Cascadia Consumer Electronics Announces Disposition of Beijing Cascadia Technology Ltd.

VANCOUVER, British Columbia, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Cascadia Consumer Electronics Corp. (the “Company” or “Cascadia”) (CSE:CK) announces that it has disposed of all of its equity interest in its 100% owned subsidiary Beijing Cascadia Technology Ltd. (“Beijing Cascadia”) in consideration for RMB1 with the assumption of debt of more than $1 million by the purchaser.  

Beijing Cascadia was incorporated on February 17, 2016 in Beijing to facilitate the daily operation in China and to further develop and test technologies to create a platform for trading blockchain assets for the Company. The development and the testing of the platform have been completed at the end of 2017. After the sale of Beijing Cascadia, the Company will have a more efficient team to support the ongoing development and enhancement of the platform and other blockchain related projects in the future.

Rachel Wang, CEO of the Company commented “the sale of Beijing Cascadia will streamline the Company’s plan to focus on developing other blockchain projects and significantly improve our balance sheet as significant amount of the debt will be assumed by the purchaser. Moreover, we are now negotiating with multiple potential customers to license out our newly developed platform which provides users a secured and simple way to trade their blockchain related assets. We believe the Company will start to generate ongoing revenue in 2018 once we secure a licensing agreement with our customers.” 

About Cascadia

Listed on the Canadian Securities Exchange (CSE:CK) and headquartered in Vancouver, BC, Cascadia is a technology company operating from both Vancouver, Canada and Beijing, China.

For further information, please contact:

Cascadia Consumer Electronics Corp.
Rachel Wang
President and Chief Executive Officer
[email protected]

www.cascadiacorp.com

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