BLOK Technologies Signs MOU with Worx Solutions

BLOK Technologies (CSE:BLK) is set to acquire an 80 percent interest in The Worx Solutions and its Businessworx platform, the company announced on Tuesday (November 27).

According to the press release, BLOK and The Worx Solutions have entered into a memorandum of understanding where BLOK will issue 14 million shares to Worx at C$0.04 each in addition to signing a promissory note for C$240,000. As a result, BLOX Technologies will obtain 80 percent of all of the issued and outstanding shares of Worx.

Worx Solutions is currently developing and marketing its Businessworx platform, which is a customer relationship management and data analytics software product geared towards the retail sector.

“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.”

Businessworx is an operational and existing software platform launched in August of last year by Worx Solutions. According to the press release, BLOK Technologies plans to implement the platform into a number of retail sectors with emerging technologies like blockchain and artificial intelligence.

Once the acquisition is finalized, BLOK Technologies will work to raise a minimum of C$300,000 to further advance and market the Businessworx platform.

“[The Worx Solutions] developed Businessworx so that retailers could better market and manage their business,” Marcel Newell, founder of Worx, said in the press release. “It’s an advanced business management tool that produces marketing and customer relationship programs and measurable results for our retail clients.”

Businessworx was first developed for retailers in the mobile audio and electronics industries. The platform assists retailers in managing store performance, marketing and customer relations. As it currently stands,  Businessworx has eight key modules, including: Dashworx, Clientworx, Loyaltyworx, Mailworx, Mediaworx, Revieworx, Scheduleworx and Priceworx.

While no date for the completion date of the acquisition was disclosed, it was notedt that BLOK Technologies will pay a finder’s fee to an arms-length third party, subject to receipt of regulatory approval.

Shares of BLOK Technologies were down 14.29 percent to close Tuesday’s trading session at C$0.03. The company’s shares touched an all-time high in November 2017 at C$1.08.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 

Editorial Disclosure: BLOK Technologies is a client of the Investing News Network. This article is not paid-for content.