BlocPlay announces integration with Jibe
Toronto, Ontario--(Newsfile Corp. - May 16, 2018) - BlocPlay Entertainment (CSE: PLAY) ("BlocPlay" or the "Company") is pleased to announce that its subsidiary Token Play is completing the next level of our integration development with Vancouver based Shopify Plus Partner - The Jibe to develop the second phase of our TokenPlay platform which is a blockchain based videogame distribution app. The Jibe successfully completed the first phase of design and development which was presented at GDC 2018 in San Francisco in March.
"We have been making excellent progress on developing Tokenplay's real-time messaging application Elixir, a low latency and fault tolerant functional language that leverages Erlang VM, which is built for highly scalable applications. We are ready to start connecting Tokenplay's network and community using this communication tool for the upcoming E3 conference in Los Angeles in June" said Steve Kruger Co-Founder/COO the Jibe. This new phase brings messaging and store front functionality online. This messaging system features a full SMS style "Discord-esque" messaging functionality with group chat and the ability to purchase games through the TokenPlay platform. This is a multi-phased project and the company looks to continue further working with The Jibe development team as we build out our business model.
Vince McMullin, Chief Technology Officer of the Company, said: "The Jibe have been an excellent partner for Tokenplay. This highly experienced ecommerce team has been achieving each milestone on time and on budget which is critical in developing the full segment functionality of the TokenPlay platform."
In addition, BlocPlay announces the proposed settlement of an aggregate of $719,458.61 of indebtedness owed to certain arm's length and non-arm's length creditors through the issuance of 7,191,981 common shares of the Company at an average price per common share of $0.10.
Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the shares for debt transaction will constitute a "related party transaction" as related parties of the Company will, directly or indirectly, receive 5,185,848 common shares of the Company in connection with the debt settlement. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Company is not listed on a specified market, as defined in MI 61-101, and the fair market value of the transaction, insofar as it involves related parties, does not exceed 25% of the market capitalization of the Company. A material change report will be filed less than 21 days before the closing date of the transaction. This shorter period was reasonable and necessary in the circumstances to allow the Company to improve its financial position by reducing its accrued liabilities.
About BlocPlay Entertainment
BlocPlay Entertainment is the world's first peer-to-peer, de-centralized digital entertainment company. Supporting video gamers, developers, and content creators - worldwide. Each day billions of consumers worldwide enjoy digital entertainment products. BlocPlay Entertainment plans to deliver a fully transparent distribution, publishing, and marketing platform for videogames and eSports events through our innovative tokenization system known as Token Play. BlocPlay Entertainment develops, licences and markets digital entertainment technologies across multiple platforms.
TokenPlay is a wholly owned subsidiary of Blocplay Entertainment and is the customer facing Brand involved in the development and utilization of blockchain technology in the video game space, which will seek to provide a platform for the exchange of in-game currencies and tokens.
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BlocPlay Entertainment Inc.
Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, failure to enter into a definitive agreement and complete the Acquisition, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.