Vancouver, British Columbia--(Newsfile Corp. - May 25, 2018) - Cryptobloc Technologies Corp. (CSE: CRYP) (OTC Pink: CRYBF) (FSE: GR9) ("Cryptobloc" or the "Company") is pleased to provide the following corporate update.
Settlement of Litigation
On January 31, 2018, the Company was named as a defendant in a Supreme Court of British Columbia action (the "Action") commenced by DMG Blockchain Solutions Inc. ("DMG"), which alleged that the Company had infringed a DMG copyright when it used materials in a slide deck presentation designed by DMG in its own presentation to potential investors. On March 29, 2018, a default judgment was entered in the Action, with damages and costs to be assessed. Since such date, DMG and the Company have been working towards a settlement respecting the Action and the Company announces today that the terms of a settlement (the "Settlement") have been agreed upon. The terms of the Settlement are confidential and provide that the Company will make a cash payment to DMG.
Resignation of Akash Patel
The Company also announces the resignation of Akash Patel as president and a director of the Company. Mr. Patel has left the Company to pursue other interests. The Company thanks Mr. Patel for his service and contribution to the Company and wishes him all the best in his future endeavours.
The Company has initiated a search for one or more new directors to replace Mr. Patel.
About Cryptobloc Technologies Corp.
Based in Vancouver, BC - Cryptobloc Technologies Corp. is focused on developing and implementing blockchain, distributed ledger, closed loop, and cryptocurrency services for Government and commercial partners. Cryptobloc is committed to developing innovative and disruptive solutions that constantly improve active business practices for our partners.
Cryptobloc Technologies Corp. is a public company, traded in Canada, U.S. and Germany under the symbols (CSE: CRYP) (OTC Pink: CRYBF) (FSE: GR9).
On behalf of the Board of Directors,
Neil Stevenson-Moore, CEO
Further information about the Company is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and on its website, www.cryptobloctech.com.
Contact: Neil Stevenson-Moore
Phone: (888) 787-2797
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including in regards to the Settlement, the Company's search for one or more new directors to replace Mr. Patel. Although the Company's management believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward- looking information because the Company cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release, and the Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.