- Hunter Technology concluded a number of transactions in Q4
- Changes included a change of business name and a C$2M private placement
- Development work began on OilEx, the company's digital marketplace
- Hunter acquired 100% of the outstanding stock of FinFabrik Limited
- Hunter Technology develops interactive software platforms powered by blockchain technology to streamline physical oil trading
- Hunter Technology Corp. (HOC) opened trading at $0.96 per share
Hunter Technology Corporation (HOC) is pleased to announce its fiscal year-end results for the year ended December 31, 2020.
In Q4, the company concluded a series of reorganizations and transactions that resulted in a significant change in operations, increased balance sheet, and improved capitalization.
Significant transactions completed during the year include:
- Changed of business and name change to Hunter Technology Corp.
- C$2,000,000 in a private placement financing
- Began development of the OilEx and OilExchange platforms
- Acquired 100% of the outstanding stock of FinFabrik Limited in exchange for:
- 12,110,203 common shares at a deemed price $.90 USD per share and
- $250,000 USD cash; and
- Increased total assets of the Company to US$11.8 million
Hunter CEO Florian M. Spiegl commented,
"2020 was a year of change and reorientation for Hunter. The company successfully completed several critical transactions as it pivoted from oil exploration and production into the technology sector to facilitate sustainable global production and trading of energy resources.
An improved balance sheet and financial metrics provide a solid base for development of our technology platforms and market entry in 2021."
Select Financial Highlights*:
|For the years ended December 31,||2020||2019||Change|
|Cash on hand||1,665,936||1,111,717||50%|
|Loss for the year||(1,093,439)||(613,836)||78%|
|Per Share Basic & Diluted||(0.05)||(0.04)||25%|
With the acquisition of FinFabrik completed, the company has shifted its focus on the development of OilEx, a digital marketplace for connecting independent producers with international buyers of physical oil, with a private test version of the platform brought live in Q1. It will continue its path towards planned pilot transactions in Q3 and the public go-live of the platform in Q4.
Hunter Technology develops interactive software platforms powered by blockchain technology that digitalize and streamline physical oil trading.
Hunter Technology Corp. (HOC) opened trading at $0.96 per share.