London, United Kingdom and Calgary, Alberta--(Newsfile Corp. - June 1, 2023) - GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the "Company") announces that the preparation and audit of its annual financial statements, management's discussion and analysis, and related certifications for the fiscal year ended December 31, 2022 (collectively, the "Annual Filings") are now complete, the Annual Filings have been filed and are now available for viewing on the System for Electronic Document Analysis and Retrieval (SEDAR), link www.sedar.com/. In addition, the Company's unaudited interim financial statements, management's discussion and analysis and related certifications for the three-month period ended March 31, 2023 have been filed and are now also available for viewing on SEDAR.
In connection with these filings, the Company is now seeking revocation of the management cease trade order (MCTO) issued on May 3, 2022 (the "MCTO").
The Company also announces that the long stop date for completion of the Disposition Transaction (defined below) has been extended to June 30, 2023.
Bi-Weekly Default Status Report
The Company also provides this bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12- 203 Management Cease Trade Orders ("NP 12-203"). On April 20, 2023, the Company announced (the "Default Announcement") that, for reasons disclosed in the Default Announcement, the filing of the Company's Annual Filings would not be completed by the prescribed deadline of May 1, 2023. As a result of this delay in filing the Annual Filings, the Company's principal regulator, British Columbia Securities Commission, granted the MCTO to the Company. The MCTO prohibits all trading by the Chief Executive Officer and the Chief Financial Officer of the Company, and such other directors, officers and persons as determined by the applicable regulatory authorities, in securities of the Company until the MCTO is revoked. Pursuant to the provisions of the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement, except as stated in this Default Status Report, there have not been any changes to the information contained therein that would reasonably be expected to be material to an investor; nor any failure by the Company to fulfil its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein. Further, other than as set forth below, there is no additional material information respecting the Company and its affairs that have not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly-owned operating subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app.
As previously announced by the Company, the Company has entered into a Business Disposition Agreement dated March 22, 2023 with GlobalBlock Ltd. ("GB UK") and the original shareholders and founders of GB UK (the "GB UK Founders") to transfer GB UK, GlobalBlock Europe, UAB and its digital asset broker business back to the GB UK Founders (the "Disposition Transaction"). In return, the GB UK Founders will return to the Company the 48,450,000 common shares of the Company collectively held by them (which shares were originally issued to the GB UK Founders when the Company acquired GB UK in 2021).
Following completion of the Disposition Transaction, the Company will not have any operating business. Accordingly, the Company will need to identify and, if successful, acquire or combine with a new business. There is no guarantee that the Company will be able to identify and acquire a new business on terms acceptable to the Company, or at all. The Company will also face ongoing requirements for additional capital which may not be available.
For further information please contact the Company at:
Stuart Olley, Director
Telephone: (403) 618-4900
Email: stuartolley@outlook.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this news release constitutes forward-looking statements or information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things: the proposed timing for completion of the Disposition Transaction; the ability of the Company to complete the Disposition Transaction; the receipt of all necessary TSX Venture Exchange and other third party consents and approvals;, and the ability of the Company to successfully identify and complete the acquisition of or combination with a new business. Forward-looking statements are based upon the opinions and expectations of the management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's most recent management's discussion and analysis, a copy of which is filed on SEDAR atwww.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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