Global Blockchain closes acquisition of X2 Games
December 18, 2018 (Source) — After the proposed acquisition of X2 Games was announced by BLOC in October, BLOC has acquired X2 Games and BLOC will separate its exchange-related interests into a spinout entity. X2 Games has introduced several exciting elements to BLOC, including its current library of interactive gaming projects, as well as the leadership of Nolan Bushnell, the founder of Atari.
GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (CSE: BLOC.U) (FSE: BWSP) (OTC Pink: BLKCF) (“BLOC”, or the “Company”) announces that further to the previously announced proposed transaction between BLOC and X2 Games Corp. (“X2 Games”), as announced in press releases dated October 10, 2018, and December 3, 2018, BLOC has acquired all of the issued and outstanding shares of X2 Games (the “X2 Games Shares”) by way of a three-cornered amalgamation (the “Transaction”). The Transaction introduced the leadership of Atari co-founder Nolan Bushnell and Hollywood creative director and VFX visionary Zai Ortiz to BLOC’s operations, as BLOC pivots to focus on gaming-related projects.
Pursuant to the terms of the Transaction, BLOC issued 330,519,541 common shares in the capital of the Company at a deemed price of $0.15 per share in exchange for all of the issued and outstanding X2 Games Shares, for an aggregate purchase price of $49,577,931.15. X2 Games merged with a wholly-owned subsidiary of BLOC, 1183493 B.C. Ltd. Following the closing of the Transaction, the subsidiary has assumed the name of X2 Games Corp. All intellectual property rights to X2 Games’ current game projects became part of BLOC, including four digital interactive games for Amazon Alexa. One of these games, titled St. Noire, has a pre-release date set for Q1 2019, with three other Amazon Alexa games set to be launched in 2019. A trailer of St. Noire can be seen at http://www.st-noire.com/amazon-alexa.
Shidan Gouran, President and CEO of the Company, commented “As a result of this transaction, we will have delivered three prosperous lines of business to our shareholders in just over a year’s time. Bringing Nolan and Zai, as well as their creative works into BLOC enables us to build a stronger footing in the ever-growing interactive gaming space. Then, with expanded operations for FORK, and continued developments with our exchange operations in the Spinout, we have a wide range of business interests in our family of companies. We expect things to go well with each of these companies before 2018 is out, with some very exciting prospects on the horizon for 2019.”
The Transaction was the approved by the shareholders of X2 Games (“X2 Games Shareholders”) at a special meeting of X2 Games Shareholders to approve the Transaction (the “X2 Games Meeting”) held on December 14, 2018. At the X2 Games Meeting, 74.1% of eligible shares were represented in person or by proxy, with all votes cast in favour of the special resolution authorizing the Transaction.
More information about X2 Games and its projects can be found at www.x2.games.
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On behalf of the Company:
Shidan Gouran, President and CEO
About Global Blockchain Technologies Corp.
The Company provides investors access to a basket of direct and indirect holdings within the blockchain space.
The Company is focused on streamlining the currently arduous, lengthy, and complicated process that interested investors must undergo to gain exposure to the blockchain space, with a view to becoming the first vertically-integrated originator and manager of top tier blockchains.
BLOC is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “BLOC.” Additional information relating to BLOC is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company’s website at www.globalblockchain.io.
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