BLOK Technologies Inc. (CSE:BLK) (OTC: BLPFF) (FRANKFURT:2AD) (“BLOK Tech” or the “Company”) today announces that the Company has signed a Memorandum of Understanding (“MOU”) to acquire 80% of the issued and outstanding common shares (the “Acquisition”) of The Worx Solutions Inc. (“WORX”), a private company incorporated under the laws of British Columbia.
WORX is in the business of developing and marketing Businessworx, a Customer Relationship Management (“CRM”) and data analytics software platform for the retail industry.
Under the terms of the MOU, BLOK will issue 14,000,000 common shares to WORX at a price of $0.04, and sign a Promissory Note (the “Promissory Note”) for $240,000 to acquire 80% of the issued and outstanding shares of WORX. BLOK does not anticipate the Acquisition will trigger change of control event.
Businessworx is a fully developed and existing software platform launched in August 2017 that is currently generating revenue through a subscription model in the retail sector. WORX is debt-free. BLOK intends to leverage the Businessworx technology into other retail industries and integrate emerging technologies such as blockchain and artificial intelligence into the solution.
The Acquisition is subject to completion of certain conditions set forth in the MOU, including, without limitation: approval by the board of directors of BLOK and WORX; completion of satisfactory due diligence; execution of a definitive agreement; receipt of all necessary shareholder and regulatory approvals, including the approval of the Canadian Securities Exchange (the “CSE”) and other conditions.
“The proposed acquisition of Businessworx presents a milestone opportunity for BLOK Technologies,” said BLOK CEO Rob Dawson. “With our focus on the commercialization of emerging technologies, we see significant potential to expand the distribution and the revenue base of Businessworx. We’ve been following the progress of Businessworx since its inception and have been impressed by the drive and efficiency of the WORX team in developing a software tool that meets retail industry needs.”
“We developed Businessworx so that retailers could better market and manage their business,” said Marcel Newell, Founder of WORX. “It’s an advanced business management tool that produces marketing and customer relationship programs and measurable results for our retail clients. We have seen proven success with this tool in increasing retail sales and reducing customer acquisition costs and have been able to demonstrate this to our clients through our analytics dashboard.”
WORX and BLOK have agreed on the following fundamental business terms for the Acquisition:
- BLOK will issue 14,000,000 of its shares and a Promissory Note for $240,000 to acquire 80% of the issued and outstanding shares of WORX.
- WORX will be provided one seat on the Board of Directors of BLOK.
- Upon completion of the Acquisition, BLOK will make best efforts to raise a minimum of $300,000 for the further development and marketing of the Businessworx software platform.
- WORX shall be operated as a subsidiary of BLOK. The Board will recruit and name new management for WORX.
- WORX will enter into a Consulting Services Agreement with Marcel Newell, Founder of WORX, following the closing of the Financing.
The platform, developed initially for retailers in the mobile audio and electronics industry enables retailers to more efficiently and effectively manage store performance, marketing and customer relationships. The platform is currently comprised of eight different modules for retailers to manage their retail operation:
- Dashworx: a data analytics dashboard
- Clientworx: A geo-mapping tool to find best customers
- Loyaltyworx: an automated CRM follow-up service
- Mailworx: a robust email marketing deployment and content engine
- Mediaworx: an instore multi-media display platform
- Revieworx: an online review tool, connected to Google
- Scheduleworx: a customer appointment scheduling system
- Priceworx: a product pricing tool
Also in connection with the completion proposed Acquisition of WORX, the Company has agreed to pay a finder’s fee to an arms-length third party, subject to receipt of regulatory approval.
About BLOK Technologies Inc.
BLOK Technologies Inc. is a public company that invests in and develops companies in the blockchain and emerging technology sectors. The Company’s approach is to provide capital, technology and management expertise to the companies it develops. BLOK Tech’s current portfolio includes Greenstream, a technology platform designed to effectively manage value transfer, supply chain integrity and identity verification in complex and highly regulated industries. This scalable and adaptable platform is being developed on the Hyperledger technology stack and with the support of Oracle Cloud infrastructure. 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 additional information regarding BLOK Technologies and other corporate information, please visit the Company’s website at BLOKTECHINC.COM
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
For further information, please contact:
James Hyland, B.Comm.
Vice President Corporate Development, Director
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.
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