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St-Georges flags legal action over terminated blockchain tech deal

St-Georges Eco-Mining Corp. said Aug. 13 that it started consultations with its legal advisers to recover expenses from Qingdao Tiande Technologies Ltd. over a canceled deal and will consider possible legal action.

St-Georges unit ZeU Crypto Networks Inc. received a termination notice over an agreement that gave ZeU rights to access Tiande's blockchain technology and research.

The notice was accompanied by a request to negotiate a new agreement; however, the company said Tiande's demands for St-Georges to solely bear the "financial burden of the downturn in block chain and cryptocurrency valuations over the past six months" rendered the transaction impossible for ZeU.

Tiande is a Beijing Tiande Technologies Ltd. affiliate.

Additionally, Mark Billings will assume the position of executive chairman of St-Georges, and Vilhjalmur Vilhjalmsson will assume the position of interim president and CEO, effective immediately, taking over the roles from President and CEO Frank Dumas. Dumas will focus on St-Georges' subsidiaries ZeU Crypto and Borealis EHF as their president.

St-Georges said in May that it was planning to spin out ZeU Crypto to focus on metals and mining and enable the unit's management to start and grow operations without restrictions.