eXeBlock Announces Corporate Update - Building Critical Mass on Several Fronts
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2018) - eXeBlock Technology Corporation (CSE: XBLK) ('eXeBlock' or the 'Company') is pleased to provide an update on the status of the Company and inform shareholders and the investment community of ongoing developments.
At its core, the Company remains focused on continuing to build the critical mass required to develop decentralized applications (DApps) and to generate revenues based on pay per use transaction fees. DApps being developed or under consideration for development by eXeBlock have global reach and, in many cases the advantage of being first to market.
A key financial objective of eXeBlock is to earn revenues from transactional fees. eXeBlock is continuing to develop its own proprietary DApps and will develop DApps on blockchains for third parties. The Company expects to earn transaction fees from multiple DApps over time. To this end, eXeBlock has announced the development of its initial two proprietary DApps; 50/50 Labs, which will be released publicly on the Peerplays blockchain, and Freedom Ledger. The company is also in discussions with several third-party organizations interested in launching decentralized applications on a blockchain platform. eXeBlock's 50/50 Labs has been successfully tested on TestNet and is currently being fitted for a user friendly graphical interface to ensure a superb user experience. The DApp will enable charitable organizations worldwide to create 50/50 Labs draws free of charge. With each ticket sold a portion of the transaction value will go back to the Peerplays network and in turn, back to holders of Peerplays tokens. The company currently holds 940,000 of the outstanding tokens in the decentralized blockchain platform PeerPlays.
Freedom Ledger falls into a similar transactional fee revenue model. Freedom Ledger is a blockchain technology that will facilitate transactions for users that do not hold a cryptocurrency account. The technology will enable consumers with traditional currency accounts to utilize various DApps. Freedom Ledger will significantly expand the consumer base for blockchain based DApps and will be marketed to DApps developers worldwide. Freedom Ledger does not act as a cryptocurrency custodian but rather will enable the automatic swap from one blockchain to another keeping all blockchain tokens and cryptocurrencies secure. eXeBlock anticipates releasing a White Paper on Freedom Ledger in the coming weeks.
The Company also wishes to confirm that it is pursuing an aggressive personnel plan targeted at building a critical mass of blockchain talent. The development team located in Debert, Nova Scotia continues to expand and the company has signed a contract with an international firm that has fifteen additional developers working on eXeBlock's blockchain DApps. The Company's administrative, sales and marketing teams are being expanded and will be located in Halifax, Nova Scotia. The Halifax office will be responsible for maintaining client relations as well as liaising with shareholders, the financial sector, community groups and governments.
In addition, eXeBlock has recently launched an updated website that provides greater detail on the Company's activities and blockchain applications. Management believes that blockchain structures could serve to replace traditional ways of conducting business more efficiently and at lower costs over time.
Lastly, the Company is pleased to announce that subject to regulatory approval, it has granted incentive stock options to various directors, officers, employees and consultants to purchase up to 1,400,000 common shares exercisable on or before February 28, 2023 at a price of $0.45 per share.
About eXeBlock Technology Corporation
eXeBlock is a designer of custom, state-of-the-art blockchain based software applications that provide profitable, secure and efficient operating solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive decentralized applications using blockchain technology.
For More Information about the Company, please contact:
President & Chief Executive Officer
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words 'estimate', 'project', 'belief', 'will', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the commercialization of the 50/50 Labs application, the ability to generate revenues from the 50/50 Labs application, the value of the PPY tokens (if any) and the implementation of eXeBlock's operating plans. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. There are a number of important risk factors that could cause the Company's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such risk factors include, among others, the Company's limited operating history and expected continued operating losses; failure of the Company's business strategy; inherent risks of the cryptocurrency and blockchain industry; system failures and security risks; government regulation; need for additional financing requirements and access to capital; reliance on key and qualified personnel; dependence on third party relationships; insurance; competition; and intellectual property. Other factors include risks associated with the marketing and sale of securities; dilution; the potential for conflicts of interest among certain officers or directors; and the volatility of the Company's common share price and volume.
For a more detailed discussion of risk factors, refer to the Company's prospectus dated November 9, 2017 filed under the Company's profile on SEDAR www.sedar.com and on the CSE's website.
The Company cautions that the foregoing list of material risk factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing risk factors and other uncertainties and potential events. The Company has assumed a certain progression of its business objectives, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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