CryptoBlox Announces 2021 Annual Financial Results
Vancouver, BC, June 01, 2022 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (the “Company” Where “CryptoBlox”) (CST: BLOX) (OTCQB: CRYBF) is pleased to announce its financial results for the fiscal year ended January 31, 2022. All financial information in this press release is expressed in Canadian dollars, unless otherwise indicated.
CryptoBlox CEO Bryson Goodwin commented
“Despite ongoing COVID shutdowns and global supply shortages, the company remained focused and grew its cash position, assets, and blockchain verticals. Our goal has always been to develop a well-balanced portfolio of block chain assets by leveraging global trends such as the transition to smart and micro power grids, eelectric vvehicle (EV) and eenergy sget carried away ssystem products (ESS) and the growing attention to block chain based vscryptocurrency.
“We started the year by rapidly developing our battery technology division, then built our application technology, which now integrates cryptocurrency into its platform, and ended the year with a key acquisition in the vscryptocurrency mvertical. I am delighted with the success execution of our business strategy, especially in difficult global conditions. We To see the VScompany continues its momentum the 2022 fiscal year,” continued Mr. Goodwin.
Fiscal 2021 Highlights:
Cash increase of 229% compared to January 31, 2021
Increase in assets by 706% compared to January 31, 2021
Decrease in liabilities of 51% compared to January 31, 2021
“The Company’s balance sheet is significantly stronger year-on-year, reflecting several capital increases and the clever, strategic allocation of our Resources,” said Mr. Goodwin.
“These financial state reflect conservative accounting practices, the assets do not include more than $13.seven5 million investments in our vsryptocurrency division, which we believe will be a key driver of growth in 2022. We believe it pays to be cautious and then aim to exceed expectations to create value for our shareholders,” continued Mr. Goodwin.
The company remains focused on driving growth across all verticals of its blockchain business portfolio. Notable developments have been made in the Application Technologies (App) division, which is currently being tested on its battery products (such as the SmartWall). The company hopes to have this application available to customers in 2022. Global supply shortages and increased demand for battery cells, circuit boards and shipping have caused delays in the delivery of some products (such as the SmartWall) to customers in 2021. However, as the world emerges from this difficult time, shipping and production are becoming possible again and the company remains confident that China will continue to ease its COVID restrictions to ensure the global sourcing.
The most exciting development has been in the crypto-mining division where the company has made significant investments to secure a favorable site with historically cold temperatures, a low-cost power purchase agreement, which is the cost of highest entry into crypto mining, and high performance crypto mining equipment. , which is difficult to secure at present. The Company plans to strengthen this division in 2022 and is confident that it will start generating positive cash flow from this division by the middle of the year.
The financial and operating results discussed in this release are based on the Company’s audited consolidated financial statements and related MD&A for the year ended January 31, 2022, which are available on www.SEDAR. com. Only in the context of the complete information and disclosures contained in these documents can an investor properly analyze the information presented here.
On behalf of the company,
Chief executive officer
Contact numbers and emails
For more information about the company, please visit https://www.cryptoblox.ca
For investor inquiries, please contact (236) 259-0279 or email [email protected]
All communications are handled by AlphaOne Media Group Inc.
The information in this press release includes certain information and statements about management’s views on future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, the company’s plans and its continued momentum in fiscal 2022, the company remains on track for a successful year, China eases restrictions, shipping, and production become more feasible, and the company’s plans to grow its crypto-mining division. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and undertakes 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 these forward-looking statements. – statements seeking or otherwise.
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