CryptoBlox Provides Operations Overview and Comprehensive Corporate Update
CryptoBlox Technologies Inc. (OTCQB: CRYBF) reports significant progress since 2020, transitioning its focus from financial services to a diversified blockchain strategy encompassing six verticals: finance, smart grid integration, battery technology, electric vehicles, applications, and crypto mining. Key developments include a partnership with Jiangsu RichPower for battery management systems, product launches like SmartWall and RV Freedom, and a collaboration with Daymak for electric vehicles. Despite global supply shortages delaying product deliveries, the Company anticipates significant market opportunities in battery technology, projected to reach $12.6 billion by 2024.
- Partnership with Jiangsu RichPower grants exclusive rights for battery management system technology in multiple regions.
- Expansion into six verticals enhances diversification and growth potential.
- Prototypes like SmartWall and RV Freedom developed; pre-orders are being taken.
- Acquisition of CryptoPlug Technologies aims to integrate EV applications with cryptocurrency payments.
- Partnership with Daymak to provide batteries for electric vehicles has advanced product development.
- Global supply shortages of key components have delayed product deliveries of SmartWall and RV Freedom.
Vancouver, B.C., March 16, 2022 (GLOBE NEWSWIRE) -- CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX) (OTCQB: CRYBF) is pleased to provide the following overview of its operations and corporate activities since 2020.
In January 2020, the Company underwent a management change and appointed Bryson Goodwin as CEO, to take over the Company’s operations. The Company’s operations were primarily focused on blockchain technologies, through the Company’s subsidiary, 1Linx Ltd., that served the financial and cryptocurrency sectors. Cryptocurrencies were not performing well at the time, so following significant deliberation by the management and Board of Directors, the Company undertook a more targeted blockchain strategy to enhance its performance and create value for its shareholders. The Company has made significant progress in the past two years, building on its original blockchain technology that was originally focused solely on financial services. The Company has now grown its portfolio to include six verticals: finance, smart grid integration, battery technology, applications, electric vehicles and crypto mining.
New Blockchain Verticals
Battery Technology
In summer of 2020, the Company began searching for avenues in new blockchain verticals to complement its existing blockchain technology. On August 31, 2020, the Company entered into an agreement with Jiangsu RichPower New Energy Co Ltd. (“RichPower”), granting the Company exclusive rights in North and South America, Europe and Africa to use RichPower’s patented battery management system (BMS) technology. Through the partnership, the Company created a new platform through which it could focus its blockchain technology, being “Battery Technology.” This technology was pivotal to the Company’s forward-looking plan, as according to a market research report, the battery management system market is projected to be worth
The Company spent several months designing and launching products that incorporated the newly licensed BMS, such as the SmartWall and the RV Freedom. Over this period, the Company also secured several technology distribution agreements for upcoming development projects, such as EcoVille, to provide such projects with products and infrastructure based on the Company’s BMS.
The Battery Technology vertical was initiated to propel the Company into becoming a market leader in the battery tech industry and has shown great advantage with continued changes in global “green” initiatives. Functional prototypes of the SmartWall and the RV Freedom have been built and the Company has commenced taking pre-orders of these products. Due to global supply shortages of key components such as battery cells and circuit boards, the Company has yet to deliver any production units of these products to customers, but is confident they will be able to do so this year.
Smart Grid Integration
As the Company commenced development of products based on its newly acquired BMS, management determined that there was an opportunity for the Company to modify the intellectual property (IP) already present in its blockchain technology and monetize it through applications in the smart grid and micro grid implementation sectors. Management was in agreement that the use of blockchain based controls could be a vital component within the general acceptance and transference of power usage/sales to the end user in global energy markets. Management foresaw that, as the world’s developed cities transitioned into “Smart Grids”, mass storage for cities, based on a sophisticated blockchain platform, would be increasingly sought after. This led to the design and launch of the TITAN EnergyCore and EV Smart Charger. The market has been very favorable to the adoption and integration of these development-based applications. With the scale of these developments and their required customization, times from EOI to implementation can take 24-36 or more months, so the Company remains in the development phase of this business vertical.
Applications
With two strong new verticals launched based around the combination of the Company’s existing proprietary blockchain technology with RichPower’s patented BMS technology, the Company identified another niche blockchain vertical to build shareholder value, “Applications.” After identifying a lack of blockchain-based financial controls in the power creation/consumption marketplace, the Company began the development of an application compatible with computers and smart phones that would monitor, maintain, and power home energy systems in through a single application. This led to the launch of the “Smart Command” application.
Later in the year, the Company acquired CryptoPlug Technologies Inc. (“CryptoPlug”), which was developing a blockchain-based, crypto-compatible application for smartphones that would enable users to personalize their EV power requirements around surrounding EV Infrastructure and enable them to pay for their charging needs using cryptocurrency. The Company is now working to amalgamate CryptoPlug’s application into its Smart Command application, so that users are able to charge their electric vehicles using the Smart Command application and pay by cryptocurrency.
The Combination of the two technologies has been a success and the Company expects to roll out this application alongside its battery products in 2022. The Company will offer the application to all customers who buy its products and will charge a small monthly fee for its use.
Electric Vehicles
On February 5, 2021, the Company entered into a partnership agreement with Daymak Inc. (“Daymak”), for the Company to be the exclusive provider of batteries and battery packs for Daymak’s Avvenire product line. Later in 2021 and through this partnership, the Company added a fourth vertical based on the blockchain technology present in its energy storage system (ESS) products, adapted such technology to the Electric Vehicles (EVs) sector. The Company’s blockchain-based battery systems featuring RichPower’s BMS technology were hence adapted into custom battery systems for electric vehicles. In December of 2021, the first Avvenire prototype was completed using the Company’s battery system.
The Company successfully installed its first battery system in the Avvenire Spiritus, which was unveiled in December of 2021. With the success of this first installation, the Company is confident it will be able to deliver on battery systems for all of the Avvenire products as they are set to commence sales in 2022 and 2023.
Crypto Mining
Through quick adaptation and M&A efforts, the Company made a purchase that complemented its other verticals to create a new and highly growth-focused vertical, “Crypto Mining.” The Company’s success with its other blockchain-based verticals brought several IP partnership opportunities grounded in the world's adoption and transition to digital currencies. In December 2021, the Company acquired Optimal CP Inc. (“Optimal”), which will use the Company’s blockchain technology to build out a crypto mining operation in Alberta, Canada.
Optimal currently expects an initial tranche of 100 ASIC miners to be delivered to its facility in March 2022, with the installation and commission of the first mining enclosure expected over the following four to eight weeks.
“After taking the role of CEO in January 2020, I had set intentions for the Company to expand all of its divisions to allow for growth into a bigger player in the blockchain industry,” commented EV Battery Tech CEO, Bryson Goodwin.
“We started by integrating two different industries into a unique diversified product portfolio and we have seen success in each division of the Company and I look forward to taking the next steps to continue this growth. We have also now changed the name of the Company to best reflect the broader vision and diversification of our Company as we focus on Crypto and Blockchain ” concluded Mr. Goodwin.
On behalf of the Company,
Bryson Goodwin
Chief Executive Officer
About CryptoBlox Technologies Inc
CryptoBlox Technologies Inc. is a blockchain and battery technology company with revolutionary, patented battery management systems (BMS) designed to meet the growing demand for scalable, smart solutions for the rapidly growing electric vehicle (EV) and energy storage solution (ESS) markets. The company has committed to assisting global recycling solutions by offering recycling initiatives using their technology to analyze and fully refurbish used batteries.
Contact Numbers and Emails
For further information about the Company, please visit https://www.evbattery.tech.
For further information about the Company’s Products please visit https://www.ionixpro.com.
For Investor Inquiries, please contact (236) 259-0279 or email info@evbattery.tech
For Product or Sales Inquiries, please contact (236) 266-5174 or email sales@ionixpro.com.
All communications are managed by AlphaOne Media Group Inc.
Forward Looking Statements
The information in this news 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 upon assumptions that are subject to risks and uncertainties. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements relating to: the Company’s business plan improving the Company’s performance and return for its shareholders; the projected value of the battery management system market; the Company providing battery solutions to upcoming development projects; the underserviced global opportunity for the modification and monetization of the intellectual property already present in the Company’s blockchain technology; the alteration and implementation of blockchain based securities and controls becoming a vital component within the general acceptance and transference of power usage/sales to the end user in global energy markets; the world’s developed cities transitioning into “Smart Grids”; applications building shareholder value; the Company building custom battery systems for all Avvenire products; Optimal using the Company’s blockchain technology to build out a crypto mining operation; and Optimal’s expectation of the delivery of the initial tranche of 100 ASIC miners and their commission into the first mining enclosure. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Further risk factors are discussed in the Company’s Management Discussion and Analysis for year ended January 31, 2021.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
FAQ
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