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Cryptoblox Technologies Inc
Symbol	BLOX
Shares Issued	664,055,092
Close 2023-08-28	C$ 0.01
Market Cap	C$ 6,640,551
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Cryptoblox looks to expand alternative energy assets

2023-08-28 19:17 ET - News Release

Subject: CryptoBlox provides Corporate Update Word Document File: '\\swfile\EmailIn\20230828 155348 Attachment 20230828 BLOX - NR - Corporate Update Final.docx' 1395-5028-5062, v. 1 CryptoBlox Provides Corporate Update Vancouver, B.C., August 28, 2023 - CryptoBlox Technologies Inc. (the "Company" or "CryptoBlox") (CSE: BLOX), is pleased to provide the following corporate update. With the acquisition of Redwater Acquisition Corp. ("Redwater"), a modular air-cooled data center 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 1 megawatt (MW) of capacity within Redwater with potential expansion plans of up to 3 MW over the next 18 to 24 months. Furthermore, the Company plans to strengthen its fleet of alternate 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 alternate 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 August 25, 2023. Mr. Teja is an award-winning business development executive with over 20 years of experience in strategic B2B and B2C 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 track 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 August 25, 2023. The Company thanks Ms. Stemp for her tenure as a Board of Director. On behalf of the Company, Akshay Sood Chief Executive Officer About CryptoBlox Technologies Inc. CryptoBlox Technologies Inc. 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. For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259-0279. Forward-Looking Statements The information in this news release includes certain information and statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the future plans and operations of the Company and Redwater, including their intention to expand operations and secure alternative energy assets; creation of the Structured Crypto Products Division and blockchain-based payments settlement layer; Mr. Teja's expected contributions to the Company; and the Company's commitment to environmental sustainability. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise. The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.