VANCOUVER, British Columbia, Dec. 28, 2018 (GLOBE NEWSWIRE) -- BLOK Technologies Inc. ("BLOK Tech" or the "Company") (CSE: BLK) (OTC: BLPFF) (FRANKFURT: 2AD) is pleased to provide a corporate update on its development achievements in 2018 and outline expected strategies for the new year. 

BLOK Tech’s primary focus in 2018 has been the development of blockchain-enabled technology through its 100% wholly-owned subsidiary Greenstream Networks Inc. (“Greenstream”).  

Greenstream’s aim is to develop and commercialize a blockchain-enabled supply chain integrity platform to ensure the safe, legal and authenticated flow of products and value through the cannabis market initially, with further application of the technology in other industries.

BLOK Tech’s progress to date includes:

  • In March 2018, Greenstream was accepted as a Silver Member of The Linux Foundation and a General Member of Hyperledger. Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. In joining these two prestigious communities, Greenstream has been collaborating in a community with global technology companies such as: IBM, Cisco, Intel, SAP and JP Morgan as well as blockchain start-ups from around the world.

  • In April 2018, Greenstream announced that it had completed the Minimum Viable Product (“MVP”) of its Greenstream Network, for the Canadian Cannabis industry, and also announced the Alpha release of the Greenstream Payments Platform enabling Canadian Cannabis businesses to process payments & exchange value across the Cannabis ecosystem.

  • In July 2018, Greenstream was accepted into the Oracle Scaleup Ecosystem, a global acceleration program for start-ups. The program is designed for start-ups and venture capital and private equity portfolio companies to enable hypergrowth and scale.

  • In August 2018, BLOK Tech entered into a Memorandum of Understanding (“MOU”) with Varipay Inc. (“Varipay”) to collaborate on the development of a payment gateway to be integrated into the Greenstream Network Platform.

  • In August 2018, Greenstream successfully completed a deployment of its payments network and applications to the Oracle Cloud Infrastructure (“Oracle Cloud”). The deployment was fully tested and optimized by the Greenstream technical team and the platform, including a demo environment, are running smoothly and at a speed that is scalable.

  • In September 2018, BLOK Tech announced that Visionary Private Equity Group (“VPEG”) and the Company have entered into a non-binding Memorandum of Understanding (“MOU”) to form a joint venture for the development of technology for the real estate industry. Under the terms of the MOU, which is subject to the parties agreeing upon definitive terms, BLOK Tech will license its Greenstream blockchain technology platform to the proposed joint venture. The parties are continuing to explore how they can work together to further develop and commercialize technology for the real estate industry.

  • In October 2018, BLOK Tech added Yari Nieken to its Board of Directors. Mr. Nieken brings extensive experience in the cannabis industry and capital markets to his role. Subsequently, Mr. Nieken was named interim-CFO of the Company following the departure of the previous CFO.

  • In November 2018, BLOK Tech announced that the Company signed a Memorandum of Understanding (“MOU”) to acquire 80% of the issued and outstanding common shares (the “Acquisition”) of The Worx Solutions Inc. (“WORX”). Following a due diligence process and the expiration of the MOU, the parties have decided not to proceed with the transaction.

BLOK Tech also wishes to announce that it has closed off development of the Greenstream Network Platform until further notice. The Company will focus its available resources going forward on monetizing the technology either in the cannabis industry, other sectors or through integration with other technologies.

In addition, the Company intends to explore new emerging technology projects that have near-term commercial viability and to raise further capital for their development.

About BLOK Technologies Inc.

BLOK Technologies Inc. is a public company that invests in and develops emerging companies in the blockchain technology sector. The Company’s approach is to provide capital, technology and management expertise to the companies it develops. The Company systematically identifies early-stage technologies with potential to disrupt and innovate within their industry and invests the necessary resources to ensure the success of their projects.

For additional information regarding BLOK Technologies and other corporate information, please visit the Company's website at BLOKTECHINC.COM

ON BEHALF OF THE BOARD OF DIRECTORS
“Robert Dawson”
President & CEO

For further information, please contact:

James Hyland, B.Comm.
Vice President Corporate Development, Director
(604) 442-2425
jamie@bloktechinc.com

Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.