CryptoBlox Closes Acquisition of Crypto Mining Facility

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Vancouver, BC, June 29, 2023 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (the Company or CryptoBlox) (CSE: BLOX), is pleased to announce, following its press release dated June 19, 2023 (the previous version ), that it has completed its acquisition (the Acquisition) of Red Water Acquisition Corp. (Redwater), a company specializing in crypto-mining technology.

As reported in the previous release, Redwaters air-cooled data centers and advanced heat recovery products have been granted development rights in Sturgeon County, Alberta, Canada for its operations. This site will serve as the home base for Redwater’s state-of-the-art crypto-mining facility, designed for efficiency and profitability.

CryptoBlox and Redwater share a common commitment to sustainable and responsible practices in the crypto mining industry. Through Redwater, CryptoBlox intends to invest in energy efficient solutions and environmentally responsible mining practices, in line with its vision to promote a greener and more sustainable future for the blockchain ecosystem. .

The completion of the acquisition marks an important milestone for CryptoBlox, as it solidifies its position as a top player in the crypto mining industry. “Redwaters’ experience in the crypto mining space aligns with our strategic vision to deliver end-to-end blockchain solutions,” commented Taryn Stemp, Interim CEO of CryptoBlox. Together, we plan to unlock new opportunities and deliver unparalleled value to our customers and partners.

As compensation for the acquisition, the Company issued an aggregate of 118,280,800 common shares of the Company (the Closing Consideration Shares) at a deemed price of $0.05 per Closing Consideration Share to the sellers of Redwater (the sellers), and will issue an additional 101,719,200 shares of common stock of the company (the deferred consideration shares) at a deemed price of $0.05 per deferred consideration share to the sellers upon the achievement of certain milestones achieved by Redwater and the sellers, for an aggregate consideration of 220,000,000 common shares of the company, having a deemed transaction value of $11,000,000.

On behalf of the company,

Taryn Stemp, CEO

About CryptoBlox Technologies Inc.

CryptoBlox Technologies Inc. is a blockchain technology company with a diverse portfolio of fintech blockchain services, blockchain battery technologies and applications, and crypto-mining rigs under development. The company’s acquisition of Redwater marks an important step in its plan to meet the growing demand for profitable cryptocurrency infrastructure in North America. By integrating its mining facilities with power generation facilities in Alberta and using state-of-the-art operating techniques, the Company will be able to achieve a high degree of long-term financial options and operational certainty that can providing some of the cleanest and lowest cost mining operations in the world.

For more information about the company, please visit https://www.cryptoblox.ca or call 236-259-0279.

Forward-looking statements

The information in this press 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 on assumptions subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding: the future plans and operations of the Company and Redwater; and the expected benefits of the acquisition to the Company and Redwater. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting these forward-looking statements. – statements to research, or otherwise.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

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