VANCOUVER, Oct. 1, 2018 /CNW/ - BLOCKSTRAIN
TECHNOLOGY CORP. (the "Company" or "BLOCKStrain")
(TSXV: DNAX.V) (OTC: BKKSF) is pleased to announce that,
effective as of September 28, 2018,
the Company has appointed Swapan
Kakumanu as Chief Financial Officer and a Director of the
Company.
"I am very pleased that Swapan is joining our team, both as our
Chief Financial Officer and as a Director on the Board," said
BLOCKStrain CEO Robert Galarza. "His
extensive experience with technology companies, along with his
public company experience and unquestionable work ethic will add
significant value to our Company as we enter into our next
evolutionary phase."
Mr. Kakumanu has more than 25 years of senior finance and
operations experience and has served at senior executive management
levels, both in public and private companies, in high growth
technology, manufacturing, blockchain, medical device, trading and
oil field services industries. He has held senior roles as
President, Chief Executive Officer, Chief Financial Officer,
Company Secretary and Board Member. Mr. Kakumanu has extensive
experience in public company reporting, investor relations, mergers
and acquisitions, internal controls and general overall financial
and operational management. He holds CPA.CGA, ACA and ACMA
designations.
Cameron Chell, the Company's
Chairman, further stated, "The appointment of Swapan as Chief
Financial Officer and Director demonstrates the creation of a
top-shelf leadership team which indicates BLOCKStrain's readiness
to execute on the Company's growth strategy. His broad experience
with high-growth business makes him an ideal fit for this
role."
In connection with Swapan's appointment, Anthony Jackson has resigned as Chief Financial
Officer and as a Director of the Company. The Company thanks Mr.
Jackson for his service and wishes him the best for his future
endeavours.
"Anthony stepped into the role of CFO at a crucial time, and his
experience was invaluable as BLOCKStrain transitioned from a
private company to a publicly traded corporation," said Galarza.
"We sincerely appreciated his guidance and support."
The BLOCKStrain Board of Directors has also approved the
granting of stock options to three individuals, connected to their
appointments with the Company. All stock options were granted at
the market price for shares at the time the grants were made.
Mr. Kakumanu has been granted 300,000 stock options in
consideration of his new position as CFO and Director of the
Board.
Mr. James Carter has also been
granted 300,000 stock options in consideration of his appointment
to the Board of Directors, as previously announced by the Company
on July 13, 2018.
Mr. Carter is a Chartered Professional Accountant with over 45
years of experience in both the private and public sectors. From
1998 to 2017, Mr. Carter served as Vice President of an NYSE-listed
company focused on merchant banking activities, where he
specialized in mergers and acquisitions, corporate and debt
restructuring and risk management. Mr. Carter has particular
experience with North American and European capital markets.
Mr. Kemal Morris was granted
100,000 stock options in consideration of his appointment as
Industry and Cultivation Specialist with the Company. Mr. Kemal is
an expert in cannabis cultivation and breeding, having worked as a
Master Grower under Canada's
medical marijuana access programs for 15 years, and having
developed more than 40 proprietary cannabis strains in that
time.
All of the stock options are exercisable for a period of 5 years
at an exercise price of $0.30 and
vest as to 1/3 on grant and then 1/3 on the first and second
anniversary.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert Galarza"
Robert Galarza
Chief Executive Officer and Director
About BLOCKStrain Technology Corp.
BLOCKStrain Technology Corp. (TSX-V: DNAX.V) has developed the
first integrated blockchain platform that registers and tracks
intellectual property for the cannabis industry. Strain protection
and genetic identification are major issues for growers and
breeders, and this new technology allows them to identify and
secure rights to their valuable intellectual property (IP). The
BLOCKStrain platform also streamlines the administrative process of
genetic and mandatory quality-control testing for legal cannabis,
cutting the administrative time and expense in half.
BLOCKStrain's proprietary, immutable, cryptographically-secure
blockchain-technology establishes a global 'single source of truth'
for cannabis strains, their ownership, potency and chemical makeup.
In an industry where a popular strain can be worth millions of
dollars, it is crucial to the industry's future to quantify
genetics, potency and equivalencies between cannabis products.
BLOCKStrain delivers needed transparency to growers, retailers,
regulators, and consumers who have struggled to find realistic
solutions to these logistical challenges. The good news is that the
blockchain technology implemented by BLOCKStrain is ideally suited
to solve these kinds of problems by implementing an immutable and
non-corruptible record of transactions.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking
Information
Certain statements in this release are
forward-looking statements, which reflect the expectations of
management regarding the Company's future business plans.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Forward
looking statements in this news release include statements relating
to: the expected benefits of, and impact on, the cannabis industry
as a result of BLOCKStrain's technology; other statements regarding
the business of BLOCKStrain; that BLOCKStrain will support the
growth of the cannabis industry; that its platform will be able to
cut administrative time and costs in half; and management's goals
with respect to making BLOCKStrain the best technology company in
the cannabis sector that provides a solid long-term investment.
Such statements are based on management's current assumptions with
respect to the regulatory environment for cannabis, the expected
applications of its technology and other factors, and are subject
to various risks and uncertainties that may cause actual results,
performance or developments to differ materially from those
contained in the statements, including that: BLOCKStrain's platform
may not operate as expected; the cannabis industry may not use the
BLOCKStrain platform once it is built; legislative changes may
occur that negatively impact BLOCKStrain's business; BLOCKStrain's
platform may not adequately protect users' intellectual property;
and other factors beyond the Company's control. No assurance can be
given that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them. Readers are urged to consider these
factors carefully in evaluating the forward-looking statements
contained in this news release and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements. These
forward-looking statements are made as of the date hereof and the
Company disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
SOURCE BLOCKStrain Technology Corp.