Vancouver, British Columbia, December 11, 2017, eXeBlock Technology Corporation (CSE: XBLK) (‘eXeBlock’ or the ‘Company’) is pleased to announce the launch of its first white paper for the new decentralized application (‘Dapp’), eXe50/50 Draw. Through blockchain technology, the eXe50/50 Dapp will allow charities to fundraise in multiple jurisdictions at nominal operational, administrative and audit costs. The white paper is currently available on the Company’s website and the Dapp programming code will be released on TestNet later this month, allowing the Company to receive feedback and test the application prior to full commercial roll-out.
The release of the eXe50/50 Draw white paper is a key milestone towards commercialization and revenue generation for the Company. Full scale commercialization is expected to commence in the second quarter of 2018. Dapp revenue will be generated as a percentage of the funds raised during each 50/50 Draw. Following full roll-out, the eXe50/50 application will be established to be used concurrently by multiple charities in any jurisdiction from a local to a global basis. Numerous associations, community leagues, professional sports and charities use 50/50 draws for raising funds all around the world. There are 1.8 million non-profits and charities located in Canada, the United States and United Kingdom alone.
Charitable organizations will benefit significantly from the eXe50/50 Draw application as it allows for low administrative costs, ease of use and a short time to market. Charities will target fundraising activities within their existing support groups or utilize web and cellular networks to identify new supporters on a global basis. Charity supporters will benefit from the increased transparency inherent in blockchain technology and the ability to support charities in remote markets. The result will be an efficient, cost effective fundraising tool for charities to scale and use 24 hours a day, seven days a week, year-round.
“Our team is thrilled to release our first white paper for a world-class application that will change the way charities conduct their fundraising”, said Ian Klassen, Chief Executive Officer of eXeBlock. “The Company expects to move from the test phase and into revenue generation by the second quarter of 2018.”
About eXeBlock Technology Corporation
eXeBlock is a designer of custom, state-of-the-art blockchain based software applications that provide profitable, secure and efficient operating solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive decentralized applications using blockchain technology.
For More Information about the Company, please contact:
President & Chief Executive Officer
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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 “estimate”, “project”, “belief”, “will”, “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 the eXe50/50 Draw application, the ability to generate revenues from the eXe50/50 Draw application 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 more detailed 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES