VANCOUVER, British Columbia, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Cryptobloc Technologies Corp. (“Cryptobloc” or the “Company”) (CSE: CRYP, OTC: CRYBF, Frankfurt: GR9) is pleased to announce Corporate Updates.
At the request of the Canadian Securities Exchange (the “CSE”) and in furtherance of the Company’s effort to have its shares reinstated for trading, Cryptobloc provides the following background information on the Company’s management team, compensation and an update in respect of the removal of the current trading halt by the CSE on securities of the Company.
The Company’s current management team consists of Mr. Rob Abenante (Director and Chief Executive Officer), Kent McParland (Director and Chief Financial Officer) and Cedric (Ric) Wilson (Director).
Mr. Abenante is a seasoned public company executive, entrepreneur and investor. He has held senior executive roles in both public and private companies across several industries including renewable energy, mining, technology, agriculture and life-science/bioceuticals in Canada, the United States, Australia, Africa, Europe and Asia. He has been a regular lecturer at Simon Fraser University teaching third-year courses and an executive MBA program. Mr. Abenante's education includes a BBA with a finance and accounting concentration, a master's degree, CPA and CA. Mr. Abenante held senior positions at Deloitte & Touche LLP and PricewaterhouseCoopers LLP. Mr. Abenante has built a reputation for restructuring and refinancing distressed companies and has raised tens of millions for publicly traded companies.
Mr. McParland has over 20 years’ experience working across numerous industries including oil and gas, financial services, hotel and real estate development and agriculture across Canada, the United States, Australia and the Caribbean. In addition, he has experience in the areas of project management and change management within a global environment. Mr. McParland is a Chartered Professional Accountant and holds a BBA with an accounting concentration and an MBA with a focus on strategy and marketing from Simon Fraser University. Mr. McParland worked extensively in the area of company restructuring and reorganization prior to joining Cryptobloc. He has worked with international accounting firms including Grant Thornton, Ernst & Young and Deloitte.
Mr. Wilson has over 30 years of financial services experience. In addition to working for a US Fortune 250 insurance company, Mr. Wilson is a serial entrepreneur, managing companies involved in a wide variety of industries from real estate to food and beverage. Mr. Wilson has served as a director of several private and publicly listed companies, including a TSX senior listed company. His financial and entrepreneurial experience will bring considerable value to the board as the Company continues to grow via mergers and acquisitions in this rapidly dynamic market.
Due to a lack of working capital upon taking over Officer and Director roles in the Company, both Messrs. Abenante and McParland have been accruing management fees and expenses commencing July 1, 2018, including expenditures both have advanced personally in an effort to keep the Company alive and return it to good standing during this period. Neither Mr. Abenante nor Mr. McParland has been paid any sort of compensation for their executive and directorship roles, but both have been accruing consulting fees of $25,000 and $5,000 per month respectively. Mr. Abenante is currently owed $125,000 and Mr. McParland $25,000 in respect to consulting fees.
The Company is pleased to advise that the CSE intends to remove the trading halt such that the Company’s shares will commence trading at the open on the CSE on December 11, 2018. As part of the Company’s go forward plan, the Company is considering other business opportunities.
For additional information please contact our investor relations team at firstname.lastname@example.org or by phone at 883 669 2797.
On Behalf of the Board of Directors
Robert Abenante, Chief Executive Officer.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.