GlobalBlock Announces Management Changes, Delay of Financial Statements and Application for Voluntary Management Cease Trade Order

London, United Kingdom and Vancouver, British Columbia–(Newsfile Corp. – April 29, 2022) – GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the “Company” or “GlobalBlock“) is pleased to announce the appointment of Amaan Jalwa as new Chief Financial Officer, to be effective following the departure of Jessica Van Den Akker, who will leave the business to focus on other opportunities, once the audited financials have been filed alongside an orderly handover period.

Amaan is a qualified Chartered Accountant having trained at KPMG in London. Amaan was most recently interim-CFO of digital asset liquidity technology platform Enigma Securities, a firm backed by British billionaire investor Alan Howard, prior to which he was the Finance Director of Outlier Ventures, the tech VC firm focused on blockchain, AI and Web 3 startups. Before then, Amaan served as the interim-Finance Director of Omnio, the digital banking fintech business.

Early international experience included joining the Japanese electronics firm JVC Kenwood as a Finance Manager before being promoted to Head of Finance in 2012. He then went onto real estate business Asia Pacific Investment Partners as VP for Finance and Accounting, before joining the Japanese MBO Fund Asia Growth Capital as their COO and CFO.

Rufus Round, CEO of GlobalBlock, said:

“We are delighted to welcome Amaan Jalwa, who’s experience is highly complementary to GlobalBlock, in particular in fintech and blockchain. He will be joining us at a very exciting time for the business and industry as a whole.

“We would also like to thank Jessica for her stewardship during her time both before and after last year’s business combination, in particular during that transition and through the Company’s maiden audit and wish her the best in her future endeavours.”

Amaan Jalwa, CFO at GlobalBlock, said:

“GlobalBlock is a great business run by experienced and seasoned financial services professionals. I am looking forward to supporting the board in its short, medium and long term objectives. Blockchain and financial services are experiencing a dynamic shift and my plan is to help grow GlobalBlock to be a pioneer in the provision of digital asset trading and products in the UK and beyond, with support of the management team and the board.”

The Company further announces that it does not anticipate being in a position to file its audited annual financial statements, management’s discussion and analysis, and related certifications for the fiscal year ended December 31, 2021 (collectively, the “Annual Filings“) on or before May 2, 2022 as required, due to (i) this being the first annual financial statements for the Company following the acquisition of GlobalBlock Limited and its digital asset brokerage business in the United Kingdom (the “Acquisition“); (ii) the Company updating the accounting systems and procedures of its new subsidiary GlobalBlock Limited following the Acquisition; and (iii) this being the first annual financial statements of the Company being audited by its new auditor, Kingston Ross Pasnak LLP; and therefore additional time is required by the auditor to complete their review and procedures.

Accordingly, the Company has applied to the British Columbia Securities Commission, the Company’s principal securities regulator in Canada, for the issuance of a management cease trade order (“MCTO“) under the provisions of National Policy 12-203 Management Cease Trade Orders (“NP 12-203“) to be granted in connection with the late filing of the Annual Filings, so as to permit the continued trading in the Company’s common shares by persons other than the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities. There is no guarantee that a MCTO will be granted. The Company expects to file the Annual Filings on or before May 13, 2022.

The Company confirms that it intends to satisfy the provisions of section 10 of NP 12-203 and issue bi-weekly default status reports for so long as the Company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the Company to remedy the default; particulars of any failure by the Company to fulfil these provisions, any subsequent defaults of the Company requiring a default announcement and any other material information concerning the affairs of the Company not previously disclosed.

There is no material information concerning the affairs of the Company that has not been generally disclosed and GlobalBlock remains in a sound financial position with a strong cash balance and is debt free.

ABOUT THE COMPANY

GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly owned subsidiary, GlobalBlock Limited (http://www.globalblock.co.uk), is at this time a United Kingdom based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Established in 2018 by an experienced team of financial services professionals, GlobalBlock Limited acts as a trusted agent serving the digital asset needs of individuals, corporates, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets. At this time, GlobalBlock Limited only accepts United Kingdom and Ireland resident clients or customers for its digital asset broker or trading services.

For further information please contact the Company at:

Rufus Round, CEO
c/o 65 Curzon Street, London, W1J 8PE, United Kingdom
Tel. +00 44 20 3286 2904
info@globalblockdigital.com
http://globalblock.co.uk/ and http://www.globalblockdigital.com/
http://twitter.com/Globalblocknews
http://www.linkedin.com/company/globalblock/

Media Contact
Angus Campbell
Citigate Dewe Rogerson
Angus.Campbell@citigatedewerogerson.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information set out in this news release constitutes forward-looking statements or information. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. In particular, this news release contains forward-looking statements in respect of among other things: the timing, audit, completion and filing of the Annual Filings; the application and grant of a MCTO; the continued and successful development of the businesses and technologies of each of the Company and its subsidiaries, the ability of the Company and its subsidiaries to obtain the applicable regulatory approvals to continue to conduct its business and other information concerning the intentions, plans, future action and future successes of the Company, and its businesses, technologies and products described herein. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s most recent management’s discussion and analysis, a copy of which is filed on SEDAR at www.sedar.com, and readers are cautioned that the risk factors disclosed therein should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit http://www.newsfilecorp.com/release/122069