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Vancouver, BC, 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 $12.6 Billion by 20241. To reflect this new path forward, the Company changed its name to Extreme Vehicle Battery Technologies Corp.
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 …
Full story available on Benzinga.com
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