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GlobalBlock Provides Update on Sale of Digital Asset Broker Business; Announces Non-Brokered Private Placement; Provides Bi-Weekly Default Status Report

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London, United Kingdom and Calgary, Alberta–(Newsfile Corp. – May 17, 2023) – GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the “Company“) announces the approval of all resolutions presented before the Company’s shareholders at its May 15, 2023, Annual General and Special Meeting (the “Meeting“), including the approvals necessary to complete the Company’s proposed disposition of its digital assets business. As previously announced by the Company, the Company has entered into a Business Disposition Agreement dated March 22, 2023 with GlobalBlock Ltd. (“GB UK“) and the original shareholders and founders of GB UK (the “GB UK Founders“) to transfer GB UK and its digital asset broker business back to the GB UK Founders (the “Disposition Transaction“). In return, the GB UK Founders will return to the Company the 48,450,000 common shares of the Company collectively held by them (which shares were originally issued to the GB UK Founders when the Company acquired GB UK in 2021).

The Disposition Transaction involves the disposition of GB UK and its digital asset broker business, which is substantially all the Company’s property. The Disposition Transaction is also a related party transaction given that the GB UK Founders each hold more than 10% of the issued and outstanding common shares of the Company. As such, the Company was required to obtain, and did so obtain at the Meeting: (i) the affirmative vote of at least two-thirds of the votes cast by the shareholders of the Company present at the Meeting in person or represented by proxy and entitled to vote at the Meeting, and (ii) the affirmative vote of a majority of the shareholders of the Company present at the Meeting in person or represented by proxy, excluding any votes attached to shares of the Company beneficially owned by the GB UK Founders or over which the GB UK Founders exercise control or direction and any other person who has a material interest in the Disposition Transaction.

Now that the Company has obtained the requisite shareholder approval for the Disposition Transaction, the Company will seek the requisite TSX Venture Exchange approval, and thereafter work to complete and close the Disposition Transaction.

Proposed Non-Brokered Private Placement of Equity Units

The Company also announces that it intends to complete a non-brokered private placement of up to 6,000,000 equity units of the Company (“Units“) at a price of CAD$0.05 per Unit for gross proceeds of up to CAD$300,000 (the “Private Placement“).

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Each Unit will be comprised of one (1) common share of the Company and one (1) common share purchase warrant of the Company (a “Warrant“). Each whole Warrant will entitle the holder to acquire one (1) common share of the Company for a period of 12 months from the date of issuance of the Warrant, at an exercise price of CAD$0.10 per share.

The Private Placement is subject to the approval of the TSX Venture Exchange (the “Exchange“). The securities issued in connection with the Private Placement will be subject to a four-month hold period, in accordance with applicable securities laws.

The Company intends to use the proceeds from the Private Placement towards its search for businesses to acquire or combine with after it has completed its proposed Disposition Transaction and for general and administrative expenses.

The Company may pay a commission or finder’s fee to eligible parties in connection with the Private Placement, subject to the approval of the Exchange and compliance with applicable securities laws.

Bi-Weekly Default Status Report

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The Company also provides this bi-weekly default status report (the “Default Status Report“) in accordance with National Policy 12- 203 Management Cease Trade Orders (“NP 12-203“). On April 20, 2023, the Company announced (the “Default Announcement“) that, for reasons disclosed in the Default Announcement, the filing of the Company’s audited annual financial statements, management’s discussion and analysis, and related certifications for the fiscal year ended December 31, 2022 (collectively, the “Annual Filings“) would not be completed by the prescribed deadline of May 1, 2023. As a result of this delay in filing the Annual Filings, the Company’s principal regulator, British Columbia Securities Commission, granted a management cease trade order (the “MCTO“) to the Company. The MCTO prohibits all trading by the Chief Executive Officer and the Chief Financial Officer of the Company, and such other directors, officers and persons as determined by the applicable regulatory authorities, in securities of the Company until the MCTO is revoked. The Company’s board of directors and management confirm that they are working expeditiously to meet the Company’s obligations relating to the filing of the Annual Filings, with the goal of filing prior to May 31, 2023. Pursuant to the provisions of the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement, except as stated in this Default Status Report, there have not been any changes to the information contained therein that would reasonably be expected to be material to an investor; nor any failure by the Company to fulfil its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, other than as set forth below, there is no additional material information respecting the Company and its affairs that have not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report. Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified by NP 12- 203 by issuing bi-weekly status default reports in the form of further press releases, which will also be filed on SEDAR.

ABOUT THE COMPANY

GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly-owned operating subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Following completion of the Disposition Transaction, the Company will not have any operating business. Accordingly, the Company will need to identify and, if successful, acquire or combine with a new business. There is no guarantee that the Company will be able to identify and acquire a new business on terms acceptable to the Company, or at all. The Company will also face ongoing requirements for additional capital which may not be available.

For further information please contact the Company at:

Stuart Olley, Director
Telephone: (403) 618-4900
Email: [email protected]

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This press release is not an offer of the Company’s securities for sale in the United States. The Company’s securities may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable U.S. state securities laws. The Company will not make any public offering of its securities in the United States. The Company’s securities have not been and will not be registered under the U.S. Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information set out in this news release constitutes forward-looking statements or information. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things: the proposed timing for completion of the Disposition Transaction; the ability of the Company to complete the Disposition Transaction; the receipt of all necessary TSX Venture Exchange and other third party consents and approvals; completion of the proposed Private Placement, the anticipated use of proceeds of the Private Placement; the timing, audit, completion and filing of the Annual Filings, and the ability of the Company to successfully identify and complete the acquisition of or combination with a new business. Forward-looking statements are based upon the opinions and expectations of the management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management’s discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166501

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Crypto Price Predictions: Comprehensive BlockchainReporter Platform Helps Cryptocurrency Investors Stay Ahead Of Market Volatility

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Blockchain

Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto

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artificial-intelligence-takes-center-stage-at-blockchain-futurist-conference-2024-in-toronto

 The highly anticipated Blockchain Futurist Conference, Canada’s Largest Web3 Event, is set to return for its sixth year to Toronto this August 13-14, 2024, with a focus on Artificial Intelligence as a core theme. This year’s event promises to offer sessions, panels, and sub-events centered around AI, highlighting how these technologies are transforming Web3 and reshaping our world. The dedicated AI segment is scheduled for Wednesday, August 14, 2024, and is accessible with all conference passes.

AI and Web3 technologies are rapidly converging to create a future that promises to revolutionize the digital landscape. AI’s ability to analyze vast amounts of data, and automate complex processes, complements Web3’s decentralized and transparent framework. This integration enables more secure, and equitable solutions across various sectors.

At this year’s event, attendees can hear from top industry leaders in AI such as:

  • Anthony Di Iorio, Founder, Ethereum, Decentral, Andiami

  • Ben-Zion Benkhin, CEO, WOMBO

  • Ashley Nandan, Google Canada, Startups

  • Ari Juels, Chief Scientist, Chainlink Labs

  • Christopher Johnson, Developer, Bad Idea AI

  • Trevor Koverko, Co-Founder, Sapien

  • JD Seraphine, CEO, Raiinmaker

  • Breeze Liu, Founder & CEO, Alecto AI

  • Christopher Obereder, Investor, Startup Chris Ventures

  • Adam Benzine, Creator & Oscar®-Nominated Filmmaker

AI Futurist Conference will also host multiple sponsors dedicated to AI organizations, such as Inference Labs, a Gold Sponsor at this year’s event.

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Inference Labs specializes in developing advanced infrastructure and products for AI on Web3. Their lab focuses on AI inference interoperating on the blockchain, an essential step for building a future where anyone can access AI without counterparty risk.

Ron Chan, Co-Founder of Inference Labs, and a visionary entrepreneur dedicated to pioneering the future of Decentralized AI had this to say:

“In all my years navigating tech cycles, I have never witnessed the level of developer interest in Artificial Intelligence that we see today. We’re at an inflection point where Internet traffic is roughly split 50/50 between humans and machines. I firmly believe that inference will soon become the dominant form of Internet traffic.”

With two decades of experience as a serial entrepreneur, Ron Chan has successfully navigated the ever-evolving tech industry, leading multiple technology and infrastructure startups to successful exits. His expertise spans architecting data centers, defense projects, and developing mission-critical civil aviation applications, showcasing his versatility and adeptness in managing complex, high-stakes ventures.

Futurist Conference will also host multiple sub-events and meetups for the AI community throughout the venue on both days. These include:

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  • Crypto x AI Book Signing: Ari Juels, Chief Scientist of Chainlink Labs and author of “The Oracle,” will discuss Crypto x Artificial Intelligence on the Main Stage, followed by a book signing.

  • AI Ethics Roundtable: A critical exploration of the ethical implications of AI and the transformative role of Web3 technologies.

  • AI Web3 & Robotics for Kids: A fun and interactive workshop for kids to learn about AI and Web3, with hands-on experience with robots.

  • Robots Live Onsite: Witness jaw-dropping innovations in action and experience the thrill of future technologies before your eyes.

Futurist Conference aspires to be more than just an event; it aims to create a future world within a conference, immersing attendees in the cutting-edge technologies that will shape tomorrow. By offering interactive experiences, and live demonstrations, the conference allows participants to see, feel, and engage with the latest advancements in AI, Web3, and beyond.

Futurist Conference is the perfect place for these industries to convene, providing a unique platform for thought leaders, innovators, and enthusiasts to explore the transformative potential of AI and Web3 technologies. Get ready to step into the future this August.

The post Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto appeared first on HIPTHER Alerts.

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Blockchain

Digital Payment Market to Surpass USD 21.83 Trillion by 2031 | Skyquest Technology

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