Mr. Akshay Sood reports

CRYPTOBLOX PROVIDES CORPORATE UPDATE

Cryptoblox Technologies Inc. has provided the following corporate update.

With the acquisition of Redwater Acquisition Corp., a modular air-cooled data centre facility, powered by flared gas in Sturgeon county, Alberta, the company has successfully implemented its first off-grid digital asset mining operation. 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. Furthermore, the company plans to strengthen its fleet of alternative-energy-powered digital asset mining operations to go beyond its Redwater facility, as it looks to secure energy assets that provide significant savings, as compared with current on-grid energy sources. In this, Cryptoblox is developing infrastructure to allow for the utilization of stranded energy assets such as flared gas sites, stranded gas wells or excess production coming from renewable sources. The company hopes that repurposing stranded energy will showcase the company's commitment to environmental sustainability, given diverting natural gas from stranded wells could prevent them from leaking gas into the atmosphere if left untapped. With the company focusing on lowering the largest fixed-cost (energy) within a digital asset mining operation, Cryptoblox hopes to become profitable in any market condition -- including if the market shifts over the coming years.

As Cryptoblox continues to build out its alternative-energy-powered digital asset mining infrastructure, the company is also looking to expand its technology services to include a structured crypto products division, which could service both enterprise and retail users, and develop a blockchain-based payments settlement layer that will allow for further scalability of the company's services and continued user adoption.

As the company looks to expand on its blockchain-based services, the company is very pleased to welcome Rahim Teja to its board of directors, effective Aug. 25, 2023. Mr. Teja is an award-winning business development executive with over 20 years of experience in strategic business-to-business and business-to-consumer sales. Mr. Teja specializes in technology (software-as-a-service) sales, and also has a breadth of experience within the telecom, travel and recruitment industries. The company hopes that Mr. Teja's consistent record as a President's Club member in quota-carrying roles along with his dual business degree in marketing and international business from Simon Fraser University will make him a standout leader in driving the company's sustainable growth and innovation. Mr. Teja replaces Taryn Stemp who stepped down as a director on Aug. 25, 2023. The company thanks Ms. Stemp for her tenure as a board of director.

About Cryptoblox Technologies Inc.

Cryptoblox Technologies 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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