Mr. Akshay Sood reports

CRYPTOBLOX PROVIDES CORPORATE UPDATE

Cryptoblox Technologies Inc. has provided a corporate update. The company has recently acquired 100 per cent of Redwater Acquisition Corp. Redwater is a modular air-cooled data centre facility, equipped with heat recapture capabilities in Sturgeon county, Alberta. With this acquisition, Cryptoblox has made significant strides toward its expansion within the cryptocurrency mining sector. The company has secured plans to deploy up to one megawatt of capacity within Redwater with potential expansion plans of up to three megawatts over the next 18 to 24 months in collaboration with True North Data Solutions. Furthermore, True North Data Solutions and Redwater have secured an advantageous gas supply agreement (GSA) that is expected to reduce energy costs by 90.91 per cent as compared with average market rates, coming in at 1.5 cents per kilowatt-hour. Powering Redwater's mining operations with flared gas could allow for sustainable and cost-effective mining, which will have a positive impact on profitability, irrespective of market conditions, while showcasing the company's commitment to environmental sustainability.

Cryptoblox has also recently partnered with Lavrium LLC to implement Lavrium's artificial intelligence algorithms within the company's Redwater facility. Lavrium has also begun optimizing Redwater's resource utilization and network connectivity -- two processes that are expected to have a positive impact on profitability. Lavrium's algorithms will also enable predictive maintenance, including real-time monitoring, to prevent equipment failures and minimize downtime, while also improving energy efficiency through artificial-intelligence-driven adjustments to computing resources, and heating, ventilation and air conditioning standards, provided by the data centre's advanced control panel, heat tracing and fully automated features. The company's collaboration with Lavrium aims to set new industry standards for energy efficiency and environmental sustainability. With the acquisition of Redwater and the partnership with Lavrium, the company hopes to revolutionize the technical and automation aspects of digital asset mining.

As the company continues to focus on its crypto mining blockchain division, the company is very pleased to announce the appointment of Akshay Sood as chief executive officer, effective Aug. 4, 2023. Mr. Sood is a seasoned leader in the blockchain industry, boasting years of experience within the industry, including advising and incubating early-stage blockchain/Web3-based start-ups. Mr. Sood has been responsible for several early-stage capital raises through his venture incubation and advisory services, and has been involved in several high-growth blockchain-based start-ups. The company intends to leverage Mr. Sood's specialty in blockchain-based economies, including blockchain-based network/product design and rollout, as he oversees the continual focus and expansion of the company's crypto mining blockchain division while building out other verticals as part of the company's diversified portfolio of fintech products/services. Mr. Sood replaces Taryn Stemp, who stepped down as the company's interim chief executive officer and corporate secretary, effective Aug. 4, 2023. The company thanks Ms. Stemp for her tenure in these roles.

About Cryptoblox Technologies Inc.

Cryptoblox is a blockchain technology company with a diversified portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto mining facilities under development. The company's acquisition of Redwater marks a significant milestone in its plan to meet the fast-growing demand for cost-effective cryptocurrency infrastructure in North America. By integrating its mining facilities into power generation facilities in Alberta and using state-of-the-art operations techniques, the company will be positioned to achieve a high degree of financial optionality and long-term operational certainty that can deliver some of the cleanest and lowest-cost mining operations in the world.

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