Global Blockchain Provides Update Regarding Record Date for Spinout Share Issuance
As the legal and administrative processes relating to BLOC’s acquisition of X2 carry on, the Company’s board has elected to defer the determination of the definitive Record Date for purposes of participating in the spin out of certain assets, until the date is officially agreed upon between BLOC and X2. Once this agreement has been reached, the corresponding date will be announced by way of press release, among other channels. The acquisition’s roadmap remains on track with a signed letter of intent between BLOC and X2. Since its initial announcement, the acquisition has been very positively received by BLOC shareholders.
VANCOUVER, B.C., Nov. 01, 2018 (GLOBE NEWSWIRE) -- GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (CSE: BLOC.U) (FSE: BWSP) (OTC: BLKCF) ("BLOC" or the "Company") announces to its investors that the date (the “Record Date”) at which shareholders of BLOC will become entitled to participate in the spin out of certain enterprise and exchange activities, as announced on October 11, 2018, has been deferred pending the finalization of a definitive closing date that will result in X2 Games Corp. (“X2”) being acquired by BLOC. At this time, BLOC and X2, as well as their respective professional advisors, are completing definitive documentation and obtaining requisite approvals for the Transaction. A new Record Date will be set upon completion of these tasks, and this date will be announced along with corresponding details of the finalized acquisition by way of press release, as well as the use of other media and IR channels.
The acquisition is continuing as planned, with a letter of intent having been signed by both BLOC and X2. Both companies are also in discussions about the synergies between their assets and personnel, which has revealed even more opportunities for disruptive and innovative blockchain-based gaming developments. The acquisition has garnered much positive attention from the business news media and shareholders alike since its announcement on October 11, 2018.
“Even before the acquisition has been finalized, we’re already doing great things with X2”, said Shidan Gouran, President and CEO of the Company. “Our team and their team have collaborated and discovered even more potential from this acquisition than we had anticipated at the outset. Since our announcement of the acquisition attracted a lot of attention from our shareholders, we have gotten several inquiries about the Record Date. Our board has decided to defer the finalization of the Record Date for the time being as the acquisition is finalized, thus giving our investors even more flexibility to plan their holdings of BLOC shares to ensure they receive the desired participation in the spinout.”
On behalf of the Company:
Shidan Gouran, President and CEO
For more information, please contact:
Global Blockchain Technologies Corp. Investor Relations
About Global Blockchain Technologies Corp.
The Company provides investors access to a basket of direct and indirect holdings within the blockchain space.
The Company is focused on streamlining the currently arduous, lengthy, and complicated process that interested investors must undergo to gain exposure to the blockchain space, with a view to becoming the first vertically-integrated originator and manager of top tier blockchains.
BLOC is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol "BLOC." Additional information relating to BLOC is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company's website at www.globalblockchain.io.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved”. Forward-looking information includes, but is not limited to the Company’s goal of streamlining the current arduous, lengthy and complicated process that interested investors need to undergo in order to gain exposure to the cryptocurrency space with a view to becoming the first vertically integrated originator and manager of top-tier blockchains and digital currencies. The Company has no assets and its business plan is purely conceptual in nature and there is no assurance that it will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made, including but not limited to: statements and expectations regarding the ability of the Company to (i) successfully engage senior management with appropriate industry experience and expertise, (ii) gain access to and acquire a basket of cryptocurrency assets and pre-ICO and ICO financings on favourable terms or at all, (iii) successfully create its own tokens and ICO’s, and (iv) execute on future M&A opportunities in the cryptocurrency space; receipt of required regulatory approvals; the availability of necessary financing; permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in cryptocurrency prices; the estimation of personnel and operating costs; general global markets and economic conditions; risks associated with uninsurable risks; risks associated with currency fluctuations; competition faced in securing experienced personnel with appropriate industry experience and expertise; risks associated with changes in the financial auditing and corporate governance standards applicable to cryptocurrencies and ICO’s; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued development of the Company’s business plan may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information set out in this presentation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. 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, except as required by laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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.
Released November 1, 2018