Vancouver, B.C., Nov. 01, 2024 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the "Company" or "CryptoBlox") (CSE: BLOX) is pleased to announce that it has signed a binding amended and restated share purchase agreement (the "Amended Agreement"), dated October 31, 2024, to acquire 100% of Blockchain Fintech Unipessoal LDA ("Blockchain Fintech"), a Portuguese corporation that develops blockchain-based financial technologies. The Amended Agreement revises the terms of the acquisition originally announced on March 5, 2024.
"The Company is extremely pleased to secure this very strategic acquisition which, upon closing, will complete the final division of our Diversified Blockchain Ecosystem Strategy," stated Akshay Sood, CEO of CryptoBlox.
"We have been working very hard on this deal and are absolutely thrilled to be in a position to reach an amended agreement," continued Mr. Sood.
Under the Amended Agreement, CryptoBlox will acquire 100% of the outstanding shares of Blockchain Fintech in consideration for the issuance of 25,000,000 common shares of CryptoBlox (the "Consideration Shares") at a deemed price of $0.20 per Consideration Share, having an aggregate deemed value of $5,000,000. Completion of the transaction remains subject to customary closing conditions, including approval of the Canadian Securities Exchange and the satisfaction of CryptoBlox with respect to its due diligence. A finder's fee of 1,750,000 common shares will also be payable on closing. In addition to the issuance of the Consideration Shares, the Amended Agreement provides for earn-out consideration payable to the vendors of Blockchain Fintech, whereby: (i) upon completion of development of a non-custodial cryptocurrency wallet mobile application using Blockchain Fintech's technology (the "App"), 10,000,000 additional common shares of Cryptoblox ("Earn-Out Shares") will be issued; (ii) upon the Company earning its first $500,000 in cumulative revenue from the App or any product developed and published, released, or otherwise distributed based on intellectual property acquired from Blockchain Fintech (a "Product"), a further 10,000,000 Earn-Out Shares will be issued; (iii) upon the Company publishing, releasing, or otherwise distributing a Product (excluding the App), a further 10,000,000 Earn-Out Shares will be issued; and (iv) upon the Company publishing, releasing, or otherwise distributing a second Product (excluding the App), a further 10,000,000 Earn-Out Shares will be issued. All Earn-Out Shares, if and when issued, will be issued at a deemed issue price of $0.20 per share.
"I would like to thank all of the hard-working stakeholders at CryptoBlox and Blockchain Fintech for their patience and determination in working towards this acquisition. I whole-heartedly believe this acquisition will complete the foundation to building one of the most exciting companies in our industry," expressed Mr. Sood.
"We are excited to continue our journey with Blockchain Fintech and are confident that this acquisition will drive significant value for our shareholders," concluded Mr. Sood.
On behalf of the Company,
Akshay Sood
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology infrastructure company focusing on building out its diversified Blockchain Ecosystem Strategy that consists of Digital Asset Mining & Infrastructure, Mining Products & Technology, and Structured Blockchain Products & Services.
For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259-0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the Company's plan to acquire Blockchain Fintech; the Blockchain Fintech acquisition completing the final division of the Company's Diversified Blockchain Ecosystem Strategy; the earn-outs provided for under the Amended Agreement; the Blockchain Fintech acquisition completing the foundation to building one of the most exciting companies in the Company's industry; and the Blockchain Fintech acquisition driving significant value for the Company's shareholders. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
