GlobalBlock Announces Application for Voluntary Management Cease Trade Order
London, United Kingdom and Vancouver, British Columbia--(Newsfile Corp. - April 20, 2023) - GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the "Company" or "GlobalBlock") announces that it does not anticipate being in a position to file its audited annual financial statements, management's discussion and analysis, and related certifications for the fiscal year ended December 31, 2022 (collectively, the "Annual Filings") on or before May 1, 2023 as required, due to (i) complications surrounding accounting for the Company's previously announced proposed disposition of its operating subsidiaries (and by extension the Company's digital asset trading business) (see the Company's March 23, 2023 press release), which would constitute the sale or all or substantially all of the Company's assets or undertaking, in the Annual Filings under IFRS; and (ii) difficulties in obtaining review of the Annual Filings from the Company's UK based accountants and auditors. As such, additional time is required by the Company's auditor to complete their review and procedures.
Accordingly, the Company has applied to the British Columbia Securities Commission, the Company's principal securities regulator in Canada, for the issuance of a management cease trade order ("MCTO") under the provisions of National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") to be granted in connection with the late filing of the Annual Filings, so as to permit the continued trading in the Company's common shares by persons other than the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities. There is no guarantee that an MCTO will be granted. However, if an MCTO is granted, the Company expects to file the Annual Filings on or before May 31, 2023.
The Company confirms that it intends to satisfy the provisions of section 10 of NP 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfil these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed.
The Company is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the Company that has not been generally disclosed.
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly-owned operating subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app.
The Company has announced the proposed disposition of its digital asset broker business - see the Company's March 23, 2023 press release for more information. After completion of this proposed disposition, the Company will not have any operating business. Accordingly, the Company will need to identify and, if successful, acquire or combine with a new business.
For further information please contact the Company at:
David Thomas, CEO
c/o 65 Curzon Street, London, W1J 8PE, United Kingdom
Tel. +44 20 3307 3795
https://globalblock.eu/ and http://www.globalblockdigital.com/
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things: the timing, audit, completion and filing of the Annual Filings; the application and grant of an MCTO; the ability of the Company to complete the disposition transaction referenced herein; the receipt of all necessary shareholder, TSX Venture Exchange and other third party consents and approvals for the disposition transaction; and other information concerning the intentions, plans, future action and future successes of the Company. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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