Mr. Akshay Sood reports

CRYPTOBLOX CLOSES 4-YEAR LICENSE OF MODULAR RENEWABLE ENERGY POWERED MINING INFRASTRUCTURE PATENT RIGHTS

Further to its news release dated Nov. 20, 2023, Cryptoblox Technologies Inc. has completed the transactions set out under its patent licence agreement with Crypto Green Tech Inc. by acquiring a four-year, royalty-free, assignable, worldwide licence to develop and distribute products based on Crypto Green's crypto-mining hybrid solar-wind tree with water reservoir system.

As mentioned in the prior release, Crypto Green holds the rights to a patent application submitted with the International Bureau of WIPO (World Intellectual Property Organization) respecting the renewable-energy-powered crypto-mining technology. The licence marks a significant step toward further expanding Cryptoblox's off-grid, alternative-energy-powered digital asset mining infrastructure.

Both Cryptoblox and Crypto Green share a common dedication to environmental responsibility and technological innovation, paving the way for a greener future that is powered by sustainable, off-grid energy and further monetized by the blockchain economy through the profitable mining of cryptocurrencies. Having harnessed the groundbreaking technology developed by Crypto Green, Cryptoblox is now poised to diversify and scale its off-grid energy asset infrastructure.

"This strategic collaboration not only positions Cryptoblox as a key player in sustainable crypto-mining infrastructure solutions but also opens doors for potential entry into the retail market as the company intends to further optimize the technology's profitability through the implementation of alternative crypto-mining algorithms," said Cryptoblox chief executive officer Akshay Sood.

The recent uptick in the crypto market, catalyzed by the expected bitcoin exchange-traded fund approval and the subsequent quadrennial bitcoin halving event, has primed the landscape surrounding the next phase of digital asset adoption. Following the approval of a bitcoin exchange-traded fund, the company expects a new wave of liquidity will enter the market, which will in turn vastly increase market volatility. At that point, Cryptoblox aims to be in control of significant inexpensive energy infrastructure such that any digital asset mining operations powered by the company will have a higher likelihood of remaining profitable.

The closing of the agreement marks a significant milestone for Cryptoblox as it continues investing in energy-efficient solutions and environmentally friendly mining infrastructure, aligning with its vision of promoting a future where blockchain ecosystems are greener and more sustainable.

Terms of the licence

In consideration for the licence, Cryptoblox issued an aggregate of 40 million common shares in the capital of the company at a deemed price of five cents per common share to the shareholders of Crypto Green, for a deemed transaction value of $2-million. A finder's fee of 2.8 million common shares, representing 7 per cent of the number of common shares issued pursuant to the agreement, was paid to the party that introduced Crypto Green to the company. All common shares issued pursuant to the licence and the finder's fee are subject to a hold period of four months and one day under applicable securities laws.

About Cryptoblox Technologies Inc.

Cryptoblox Technologies is a blockchain technology company focused on building out alternative-energy-powered digital asset mining infrastructure enhanced with artificial intelligence, along with a diversified portfolio of financial technology blockchain products and services. The company will be focused on powering digital asset mining operations through flare gas operations throughout North America -- with the first acquisition being in Redwater, Alta. By using alternative energy sources and state-of-the-art operational techniques powered by artificial intelligence, the company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.

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