VANCOUVER, British Columbia, Feb. 12, 2020 (GLOBE NEWSWIRE) -- BLOK Technologies Inc. ("BLOK Tech" or the "Company") (CSE: BLK) (OTC:BLPFF) (FRANKFURT:2AD) is pleased to announce that the Company has entered into a non-binding Letter of Intent (“LOI”) dated Feb. 12, 2020, with 3 Carbon Extractions Inc. (“3 Carbon”).
BLOK Tech and 3 Carbon companies will work together in the development of tracking extraction using Greenstream Technology. In conjunction with this partnership, Greenstream will continue to develop the application while keeping extraction processes and tracking in mind, pulling expertise and resources when needed from 3 Carbon.
About 3 Carbon
3 Carbon is the industry solution to healthy, compliant, and safe hydrocarbon cannabis and hemp extraction. They offer the best in class hydrocarbon extraction equipment, design premium extraction facilities, and provide tested and secure extraction solutions for responsible, controllable, and practical botanical extraction needs. 3 Carbon’s platform brings together service, regulation, education, training, experience and science to provide a safe and holistic approach for hydrocarbon extraction.
“The extraction portion of the cannabis market is one of the areas that has the most explosive growth, by being involved with a technology driven company like 3 Carbon that will allow us to develop our technology with the future in mind,” stated Interim President & CEO, James Hyland.
BLOK Tech announces a non-brokered private placement offering of up to 5,000,000 units (the “Units”) of the Company at a price of $0.05 per Unit (the “Unit Issue Price”) to raise up to C$250,000 on a commercially reasonable efforts basis (the “Offering”). Each Unit will consist of one (1) common share (a “Common Share”) of the Company and one-half (1/2) common share purchase warrant (a “Warrant”) exercisable into one (1) Common Share of the Company at an exercise price of $0.15 per Warrant for a period of 24 months from the Closing Date.
BLOK Tech intends to use the net proceeds from the Offering for the development of its emerging blockchain technology, as well as for general working capital purposes.
About BLOK Technologies Inc.
BLOK Technologies Inc. is a public company that invests in and develops companies in the blockchain and emerging technology sectors. The Company’s approach is to provide capital, technology and management expertise to the companies it develops. BLOK Tech’s current portfolio includes Greenstream and VR Eyes Technology Corp. Greenstream is a technology platform designed to effectively manage value transfer, supply chain integrity and identity verification in complex and highly regulated industries. VR Eyes Technology Corp. is a new innovative company that is researching and developing technology for eye care and is focused on products that make detecting eye functions more convenient for the day to day user. The Company systematically identifies early-stage technologies with potential to disrupt and innovate within their industry and invests the necessary resources to ensure the success of their projects.
For additional information regarding BLOK Technologies and other corporate information, please visit the Company's website at BLOKTECHINC.COM
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Interim President & CEO
For further information, please contact:
James Hyland, B.Comm
Interim President & CEO, Director
Tel: (604) 442-2425
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.