Vancouver, British Columbia, December 19, 2017, eXeBlock Technology Corporation (CSE: XBLK) (‘eXeBlock’ or the ‘Company’) is pleased to announce that it has entered into an agreement with the Peerplays Blockchain Standards Association to develop four decentralized applications (‘DApps’) over the course of the next twenty-four months. The DApps will be compatible with the Peerplays blockchain platform. eXeBlock will use its team’s expertise in developing the DApps and will have full discretion in determining which DApps to develop. The Peerplays platform arguably incorporates the fastest, most advanced consensus mechanism in decentralized blockchain technology available today. Each DApp will be released in Beta form on TestNet in advance of any production release, in order to gather feedback from the blockchain user community. The Testnet phase of development provides application developers with an inexpensive way to experiment or “test” DApps and provide functional and operational feedback on new DApps in order to have them gain approval by node operators for a protocol update to include the new DApp into the blockchain.
With the commitment to develop the DApps, eXeBlock will receive approximately 940,000 Peerplays (‘PPY’) tokens. PPY tokens are digital assets that will allow holders to vote on operational modifications within the network and share in revenue generated by DApps operating on the Peerplays blockchain platform. The eXeBlock Risk and Disclosure Committee has reviewed the terms of the transaction, issues surrounding the transaction along with the policies and procedures necessary to accept PPY tokens as consideration. The Company will acquire these tokens with an appropriate exemption under National Instrument 45-106 and has no intention of trading these tokens at this time.
“The development of DApps compatible with the Peerplays network will allow eXeBlock to quickly penetrate a high value untapped market in blockchain through an established network with the unique capacity to support a significant user base,” said Ian Klassen, Chief Executive Officer of eXeBlock. “This transaction accelerates our timeline to meaningful revenue generation.”
About eXeBlock Technology Corporation
eXeBlock is a designer of proprietary and third-party custom, state-of-the-art blockchain based software applications that provide secure and efficient solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive DApps using blockchain technology. eXeBlock will earn revenue from each transaction within the DApps which is expected to commence in the second quarter of 2018.
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This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “will”, “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the commercialization of DApps to be developed, the ability to generate revenues from DApps, the receipt and value of the PPY tokens (if any) and the implementation of eXeBlock’s operating plans. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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. Investors are cautioned against attributing undue certainty to forward-looking statements. There are a number of important risk factors that could cause the Company’s actual results to differ materially from those indicated or implied by forward-looking statements and information. Such risk factors include, among others, the Company’s limited operating history and expected continued operating losses; failure of the Company’s business strategy; inherent risks of the cryptocurrency and blockchain industry; system failures and security risks; government regulation; need for additional financing requirements and access to capital; reliance on key and qualified personnel; dependence on third party relationships; insurance; competition; and intellectual property. Other factors include risks associated with the marketing and sale of securities; dilution; the potential for conflicts of interest among certain officers or directors; and the volatility of the Company’s common share price and volume.
For a fuller discussion of risk factors, refer to the Company’s prospectus dated November 9, 2017 filed under the Company’s profile on SEDAR www.sedar. com and on the CSE’s website.
The Company cautions that the foregoing list of material risk factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing risk factors and other uncertainties and potential events. The Company has assumed a certain progression of its business objectives, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these risk factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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