news out - cheers folks CryptoBlox Announces its Annual 2021 Financial Results
Vancouver, B.C., June 01, 2022 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX) (OTCQB: CRYBF) is pleased to announce its financial results for the year ended January 31, 2022. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
CryptoBlox CEO, Bryson Goodwin, commented
“Despite continued COVID lockdowns and global supply shortages, the Company stayed focused and grew its cash position, assets and blockchain verticals. Our focus has always been to develop a well-balanced portfolio of blockchain assets by taking advantage of global trends such as the transition to smart and micro power grids, electric vehicle (EV) and energy storage system (ESS) products and the growing focus on blockchain based cryptocurrency.”
“We started the year by rapidly growing our battery technology division, then built up our application technology, which now incorporates cryptocurrency in its platform, and finished the year with a key acquisition in the cryptocurrency mining vertical. I am delighted with the successful execution of our corporate strategy, especially during difficult global conditions. We see the Company continuing the momentum into the 2022 fiscal year,” continued Mr. Goodwin.
2021 Fiscal Year Highlights:
- Increased Cash by 229%, as compared with January 31, 2021
- Increased Assets by 706%, as compared with January 31, 2021
- Decreased Liabilities by 51%, as compared with January 31, 2021
“The Company’s balance sheet is significantly stronger year over year, which is reflective of several capital raises and the smart, strategic allocation of our resources,” said Mr. Goodwin.
“These financial statements reflect conservative accounting practices, as the assets do not include over $13.75M worth of investment into our cryptocurrency division, which we believe will be a key driver of growth in 2022. We believe it is better to be conservative and then aim to beat expectations to drive value for our shareholders,” continued Mr. Goodwin.
Corporate Update
The Company remains focused on driving growth across all verticals of its blockchain business portfolio. Notable developments have been made in the Application (App) Technology Division, which is being tested across its battery products (such as the SmartWall). The Company hopes to be able to have this application ready for customers in 2022. Global supply shortages and increases in demand for battery cells, circuit boards and shipping have caused delays in delivering certain products (such as the SmartWall) to customers in 2021. However, as the world exits this trying period, shipping and production are becoming feasible again and the Company remains confident that China will continue easing its COVID restrictions to ensure global supply is met.
The most exciting development has been in the crypto mining division where the Company made significant investments into securing a favorable site with historically cold temperatures, a low cost power purchase agreement, which is the largest input cost in crypto mining, and high performance crypto mining equipment, which is difficult to secure at the current time. The Company plans to build on this division in 2022 and is confident it will start to generate positive cash flow from this division by mid-year.
The financial and operating results discussed in this release are based on the Company’s audited consolidated financial statements and related management's discussion and analysis for the year ended January 31, 2022, which are available on www.SEDAR.com. It is only in the context of the fulsome information and disclosures contained in such documents that an investor can properly analyze the information discussed herein.
On behalf of the Company,
Bryson Goodwin,
Chief Executive Officer
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