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eXeBlock Technology Corp
Symbol XBLK
Shares Issued 61,404,031
Close 2017-12-08 C$ 1.47
Recent Sedar Documents

eXeBlock releases white paper for eXe50/50 Draw app

2017-12-11 09:03 ET - News Release

Mr. Ian Klassen reports

EXEBLOCK RELEASES WHITE PAPER FOR EXE50/50 DRAW

eXeBlock Technology Corp. has launched its first white paper for the new decentralized application (dapp), eXe50/50 Draw. Through blockchain technology, the eXe50/50 dapp will allow charities to fundraise in multiple jurisdictions at nominal operational, administrative and audit costs. The white paper is currently available on the company's website and the dapp programming code will be released on TestNet later this month, allowing the company to receive feedback and test the application prior to full commercial rollout.

The release of the eXe50/50 Draw white paper is a key milestone toward commercialization and revenue generation for the company. Full-scale commercialization is expected to commence in the second quarter of 2018. Dapp revenue will be generated as a percentage of the funds raised during each 50/50 draw. Following full rollout, the eXe50/50 application will be established to be used concurrently by multiple charities in any jurisdiction from a local to a global basis. Numerous associations, community leagues, professional sports and charities use 50/50 draws for raising funds all around the world. There are 1.8 million non-profits and charities located in Canada, the United States and United Kingdom alone.

Charitable organizations will benefit significantly from the eXe50/50 Draw application as it allows for low administrative costs, ease of use and a short time to market. Charities will target fundraising activities within their existing support groups or utilize Web and cellular networks to identify new supporters on a global basis. Charity supporters will benefit from the increased transparency inherent in blockchain technology and the ability to support charities in remote markets. The result will be an efficient, cost-effective fundraising tool for charities to scale and use 24 hours a day, seven days a week, year-round.

"Our team is thrilled to release our first white paper for a world-class application that will change the way charities conduct their fundraising," said Ian Klassen, chief executive officer of eXeBlock. "The company expects to move from the test phase and into revenue generation by the second quarter of 2018."

About eXeBlock Technology Corp.

eXeBlock is a designer of custom, state-of-the-art blockchain-based software applications that provide profitable, secure and efficient solutions to businesses and markets globally. eXeBlock is one of the first Canadian public companies focused on the development of disruptive decentralized applications using blockchain technology.

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