Transeastern Power Trust Changing Name to Blockchain Power Trust (TSXV: $BPWR.V)
TORONTO, ONTARIO - December 21, 2017 (Investorideas.com Newswire) Transeastern Power Trust ("Transeastern" or the "Trust") (TSX VENTURE:TEP.UN)(TSX VENTURE:TEP.DB) is pleased to announce that the board of Transeastern Power Administrator Inc, as administrator of the Trust, has approved changing the name of the Trust to Blockchain Power Trust. The Trust has also received a reservation from the TSXV for its new trading symbol "BPWR". The Trust anticipates implementing the name change and making the new trading symbol effective on or before the day it closes its previously announced private placement.
Mr. J. Colter Eadie, Chief Executive Officer of Transeastern, commented: "The change of name for the Trust and implementation of a new trading symbol will better reflect the Trust's expansion into cryptocurrency mining powered predominantly by its self-generated, 100% renewable energy."
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). All material information about the Trust may be found under Transeastern's issuer profile at www.sedar.com.
Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements are founded on the basis of expectations and assumptions made by the Trust. Details of the risk factors relating to Transeastern and its business are discussed under the heading "Risks and Uncertainties" in Transeastern's annual management's discussion & analysis dated May 3, 2017 and Annual Information Form for the year ended December 31, 2016, a copy of each is available on Transeastern's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Transeastern expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
The change of name and the above transactions are subject to a number of conditions including receipt of all necessary regulatory approvals, including the approval of the TSXV.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
J. Colter Eadie
Chief Executive Officer
+351 938 810 979
Chief Financial Officer
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