ATLANTA, June 15, 2026 (GLOBE NEWSWIRE) -- Great Estate Blockchain, Inc. (OTC Pink: VAYK), formerly known as Vaycaychella, Inc., today announced that it has mutually terminated the acquisition agreement under which it acquired a 50.1% ownership interest in a home engineering business. As a result, the Company has divested its ownership interest in the business, which contributed the overwhelming majority of VAYK's approximately $2.0 million in revenue during 2025.
Two months ago, the Company issued a statement advising shareholders that the home engineering business faced substantial uncertainty arising from a valuation adjustment mechanism contained in the acquisition agreement. Under the terms of that agreement, the valuation adjustment was designed to be triggered once the annual revenue of the acquired business exceeded $1.5 million.
The acquired business generated more than $2.0 million in revenue during 2025. At the same time, due to market conditions beyond the Company's control, the average closing price of VAYK's common stock remained below $0.001 per share for several months, significantly below the $0.005 per share valuation used at the time of acquisition. As a result, the valuation adjustment mechanism would have required the issuance of a substantial number of additional shares to the seller, a result that neither party considered beneficial.
Following extensive discussions, the parties were unable to reach mutually acceptable terms regarding the valuation adjustment provisions. Accordingly, the parties mutually agreed to terminate the acquisition agreement, resulting in the Company's divestiture of its 50.1% ownership interest in the home engineering business.
In connection with the mutual termination of the acquisition agreement, Mr. Jason Armstrong, founder of the home engineering business and Chief Executive Officer of VAYK since the acquisition, has resigned from his position as Chief Executive Officer. The Board of Directors thanks Mr. Armstrong for his service and contributions to the Company and wishes him success in his future endeavors.
The Board reaffirmed its commitment to advancing the Company's long-term objectives and believes the termination provides an opportunity to pursue new strategic initiatives better aligned with the Company's vision and capital structure. The Company intends to continue operating as a public company while evaluating new business opportunities, strategic partnerships, and potential acquisitions designed to enhance long-term shareholder value.
To ensure continuity of leadership, the Board has appointed Paula Wang, a Project Manager with the Company, as Interim Chief Executive Officer effective immediately. Ms. Wang will oversee the Company's day-to-day operations while the Board evaluates strategic alternatives and the next phase of the Company's growth.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
VAYK Contact:
Contact@GreatEstateBlockchain.com
