eXeBlock Completes Transaction to sell Assets
Halifax, Nova Scotia--(Newsfile Corp. - April 26, 2019) - eXeBlock Technology Corporation (CSE: XBLK) ("eXeBlock" or the "Company") is pleased to announce it has completed its previously announced transaction with Peerplays Blockchain Standards Association ("PBSA"), Data Security Node Inc., Fallout Complex Inc., 10353027 Canada Corporation ("10353027"), and Jonathan Baha'i.
Material terms of the transaction include:
- Sale of software including 50/50 Labs, Sidechain and eXeChain (collectively, the "Software") to PBSA for the payment to eXeBlock of $250,000 in cash plus applicable taxes;
- the assumption by PBSA of amounts owing by eXeBlock to a third party developer in the development of the Software totaling approximately $463,419 USD;
- the acquisition by the Company for no consideration of 9,965,000 common shares of eXeBlock held by 10353027, an entity wholly-owned by Jonathan Baha'i (which represents approximately 16.2% of the Company's common shares outstanding as of February 28th, 2019) which have been cancelled;
- the termination of the software development agreement between eXeBlock and PBSA and release by eXeBlock in any interest in any consideration, including any PPY tokens, if any, which were to be transferred as payment for software development under such agreement;
- the forgiveness of amounts owing by eXeBlock to each of Data Security Node Inc., Fallout Complex Inc., and Jonathan Baha'i for certain equipment, furniture, fixtures and Company expenses totaling approximately $74,912.35; and
- the termination of the bunker lease between eXeBlock and Fallout Complex Inc., (collectively, the "Transaction").
The transaction was approved by the Company's shareholders at the Company's Annual and Special Meeting held April 2, 2019 (the "Meeting"). 99.7% of the Company's shares voted at the Meeting were voted in favour of the special resolution approving the transaction.
eXeBlock is now in a position to move forward with any other business opportunities that it may identify with a definitive path to revenue. "While we were working through this transaction, we were also busy evaluating opportunities that offer early revenue generation including potential mergers and the acquisition of technology based organizations that have near term monetization potential." said the CEO of the Company, Jamie Davison.
eXeBlock Technology Corp (CSE: XBLK) is a designer of custom, state-of-the-art blockchain based software applications that provide profitable, secure and efficient solutions to businesses and markets globally. To receive regular updates on the business, follow them on Twitter @eXeBlock or visit www.exeblock.com.
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eXeBlock Technologies Corporation
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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. More particularly and without limitation, this news release contains forward-looking information relating to the ability to identify and complete a transaction with a clear path to revenue, which depends upon the availability of such business opportunity, negotiation of acceptable terms, receipt of regulatory approvals and the approval of the Company's shareholders. 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. For a more detailed discussion of risk factors, refer to the Company's management discussion and analysis dated as of January 28, 2019 filed under the Company's profile on SEDAR (www.sedar.com) and on the CSE's website. The Company cautions that the aforementioned 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.
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