Mr. Akshay Sood reports

CRYPTOBLOX SIGNS MANAGEMENT SERVICES AGREEMENT FOR REDWATER SITE, BEGINS REDWATER OPERATIONS AND PROVIDES CORPORATE UPDATES

Cryptoblox Technologies Inc.'s wholly owned subsidiary, Redwater Acquisition Corp., has entered into a management services agreement (MSA) with True North Data Solutions Ltd. (TNDS), dated Oct. 7, 2024.

Management services agreement

Pursuant to the MSA, TNDS has agreed to provide hosting and management of the company's 133 S19J Pro mining machines (the S19J Pros). Upon completion of on boarding with TNDS, the S19J Pros will be put into operation, mining bitcoin.

Establishing the digital asset mining and infrastructure division

The company views the MSA as crystalizing its digital asset mining and infrastructure division. This division is the foundation for the company's overarching diversified blockchain ecosystem, which is also composed of the mining products and technology, and structured blockchain products and services divisions.

Cryptoblox chief executive officer Akshay Sood commented:

"As we go into what we hope to be a digital asset bull run, we are very excited to start operating and finally bring Redwater on line.

"We will remain focused on expanding our digital asset mining and infrastructure division by way of acquisitions of both mining machines and sites.

"The company is also exploring alternative digital assets beyond bitcoin to mine in order to diversify revenue streams going into 2025 and beyond."

Corporate updates

In December of 2023, the company acquired a four-year licence to develop and distribute products based on Crypto Green Tech Inc.'s modular renewable energy powered mining infrastructure patent application. Since such date, the company has been working with Crypto Green's R&D (research and development) division to develop initial prototypes based on Crypto Green's technology.

The company also continues to pursue its proposed acquisition of Blockchain Fintech Unipessoal LDA, which the company announced on March 5, 2024. Completion of the Blockchain Fintech acquisition remains subject to approval by the Canadian Securities Exchange and, accordingly, the terms of the acquisition may change before closing. However, the company's strategic plans for Blockchain Fintech remain the same, in that the technology from the acquisition is intended to fast-track Cryptoblox's launch of non-custodial products and services, which will include a Web 3-enabled digital asset wallet and a digital asset payment card. The company hopes the Blockchain Fintech acquisition will allow the company to establish the structured blockchain products and services division, and thus complete its diversified blockchain ecosystem.

The company also announces that the outside date of Sept. 30, 2024, under its Redwater second addendum agreement, dated June 28, 2024, respecting the company's proposed acquisition of 100 MV7L 95-105TH/s 31J/TH miners, an air-cooled one-megawatt power generation facility, a 1.25-megawatt natural gas power plant and a fuel gas supply agreement, has passed. Notwithstanding, the company continues to work with the original vendors of Redwater to find a potential path forward involving these assets and will provide an update on these activities when appropriate.

About Cryptoblox Technologies Inc.

Cryptoblox is a blockchain technology infrastructure company focusing on building out its diversified blockchain ecosystem strategy that consists of digital asset mining and infrastructure, mining products and technology, and structured digital asset products and blockchain payments. The company's infrastructure will be based on the value chain that stems from off-grid/alternative energy powered digital asset mining, along with a diversified portfolio of sustainable mining and blockchain fintech products and services enabled by both the sustainable mining products and technology, and structured blockchain products and services divisions. The company will be focused on providing alternate energy solutions to power digital asset mining operations throughout North America, with the first site being in Redwater, Alta. By using alternative energy sources and state-of-the-art operations techniques, 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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