Cryptoblox wants to round off its diversified blockchain strategy with strategic acquisition
Vancouver, BC, November 1, 2024 / IRW-Press / CryptoBlox Technologies Inc. (the “Company” or “Cryptoblox”) (CSE: BLOX) is pleased to announce that, effective October 31, 2024, it has entered into a binding amended and new signed a share purchase agreement (the “Amended Agreement”) for the acquisition of 100% of Blockchain Fintech Unipessoal LDA (“Blockchain Fintech”), a Portuguese company developing blockchain-based financial technologies. The Amended Agreement amends the terms of the Acquisition originally announced on March 5, 2024.
“The Company is extremely pleased to have entered into this very strategic acquisition, which, upon closing, will complete the final leg of our diversified blockchain ecosystem strategy,” said Akshay Sood, CEO of CryptoBlox.
“We have put a lot of effort into this deal and are absolutely thrilled to be able to reach an amended agreement,” Mr Sood continued.
Pursuant to the Amended Agreement, CryptoBlox will acquire 100% of the outstanding shares of Blockchain Fintech in exchange for 25,000,000 shares of CryptoBlox’s common stock (the “Compensation Shares”) at a deemed price of $0.20 per Compensation Share, with a deemed value of 5,000 in the aggregate Spend $,000. Completion of the transaction is subject to customary closing conditions, including, but not limited to, the approval of the Canadian Securities Exchange and CryptoBlox’s satisfaction with its due diligence reviews. A brokerage commission of 1,750,000 common shares must also be paid upon completion of the transaction. In addition to the issuance of the Consideration Shares, the Amended Agreement provides for an earn-out consideration payable to the sellers of Blockchain Fintech, pursuant to which: (i) upon completion of the development of a mobile application for a non-custodial cryptocurrency wallet using the Technology from Blockchain Fintech (the “App”) 10,000,000 additional common shares of Cryptoblox (“Earn-Out Shares”); (ii) upon Company’s receipt of the first $500,000 in cumulative revenue from the App or any product developed and published, issued or otherwise distributed based on the intellectual property acquired from Blockchain Fintech (a “Product”), an additional 10,000,000 earn-out shares will be issued; (iii) upon publication, release or other distribution of a Product (other than the App) by the Company, an additional 10,000,000 Earn-Out Shares will be issued; and iv) upon publication, release or other distribution of a second product (other than the App) by the Company, an additional 10,000,000 Earn-Out Shares will be issued. If and when Earn-Out Shares are issued, they will all be issued at an assumed issue price of $0.20 per share.
“I would like to thank everyone involved at CryptoBlox and Blockchain Fintech for their hard work, patience and determination in working towards this acquisition. I firmly believe that this acquisition is the foundation for building one of the most exciting companies our industry,” explained Mr. Sood.
“We are extremely pleased to continue our journey together with Blockchain Fintech and are confident that this acquisition will create significant value for our shareholders,” concluded Mr. Sood.
For the company
Akshay Sood
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology infrastructure company focused on building its diversified blockchain ecosystem strategy consisting of digital asset mining and infrastructure, mining products and technology, and structured digital blockchain products and services. Services exists.
For more information about the company, visit or call 236-259-0279.
Forward-Looking Statements
The information in this press release contains certain information and statements regarding management’s view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions that are subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding: the Company’s plan to acquire Blockchain Fintech; that the acquisition of Blockchain Fintech completes the final part of the Company’s diversified blockchain ecosystem strategy; the earn-outs provided for in the amended agreement; that the acquisition of Blockchain Fintech lays the foundation for building one of the most exciting companies in our industry; and that the acquisition of Blockchain Fintech represents significant value creation for the company’s shareholders. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that the expectations reflected in any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and undertakes 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 for other reasons.
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