Blox Labs Provides Corporate Update

Blox Labs Inc. (“BLOX” or “the Company”) (CSE: BLOX) (Frankfurt: BR1B) is pleased to provide the following corporate update.

Financing Completion and Capital Structure

BLOX recently completed a non-brokered private placement financing (the “Offering”) for gross proceeds of $1,111,650 via the issuance of 14,821,998 common shares at a price of $0.075 per share. The Company intends to utilize the net proceeds from the Offering for continued development of its blockchain projects including CannaBLOX, PetroBLOX and other similarly related emerging blockchain technologies as well as for general working capital purposes.

Previously, and prior to completion of the financing, certain major shareholders had entered into voluntary pooling agreements representing 6,200,000 shares of the Company. The terms of the pooling agreement restrict resale of the shares for a period of 18 months effective May 8, 2018. There will be no shares released in any tranches whatsoever during the 18 month lock-up period. In addition to the voluntarily pooled shares as noted above, under regulatory order, 6,166,438 shares of the Company that are held by the previous CEO have been subject to mandatory trading restriction for a period of 60 months effective as of May 7, 2018. As such, in entirety, a total of 12,366,438 common shares of the Company have been restricted from trading for a period ranging between 18 to 60 months.

Blockchain Projects

PetroBLOX:

BLOX has recently entered into a partnership with Sonoro Energy Ltd. (TSXV: SNV) (Frankfurt: FDZN) (OTC: SNVFF), and has commenced development of “PetroBLOX”, a Blockchain-based smart contract supply chain management platform for the global oil and gas industry. Through the utilization of best in class smart contracts and decentralized application technologies, PetroBLOX will aim to enable and enhance workflow, maximize project management efficiency, and increase the level of transparency in the global Exploration and Production (“E&P”) space. With applications to both the upstream and downstream verticals of the oil and gas sector, PetroBLOX will endeavor to assist and ease bottlenecks ranging from permitting, planning, procurement, to rig mobilization and de-mobilization, all the way through to end-product commodity trading. Phase 1 development of PetroBLOX has begun and will include, among other things, refining project scope and modeling itemization, an environmental scan of the E&P industry status quo, PetroBLOX branding, and the completion of a Blockchain Whitepaper. The Company shall provide further updates on PetroBLOX as the project progresses.

CannaBLOX:

BLOX, in partnership with Liberty Leaf Holdings Ltd. (CSE: LIB) (OTC: LIBFF) (FSE: HN3P), is developing “CannaBLOX”, a Blockchain-based smart contract supply chain management platform for the legalized Cannabis industry. As was reported in Bloomberg, in a request for public feedback from the Government of British Columbia, IBM submitted a proposal suggesting the use of BlockChain technology as a means by which to track and document transactions across the Cannabis supply chain. IBM stated, “This type of transparency would bring a new level of visibility and control to the provincial regulators.”

The CannaBLOX Blockchain software will aim to ease and obliterate logistical bottlenecks, ensure product safety and quality of supply, minimize fraud and potential criminal activity, and assist with taxation and regulatory compliance across various levels of government within the legalized Cannabis marketplace. Phase 1 CannaBLOX development is nearly complete with itemization of Administration Panels, Mobile Applications and E-commerce architecture with customization of the Smart Contract Ethereum platform that captures the entire supply chain being Cultivation Operations, Processing and Manufacturing, and Distribution / POS protocols. The completion of the Administration Panel framework is integral in managing all product categories and partners, both vendors and customers; and Mobile Application architecture which will enable the E-commerce platform for use in both recreational and controlled distribution. The core focus after the completion of general seed to sale architecture is to solve an industry wide challenge and to assure key protocols are implemented to alleviate bottlenecks throughout the supply chain with the CannaBLOX unique Transparent Cannabis Logistics Protocol (“TCLP”) with Full Batch Tracking systems backed by QR Tracking from ACMPR to client, coupled with implementation of our own Cannabis Inventory Depletion Protocol (“CIDP”). The combination of CannaBLOX “TCLP” and “CIDP” will have powerful synergies to enable the transformation of the Cannabis supply chain ecosystem. The Company shall provide further updates on CannaBLOX as the project progresses.

“With the successful completion of our financing we are well capitalized to execute on our business plan as we embark on the next phase of growth for Blox Labs,” stated Jeff Zanini, President & CEO. He continued, “Further, the various recent additions to both the management team and board of directors provides bench strength and specific growth oriented corporate experience that will greatly assist in achieving our stated goals and objectives. This added expertise and manpower will benefit the Company as we not only continue development of our existing blockchain projects but also actively target additional partnerships and value enhancing projects for our stakeholders. We thank our shareholders for their continued support and patience and look forward to providing further updates as we make headway on our various corporate development initiatives.”

About Blox Labs

Blox Labs Inc. is a technology development company focused on creating best-in-class software solutions driven by emerging trends in Blockchain, Smart Contracts and Decentralized Applications. BLOX is helping customers with solutions for business problems from proofs of concept through execution. The Company is currently piloting blockchain solutions for supply chain management and improvement as well as other areas. BLOX is actively targeting partnerships and strategic acquisitions of growth companies.

ON BEHALF OF THE BOARD

Jeff Zanini

CEO and Director

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-Looking Information

This news release includes forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including future plans for development of technologies by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Source: www.thenewswire.com