Toronto, Ontario--(Newsfile Corp. - November 15, 2018) -
Blocplay Entertainment Inc. (CSE:
PLAY) ("Blocplay" or the "Company") is pleased to provide the following corporate
update on the status of the Company following the appointment of a new slate of directors by the dissident group of shareholders at
the Company's Annual and Special Meeting of Shareholders held on September 28, 2018 (the "
Meeting").
Following the Meeting management has undertaken a review of the assets and financial position of the Company. Management's focus
has been directed towards the financial status of the Company and evaluation on the Company's technology.
Management has obtained access to certain, but not all, of the Company's financial records and is reviewing the financial
information. A number of consultants and vendors have also approached the Company with respect to accountants payable. Management
is reviewing these claims to ascertain the veracity of the payables. In addition, Vince McMullin, former Chief Technology Officer
of the Company has commenced a claim against the Company and one of its directors with respect to unpaid fees. The Company is in
the process of reviewing the claim and has retained counsel to assist with the matter.
Management is reviewing the Company's intellectual property with a view to assessing previous management's progress in
developing the blockchain/crypto currency technology. In addition, management is in the process of gaining access and control over
the Company's website and social media accounts.
While the board of directors continues its review of the Company's operations with the hopes of realizing some value, however,
in light of the decline in the blockchain and crypto currency sectors and the apparent lack of progress made by previous management
in executing its business plan, it has decided to initiate a strategic review of the Company, which may include alternative
transactions, focused on maximizing shareholder value.
For further information, please contact:
Blocplay Entertainment Inc.
Tel: 647-776-1209
Email: investors.blocplay@gmail.com