Stockholm IT Ventures AB announced it has entered into a binding Memorandum of Understanding with Evolution Global AS, a developer of innovative solutions for crypto mining to acquire an option to purchase up to 10,000 Petahash of Bitcoin mining capacity to be mined Evolution Global. Evolution Global is in the final stages of developing a new application-specific integrated circuit (ASIC) chip that is likely to outperform all Bitcoin mining ASICs and mining equipment in terms of costs and could therefore be able to deliver a substantial share of the remaining Bitcoins available to be mined. An independent consultant engaged by SITV conducted this summer a technical due diligence of the chip and concluded it is likely Evolution Global will succeed. Cryptoplants has been granted an option ("Option") for an option price payment to Evolution Global of up to €6,000,000 in instalments over an approximate five-month period to acquire up to 10,000 Petahash for an agreed discounted purchase price of €120 Terrahash, over a period of up to three years, or in some instances a longer period. The effective all-in price of the PH is approximately 20% to 25% of the all-in price typically available from Bitcoin cloud mining contracts. At current market prices for Petahash, current conversion rates for Petahash into Bitcoin and current prices for Bitcoin, the Option potentially may generate a pre-tax profit for Cryptoplants in excess of €1,000,000,000. The actual profitability could be materially less and will depend on the performance of the new ASIC, trends in pricing for Petahash and Bitcoins, the number of Petahash required to generate Bitcoins and the timing and methods used to finance and monetize the Option. In addition, it is likely that Cryptoplants will sell equity and or incur debt to fund a portion of the purchase price of the Option. The Option may be exercised in whole or in part and from time-to-time on a pro rata basis with certain other Evolution Global customers and Petahash to be retained by Evolution Global. The Option may be assigned in whole or in part, subject to customary AML and KYC requirements. If Cryptoplants funds only a portion of the Option, Cryptoplants' right to purchase the initial Petahash will be reduced pro rata or delayed. he MOU is effective immediately. If definitive agreements pertaining to certain ancillary matters are not executed by November 15, 2018, under certain conditions, the MOU may be terminated.