ("Bluesky" or the "Corporation") announced today that it has formalized and closed on the previously initiated formal discussions, which were previously announced via press release on December 4th 2023, for the establishment of a strategic joint venture with Weteams Solutions Pvt. Ltd. ('Weteams')
Bluesky's focus on Artificial Intelligence ("AI") and Blockchain ("BC") led to the creation of the BlueskyINTEL ("BSI") proprietary web engagement platform in 2021. BlueskyINTEL positions to exit 2024 as a valuable and revenue producing digital AI/Blockchain platform.
Weteams Solutions Pvt. Ltd., headquartered in India, is an important partner in developing the BlueskyINTEL platform, bringing to BSI its digital innovation expertise and technology service capabilities. Led by entrepreneur Pranay Mathur, Weteams aligns with Bluesky's strategic goals, contributing to the platform's scalability and market reach. The partnership underscores mutual benefits, leveraging India's robust tech market for BlueskyINTEL's growth, with Mathur's investment signifying confidence in the venture's AI and Blockchain potential.
Bluesky, through this now formalized agreement with Weteams, will not only benefit from exposure to an international fast-growing tech venture and SME market but also gain access to a large international audience and potential user base for BlueskyINTEL, positioning the company for enhanced financial performance and shareholder value. This strategic collaboration is expected to significantly bolster Bluesky's market presence and operational efficiencies, laying a solid foundation for sustained growth and potentially leading to an upward trajectory in its share price.
Ben Gelfand, CEO stated: "Through this strategic agreement, Bluesky and Weteams anticipate incremental revenue growth, driven by expanded market access and innovative monetization strategies in the burgeoning space. Our combined expertise and shared vision for AI and Blockchain technologies set the stage for BlueskyINTEL to capture a substantial share of the global digital market."
The Corporation also announced today that it has entered into a credit facility agreement where the Corporation may draw upon the credit facility and borrow up to $300,000 CAD in multiple tranches with the first tranche being set to $100,000 CAD. The lending rate for any funds drawn from the facility has been set to 15% per annum with the repayment to occur within 24 months after any funds have been drawn upon. The Corporation will use the proceeds from the credit facility to further advance the joint venture agreement with Weteams. As of the date of this press release, the Corporation has not drawn upon the credit facility. The Corporation further announced today that it has entered into a debt settlement agreement where it will settle $452,000 CAD in debt owed via the issuance of 13,560,000 Common Shares issued at $0.0333 CAD per Common Share. All Common Shares issued in the debt settlement are subject to a four month plus 1 day hold period. The issuance of the Common Shares will not result in a change of control.