Mr. David Thomas reports

GLOBALBLOCK ANNOUNCES RECEIPT OF MANAGEMENT CEASE TRADE ORDER

Globalblock Digital Asset Trading Ltd. has been granted a management cease trade order (MCTO) by the British Columbia Securities Commission, as requested by the company.

As previously announced on April 20, 2023, the application for the MCTO was made due to a delay in being able to file its audited annual financial statements, management's discussion and analysis, and related certifications for the fiscal year ended Dec. 31, 2022 (collectively, the annual filings), on or before May 1, 2023, as required, due to (i) complications surrounding accounting for the company's previously announced proposed disposition of its operating subsidiaries (and by extension the company's digital asset trading business) (see the company's March 23, 2023, press release), which would constitute the sale of all or substantially all of the company's assets or undertaking (the proposed disposition transaction), in the annual filings under IFRS (International Financial Reporting Standards) (note: the agreement setting forth the terms and conditions of the proposed disposition transaction was not executed until March 22, 2023, and resulted in new analysis and potential adjustments in the annual filings); and (ii) difficulties in obtaining review of the annual filings from the company's United Kingdom-based accountants and auditors. As such, additional time is required by the company's auditor to complete its review and procedures. As to remediation of the issues surrounding the delay in preparing and filing the annual filings, the company has hired a consultant to assist management in the preparation of a white paper on the effect of the proposed disposition transaction. Going forward, the company does not anticipate the digital asset trading business to be part of the company, and so does not envision these issues to arise in the future.

Pursuant to the MCTO, the company now has until June 30, 2023, to file the annual filings, though it is expected that these filings will be made prior to then.

Under the provisions of National Policy 12-203 -- Management Cease Trade Orders, the MCTO permits the continued trading in the company's common shares by persons other than the company's chief executive officer, chief financial officer and such other directors, officers and persons as determined by the applicable regulatory authorities.

The company confirms that it intends to satisfy the provisions of Section 10 of NP 12-203 and issue biweekly default status reports for so long as the company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the company to remedy the default, particulars of any failure by the company to fulfil these provisions, any subsequent defaults of the company requiring a default announcement, and any other material information concerning the affairs of the company not previously disclosed.

The company is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the company that has not been generally disclosed.

About Globalblock Digital Asset Trading Ltd.

Globalblock Digital Asset Trading is a publicly traded holding company whose wholly owned operating subsidiary, Globalblock Europe UAB, is a European Union-based digital asset broker that provides a personalized telephone brokerage service, trading platform and mobile app.

The company has announced the proposed disposition of its digital asset broker business -- see the company's March 23, 2023, press release for more information. After completion of this proposed disposition, 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.

We seek Safe Harbor.