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London, United Kingdom and Vancouver, British Columbia--(Newsfile Corp. - May 27, 2022) - GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the "Company" or "GlobalBlock") is providing this bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12- 203 Management Cease Trade Orders ("NP 12-203"). On April 29, 2022, the Company announced (the "Default Announcement") that, for reasons disclosed in the Default Announcement, the filing of the Company's audited annual financial statements, management's discussion and analysis, and related certifications for the fiscal year ended December 31, 2021 (collectively, the "Annual Filings"), would not be completed by the prescribed deadline of May 2, 2022. As a result of this delay in filing the Annual Filings, the Company's principal regulator, British Columbia Securities Commission, granted a management cease trade order (the "MCTO") to the Company. The MCTO prohibits all trading by the Chief Executive Officer and the Chief Financial Officer of the Company, and such other directors, officers and persons as determined by the applicable regulatory authorities, in securities of the Company until the MCTO is revoked. The Company's board of directors and management confirm that they are working expeditiously to meet the Company's obligations relating to the filing of the Annual Filings, with the goal of filing by May 31, 2022. While the Company previously indicated that its intention was to file the Annual Filings by May 27, 2022, additional time is required to permit the Company's auditors to complete its review and enquiries in connection with the audit of the Annual Filings.
Pursuant to the provisions of the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement, except as stated in this Default Status Report, there have not been any changes to the information contained therein that would reasonably be expected to be material to an investor; nor any failure by the Company to fulfil its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, other than as disclosed in Company press releases and other public disclosure, as applicable, there is no additional material information respecting the Company and its affairs that have not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report. Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified by NP 12-203 by issuing bi-weekly status default reports in the form of further press releases, which will also be filed on SEDAR.
As a result of the delay in filing the Annual Filings, the Company also announces that the filing of its unaudited interim financial statements for the three-months ended March 31, 2022, the related management's discussion and analysis, and certificates of its CEO and CFO (collectively, the "Interim Filings"), are expected to be delayed beyond the filing deadline of May 30, 2022. The Company is working to complete the Interim Filings as soon as possible and expects the Interim Filings to be filed within at least five business days following the Company's filing of the Annual Filings.
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose subsidiary, GlobalBlock Europe, UAB (https://www.globalblock.eu), is a European Union based digital asset broker that provides a personalised telephone brokerage service, trading platform and mobile app. Established by an experienced team of financial services professionals, GlobalBlock Europe, UAB acts as a trusted agent serving the digital asset needs of individuals, corporations, institutional financial firms and intermediaries, providing best execution trading and safe custody of digital assets. At this time, clients or customers based in Lithuania and the UK can be onboarded to its digital asset broker and trading services.
For further information please contact the Company at:
Rufus Round, CEO
c/o 65 Curzon Street, London, W1J 8PE, United Kingdom
Tel. +44 20 3307 3795
Citigate Dewe Rogerson
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 filing of the Annual Filings and the Interim Filings and the timing thereof; the continued satisfaction of the requirements of the 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.
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