Vancouver, B.C., Nov. 20, 2023 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the "Company" or "CryptoBlox") (CSE: BLOX) is pleased to announce that it has entered into a patent license agreement (the "Agreement") with Crypto Green Tech Inc. ("Crypto Green"), an Ontario corporation, whereby CryptoBlox has acquired a four-year royalty-free, assignable, worldwide license (the "License") to develop and distribute products based on Crypto Green's crypto-mining hybrid solar and wind tree with water reservoir system (the "Renewable Energy Powered Crypto Mining Technology" or the "Technology"). Crypto Green holds the rights to a patent application submitted with the International Bureau of WIPO (the "Patent Rights") respecting the Renewable Energy Powered Crypto Mining Technology. The License is a significant step towards further expanding CryptoBlox's off-grid, alternative energy powered digital asset mining infrastructure.
Terms of the License
In consideration for the License, CryptoBlox has agreed to issue an aggregate of 40,000,000 common shares in the capital of the Company (the "Common Shares") at a deemed price of $0.05 per Common Share to the shareholders of Crypto Green, for a deemed transaction value of $2,000,000. The License was negotiated at arm's length and is not expected to result in a change of control of CryptoBlox. A finder's fee of 2,800,000 Common Shares, representing 7% of the number of Common Shares issuable pursuant to the License, will be payable to the party that introduced Crypto Green to the Company. All Common Shares issued pursuant to the License and the finder's fee will be subject to a hold period of four (4) months and one (1) day under applicable securities laws.
The closing of the License with Crypto Green is subject to the satisfaction of customary closing conditions for a transaction of this nature, the approval of the Canadian Securities Exchange, and the approval of the boards of directors of both CryptoBlox and Crypto Green.
About Crypto Green
Crypto Green is a technology company focused on merging state-of-the-art technology with eco-friendly practices. By embedding renewable energy at the core of their innovations, Crypto Green is part of a global transition towards environmentally conscious digital solutions. Their patent pending Renewable Energy Powered Crypto Mining Technology uses a modular renewable energy-powered device that allows users to mine digital assets by generating electricity through a series of solar panels and wind turbines, all built in a way that maximizes efficiency in a fusion of sustainable green energy and decentralized finance.
In addition to digital asset mining, the Renewable Energy Powered Crypto Mining Technology can extend out to additional utilities such as charging electric cars and back-up power for residential housing. However, the Company believes that mining efficient crypto-mining algorithms will likely be the most profitable use of energy generated via the Technology's innovative combination of wind turbines and solar panels. Subject to applicable regulatory regimes, as the Renewable Energy Powered Crypto Mining Technology generates energy via renewables, users may also be able to accrue carbon credits, which when monetized, could another revenue stream, thus further increasing bottom-line profitability.
Strategy Overview
CryptoBlox's recent acquisition of Redwater Acquisition Corp., a modular air-cooled data center facility, powered by flared gas in Sturgeon County, Alberta, kick-started the Company's alternate energy powered off-grid digital asset mining strategy. Flaring is the process of taking gas that is either unsuitable for commercial grade operations and/or gas used in oil and gas operations and using it to generate electricity. This process reduces methane leakage into the atmosphere, which is a significant concern for sites that have trapped untapped natural gas, given methane is over 80 times more harmful to the atmosphere than carbon dioxide [https://www.edf.org/climate/methane-crucial-opportunity-climate-fight]. By tapping into these otherwise wasted resources, a significant amount of power can be generated inexpensively (compared to on-grid power). Such power, when used in digital asset mining, can enhance profitability. Using power from flared gas also ensures that digital asset mining can occur on site, which can further save on infrastructure costs (as compared to on-grid power).
Cryptoblox's acquisition of the License represents an effort to further diversify and scale its off-grid energy asset infrastructure, potentially enter the retail market and further develop hyper-modular digital asset mining farms where the Company could self-mine various digital assets using the Renewable Energy Powered Crypto Mining Technology. In addition, the Company intends to further optimize the Technology to make it more efficient and profitable through the implementation of alternative crypto mining algorithms.
"Taking this next step with Crypto Green comes at a pivotal moment for us as we look to revamp our off-grid mining capabilities to go beyond flared gas sites. We hope the License will mark the beginning of an incredible journey, one where we bring Crypto Green's technology to as many people as possible in our journey towards a greener future" says Akshay Sood, Chief Executive Officer of CryptoBlox.
CryptoBlox's investment into alternate energy powered off-grid mining infrastructure underlines its commitment to acquiring cheap energy for digital asset mining operations. Given the global energy crises and recent US emergency grid mandates [https://www.energy.gov/sites/default/files/2023-09/ERCOT%20202(c)%20Order.pdf], the Company also plans to scale through other acquisitions of stranded energy assets that provide cheap energy, reduce methane emissions and provide an alternative to on-grid energy and the associated intermediary risks.
"We at Crypto Green are extremely thrilled to announce this strategic partnership with CryptoBlox as we take our eco-conscious technology to market. We look forward to CryptoBlox providing fuel for the fire in our overarching commercialization strategy and subsequent rollout", states Mike Chow, Chief Executive Officer of Crypto Green.
"Expanding our alternate energy infrastructure is one of our main focuses as we head into the next phase of digital asset adoption, with the speculated launch of Bitcoin Spot ETFs being a frontrunning catalyst along with the anticipated Bitcoin Halving Event (the "Halving") that is coming up in April 2024. "We are betting on being in control of inexpensive power such that our digital asset mining operations remain profitable irrespective of market conditions and the reduced rewards that we expect to follow the Halving", says Mr. Sood.
On behalf of the Company,
Akshay Sood
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company focusing on building out alternate energy powered digital asset mining infrastructure enhanced with artificial intelligence, along with a diversified portfolio of fintech blockchain products and services. The company will be focused on powering digital asset mining operations through flare gas operations throughout North America - with the first acquisition being in Redwater, Alberta. By using alternative energy sources and state-of-the-art operations techniques powered by AI, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.
For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259-0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the terms of the License, the closing of the License; the Company's development and distribution of Renewable Energy Powered Crypto Mining Technology; the expected benefits to the Company resulting from the Patent Rights; the eventual granting of the patent to the Renewable Energy Powered Crypto Mining Technology; the ability of the Company to bring the Renewable Energy Powered Crypto Mining Technology to market; the Company's plans to expand its alternate energy powered off-grid digital asset mining operations; the uses and benefits of Crypto Green's technology; the Company's entry into the retail market; the further optimization of the Renewable Energy Powered Crypto Mining Technology using alternative algorithms; future digital asset adoption; the speculated launch of the Bitcoin Spot ETFs; and energy efficiencies associated with the Renewable Energy Powered Crypto Mining Technology and flared gas power. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes 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 otherwise.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
