BLOK Technologies Enters into Letter of Intent to Acquire Mobile Banking and Payment Platform SimpleBlock
BLOK Technologies Inc. (CSE:BLK) (FRANKFURT:2AD) is pleased to announce it has entered into a non-binding letter of intent (“LOI”) with Port Mercantile Capital Limited (“Port Mercantile”), a private Hong Kong corporation, to acquire SimpleBlock Payment Systems (“SimpleBlock”), an existing mobile banking and payment software platform.
Under the terms of the LOI, BLOK Tech will acquire a 100% interest in the SimpleBlock software and source code. SimpleBlock is a Fintech software platform (the “Software”) that, together with its associated source code IP, provides proprietary mobile banking services and financial payment and collection solutions.
SimpleBlock has been in development since 2014, with over $10,000,000 USD invested in the technology to date. SimpleBlock has been deployed and is operational in financial institutions in Asia. The platform enables consumers and businesses to make payments, execute money transfers and conduct e-commerce transactions via mobile phone or the internet, without a bank account.
SimpleBlock was developed as a secure and reliable technology for the large number of un-banked and under-banked citizens, predominantly in developing countries, who need a convenient, cost-effective payment solution.
The LOI is to be superseded by a formal definitive asset purchase agreement (the “Transaction Agreement”). The transaction will be subject to requisite regulatory approvals including the approval of the Canadian Securities Exchange (the “CSE”) and other conditions. BLOK Tech will be conducting due diligence including an independent asset valuation and technical evaluation of the Software.
- BLOK Tech will issue Port Mercantile 6,000,000 shares of common stock of BLOK Tech, which may be subject to escrow requirements pursuant to CSE policy, plus $215,000 USD payable as follows;
- Payment of a $15,000.00 USD deposit on or before the 10th day of March, 2018; and
- Payment of a $100,000 USD progress payment within 15 days of verification and delivery of the IP (the “Source Code”) ownership; and
- Payment of $100,000 USD upon the execution of the Transaction Agreement; and
- Upon execution of these terms, BLOK Tech will own an exclusive license for the deployment of SimpleBlock in the African marketplace; and
- BLOK Tech will further own an option to acquire global rights (minus the licensing rights to the Philippines) for $1,000,000 USD to be exercised within 18 months of the execution of the Definitive Asset Purchase Agreement; and
- The initial strategy is to deploy the SimpleBlock platform in the African marketplace, and Port Mercantile would be eligible for an additional 1,000,000 bonus common shares of BLOK Tech upon execution of an LOI with an African Financial Institution (“Africa Bank”) with more than twenty (20) full branches within the first 90 days after closing of the Transaction Agreement.
“We are very pleased with the potential of adding SimpleBlock to our blockchain-enabled product suite,” said BLOK Tech CEO Robert Dawson. “Banking and payment processing are key areas of focus for us, and we have strategically targeted these sectors for investment and product development. The SimpleBlock platform is feature-rich and with the addition of blockchain technology, we believe it will be an efficient and effective technology solution for the un-banked to transact with businesses and fellow consumers.”
“I am delighted that we have found a solid and visionary partner in BLOK Tech to move our banking technology solution forward,” said Port Mercantile Chairman and CEO Eric Schjelderup. “We have invested in the development and application of our technology platform and it is ready for blockchain integration and market deployment. Together with BLOK Tech we will commercialize our Fintech solution to serve the needs of consumer and industries in our target markets.”
About Port Mercantile Capital
Port Mercantile Capital Limited is a private company incorporated under the laws of Hong Kong specializing in business development and growth, including strategy, structuring, financings, regulatory requirements, and acquiring and developing intellectual property. Port Mercantile also has presence internationally including in the United Kingdom, Europe, Africa and Asia.
About BLOK Technologies Inc.
BLOK Technologies Inc. is a public company that invests in and develops emerging companies in the blockchain technology sector. The Company’s approach is to provide capital, technology and management expertise to the companies it develops. With core technology being developed for the leading cannabis supply chain integrity network, BLOK Tech continues to grow its business into adjacent industries and emerging technologies. The Company systematically identifies early-stage technologies with potential to disrupt and innovate within their industry and invests the necessary resources to ensure the success of their projects.
For further information, please contact:
James Hyland, B.Comm.
Vice President Corporate Development, Director
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
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Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.