Block Commodities Ltd: Block Commodities and FinComEco Joint Collaboration Agreement

Dow Jones received a payment from EQS/DGAP to publish this press release.

Block Commodities Ltd (BLOC) 
Block Commodities Ltd: Block Commodities and FinComEco Joint Collaboration 
Agreement 
 
21-May-2018 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
     The information communicated within this announcement is deemed to 
     constitute inside information as stipulated under the Market Abuse 
 Regulations (EU) No. 596/2014. Upon the publication of this announcement, 
   this inside information is now considered to be in the public domain. 
 
21 May 2018 
 
      BLOCK COMMODITIES LIMITED 
 
      ("Block Commodities" or the "Company") 
 
      Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
 Block Commodities and FinComEco Joint Collaboration Agreement with OST to 
    unlock consumer goods, education and healthcare for African farmers 
      utilising the Blockchain 
 
Block Commodities Limited and Financial & Commodities Ecosystem (FinComEco), 
         a subsidiary of GMEX Group Ltd, are pleased to announce a strategic 
         partnership with OST, the complete blockchain toolkit for business. 
 
   The collaboration facilitates the launch of a token-based ecosystem which 
will enable sub-Saharan farmers to deploy the profits from the sale of their 
  surplus crops in the wider economy by being rewarded in FACES (Feed Africa 
 Commodities Eco-System) tokens powered by OST technology and the OST token. 
        Block Commodities Limited and FinComEco are endeavouring to build an 
         ecosystem of ecommerce partners featuring local vendors and service 
  providers as well as medical and educational institutions, where the FACES 
  tokens can be redeemed. The OST utility token enables any website, app, or 
    marketplace to easily launch a branded token and integrate it into their 
            business. 
 
 Block Commodities' Executive Chairman Chris Cleverly said: "The sub-Saharan 
   region tends to have fewer fungible currencies but higher interest rates, 
        which outside agencies base on perceptions of Africa rather than its 
 realities. This, with the region's need for secure relationships to thrive, 
as well as its recent history of rapid technology take-up, means that Africa 
            is likely to see the fastest blockchain growth." 
 
 Chairman of GMEX Group and CEO of FinComEco, Hirander Misra commented: "The 
       utility OST tokens enable consumer transactions to become part of the 
   FinComEco and Block Commodities supply to demand value chain, which helps 
   facilitate a sustainable and increasing improvement in the sophistication 
       and living standards of smallholder farmers and their families across 
Sub-Saharan Africa". He added, "This enables the 'unbanked' not only to gain 
 access to these services but also facilitates increasing consumer demand as 
     incomes rise across a whole range of goods and services. This, in turn, 
           leads to financial inclusivity and has a positive social impact." 
 
 OST Founder and CEO, Jason Goldberg, commented: "OST enables any company or 
  project to deploy branded cryptocurrency tokens backed by the market value 
   of OST, on scalable utility block chains. We are thrilled to partner with 
       GMEX Group, Block Commodities, and FincomEco to blockchain enable the 
            African agricultural market." 
 
For further information, please contact: 
 
Block Commodities Limited 
Chris Cleverly                              [phone] 
 
   NEX Exchange Corporate 
                 Adviser: 
          Alexander David 
       Securities Limited 
  David Scott - Corporate                   [phone] 
                  Finance 
James Dewhurst -                            [phone] 
Corporate Broking 
 
Public and Investor 
Relations: 
Cassiopeia Services -                [e-mail] 
Stefania Barbaglio 
 
FinComEco Limited and 
GMEX Group Limited 
 
                          [e-mail] 
 
The Realization Group- 
Melanie Budden 
 
OST 
                                                  [e-mail] 
 
Wouter Verhoog 
 
            About Block Commodities 
 
Block Commodities' strategy is to maximise the value of African agricultural 
  and other commodities through the deployment of blockchain technology. The 
        resources will be linked through the vertical integration of primary 
   industries down to consumers via blockchain platforms. Using blockchain's 
ability to dynamically incorporate all market participants into an efficient 
 ecosystem, Block Commodities aims to facilitate the commercial operation of 
        such ecosystems in the context of the agricultural production cycle. 
 
         In reclaiming the value lost in African agricultural and extractive 
       industries through inefficient supply and distribution systems, Block 
 Commodities aims to help sub-Saharan African farmers raise productivity and 
       secure better returns for their produce. This is an important step in 
  establishing African communities as significant future global agricultural 
            producers. 
 
            About FincomEco 
 
       FinComEco, a fully integrated Financial & Commodities Ecosystem, is a 
  corporate venture to provide an ecosystem of services, financing, capacity 
    building and enablement solutions underpinned by technology, to drive an 
        improvement in food security and economic diversity through socially 
   responsible commercial means (as opposed to charity), to foster financial 
            inclusion. 
 
  FinComEco is the joint venture partner of Block Commodities for developing 
          and operating a range of platforms/projects and initiatives in the 
            agricultural commodity markets sector in sub-Saharan Africa. 
 
            For more information visit www.FinComEco.com [1] 
 
 FinComEco is a subsidiary of GMEX Group, an innovative provider of exchange 
            and post-trade business services and technology. 
 
            For more information visit www.gmex-group.com [2] 
 
            About OST 
 
  OST is building "the complete blockchain toolkit for business". The Berlin 
      start-up strives to be the blockchain technology partner of choice for 
businesses of all sizes and levels of technical sophistication, enabling any 
      business to create, launch, and manage their own branded digital token 
 economy powered by OpenST protocols and OST blockchain management software. 
  The OpenST protocol enables companies to launch branded token economies on 
        highly scalable, open, cryptographically auditable side blockchains. 
 
ISIN:          GG00B4QYTJ50 
Category Code: AGR 
TIDM:          BLOC 
Sequence No.:  5564 
EQS News ID:   687627 
 
End of Announcement EQS News Service 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=908bb0535f1e7c170952b9b3ef49423b&application_id=687627&site_id=vwd_london&application_name=news 
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=8ae7a8f74135accedb8e6d63d55c1dcf&application_id=687627&site_id=vwd_london&application_name=news 
 

(END) Dow Jones Newswires

May 21, 2018 02:01 ET (06:01 GMT)