taal-exchanges-calvin-ayres-debt-for-equity-appoints-to-advisory-board

TAAL exchanges Calvin Ayre’s debt for equity, appoints to advisory board

Blockchain infrastructure and enterprise services provider TAAL Distributed Information Technologies Inc. has converted all outstanding debt owed to Calvin Ayre into equity. The restructure swaps a C$24,148,077 (US$17,372,006) debt debenture issued in March 2019 as part of a share purchase agreement, giving him a 45.1% stake in the company. Ayre will also join Dr. Craig S. Wright on TAAL’s advisory board.

TAAL announced previously on April 28 it would convert Ayre’s debenture principal to equity. The 2019 agreement was part of TAAL’s 100% acquisition of Ayre’s Freschette Ltd., and was due to mature on May 1, 2020.

TAAL issued Ayre a certificate for 9,256,763 common shares valued at C$3.00 each. In addition, it paid 15% interest on the debt to bring the total to $C27,770,289 (US$19,977,808). Prior to the settlement, he owned 1,162,500 of TAAL’s common shares, or 8.41%. He also holds 2,279,215 non-voting participating shares which are exchangeable for common shares under certain conditions.

“I am super excited about Taal.  It is going to pioneer an entire new industry segment and it will own the IP in doing so. It is unique in the world with its own IP,  access to nChain’s IP and direct advice from Dr. Craig Wright, the inventor of Bitcoin. Craig’s additional invention of Metanet on top of infinitely scalable Bitcoin (BSV) will enable all data in the universe to be put on top of the internet and all of it will now be able to be valued. The market opportunity to Taal in this is astronomical. I already run my entire global business group on Bitcoin and this will be where the rest of the world ends up also. Taal will be right in the centre of this revolution,” Ayre told CoinGeek.

“Only BSV uses the original Bitcoin protocol and economic model and scales infinitely and can value all data in the universe.”

Success in business and understanding of the blockchain industry ‘invaluable’

Long-time entrepreneur and investor Calvin Ayre is a Canadian-Antiguan citizen based in Antigua and Barbuda, and is the founder of the Ayre Group, CoinGeek, and Bodog. He has played a key role in developing and supporting the Bitcoin SV ecosystem, which represents the original Bitcoin as envisioned by Satoshi Nakamoto before its initial release in January 2009.

Ayre was appointed as an Economic Envoy for Antigue and Barbuda 2017, advising on developments in the digital asset industry. He has also supported numerous philanthropic causes in the country through the Calvin Ayre Foundation, in the areas of education and public health.

TAAL Chairman Stefan Matthews said Mr. Ayre’s vast experience and success in business, as well as his understanding of the blockchain industry, would be invaluable to the company as it moves forward.

His extensive experience in marketing and public relations and the valuable advice he can provide regarding TAAL’s market positioning will be a key asset to TAAL.

TAAL ceases cloud computing operations in Kazakhstan

TAAL also announced it would cease its cloud computing operations in Kazakhstan. The decision was part of TAAL’s strategy to counter the Bitcoin BSV and BTC block subsidy halvings of 2020. The Bitcoin BSV industry is focused on a future whereby transaction processors earn profits through significant transactional volumes rather than block subsidies.

Satoshi Nakamoto’s vision for Bitcoin always predicted transaction fees would need to counter the regular block confirmation payouts as its economy grew, coding them to halve once every four years. Initially 50 Bitcoins per block, the subsidy for Bitcoin and its derivatives (namely BTC and BCH) will be 6.25 coins on all three chains in just under 11 days at the time of publishing. While other transaction processors have naively counted on increases in coin market values to make up for the loss, TAAL and the wider BSV ecosystem realized this was untenable. With this new economic model in mind, TAAL has recently applied for patents to cover other blockchain-related business services, technology and devices.

Bitcoin BSV restored Satoshi’s vision for Bitcoin when it reverted and locked the protocol to its original 2009 functionality per the Bitcoin Whitepaper in February 2020, when the Bitcoin SV Node team released Bitcoin v1.0.0, or “Genesis“. It also removed any artificial limitations on transaction volume by leaving block size decisions to individual processing operations.

These moves allowed Bitcoin to become a permissionless blockchain platform capable of supporting any sized enterprise, governmental or other applications. Developers and policy makers can build applications to run on a guaranteed unchangeable protocol, while professional transaction processors can specialize in serving either higher or lower data volume users.

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