Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) is pivoting away from the burgeoning electric vehicle sector to focus on its main verticals, which are healthcare, artificial intelligence and technology.
The company announced on Wednesday that it intends to sell its electric vehicle subsidiary, DataMetex Electric Vehicle Solutions to Graph Blockchain Inc. (CSE: GBLC) (OTC Pink: REGRF) (FSE: RT50) for $3.7 million.
Datametrex is a Vancouver-based data-focused technology company specializing in collecting, analyzing and delivering actionable insights for businesses and government organizations. Lately, however, it’s been branching out into other verticals, like electric vehicles.
Graph Blockchain will issue 15,000,000 common shares to Datametrex at a deemed price of $0.05 per share during the closing.
The company can also receive an additional $3 million in earn-out payments if the subsidiary meets post-closing performance metrics over the next three years.
The Canadian Securities Exchange lists the common shares of Graph Blockchain. Currently, Datametrex holds 3.9 million common shares of Graph Blockchain, which represents 4.8 per cent of the issued and outstanding shares of Graph Blockchain.
“By acquiring DM EVS, we are not only entering into the rapidly evolving electric vehicle market but also aligning with global trends towards green technology,” said Paul Haber, CEO and chairman of Graph Blockchain.
“This purchase positions us at the forefront of two cutting-edge industries: blockchain and EV technology.”
If the proposed transaction successfully concludes and Graph Blockchain issues 15 million shares to Datametrex, Datametrex’s holdings in Graph Blockchain will increase to 18 million common shares, constituting approximately 19.6 per cent of the issued and outstanding shares of Graph Blockchain.
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Governments have matched rising EV demand with incentives
The rising demand for electric vehicles is in part because they are cleaner and better for the environment. The Government of Canada offers a $5,000 incentive for electric batteries or hydrogen fuel cell, and longer-range plug-in hybrid vehicles. Longer-range plug-in vehicles, in particular, qualify when they have an electric range equal to or greater than 50 km.
The provinces of British Columbia, Quebec, Yukon, New Brunswick, Nova Scotia, Prince Edward Island, the Northwest Territories, and Newfoundland and Labrador are all providing incentive programs for the green shift to electric vehicles.
British Columbia offers its BC Hydro EV Fleet Program, Clean BC Go Electric Fleets Program and Vehicle incentive packages, but the Northwest Territories lead in promoting the shift to electric vehicles. It offers potential savings of up to $7,500 on a new electric car. When combined with the $5,000 federal rebate from Ottawa, you could save a total of $12,500 on the purchase of a new EV in that region.
Privately, applications like ChargeHub and its website Chargehub.ca offers a compilation of home charging station installation incentives available throughout Canada, with rebate amounts contingent on your specific location.
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