GlobalBlock Releases Third Quarter Results – Sees Significant Revenue Increase in Third Quarter 2021 Period
– GlobalBlock Digital Asset Trading Presents Third Quarter Results Highlights –
– Complete results filed and available on www.sedar.com –
London, United Kingdom and Vancouver, British Columbia – (Newsfile Corp. – November 30, 2021) – GlobalBlock Digital Asset Trading Limited (TSXV: BLOK) (OTC Pink: BLVDF) (FSE: BD4) (the “Company” or “GlobalBlock”) has filed its third quarter 2021 unaudited financial statements and MD&A, and is pleased to report in the third quarter of 2021 that it recorded three and nine month revenues of $ 838,433 (all amounts are in Canadian dollars, unless otherwise indicated). These are the first financial statements to include the results of the Company’s wholly owned operating subsidiary, GlobalBlock Limited (“GlobalBlock UK”), which the Company acquired in July 2021.
Following a strategic review in 2019 and its subsequent acquisition of GlobalBlock UK, the company has undergone a transformation resulting in a significant increase in operations and revenues. The third quarter incurred one-time transaction costs related specifically to the business combination, contributing to a loss for the period.
Highlights of the year 2021:
Achieved three and nine month revenues of $ 838,433 for the period from the acquisition of GlobalBlock UK (July 2021) to September 30, 2021 and a three and nine month loss of $ 3,238,781 and $ 3,682,889 respectively, including a one-time fee for transaction costs of $ 2,288,572. Transaction costs were mainly related to the fair value of intermediary shares issued following the acquisition of GlobalBlock UK.
As at September 30, 2021, the Company had working capital of $ 6.1 million (December 31, 2020 – $ 4.3 million) and cash on hand of $ 5.7 million (December 31, 2020 – $ 4.4 million).
Continued expansion of the GlobalBlock UK team with executive hires in the areas of technology, marketing and sales to support current and future operations.
GlobalBlock UK continues to increase its digital asset offering where clients have the opportunity to trade on GlobalBlock UK’s combined service offerings of phone, online trading platform and mobile app, growing from 80 digital assets in October 2021 to more than 100 in November 2021.
GlobalBlock UK operations from 2020 to 2021 saw significant growth with revenue for the 2021 calendar increasing by 612% over revenue for the 2020 calendar, driven by increased customers and high transaction volumes. Revenue was achieved without any marketing during the period as word of mouth led to an increase in GlobalBlock UK account holders and business activity.
The significant increase in revenue reflects the broader increase in the adoption of cryptocurrency by individuals and businesses across several industries, most notably in financial services. GlobalBlock, through the operations of GlobalBlock UK, is benefiting from a wider acceptance of digital assets as a new emerging asset class and current business conditions remain strong.
Rufus Round, CEO of the company, said:
“The speed with which the GlobalBlock UK business combination has generated significant revenue has exceeded our expectations and we are delighted to see the debut of a rapidly growing digital asset trading and service provider. With a very experienced team that has a proven track record in regulated financial services, combined with an exponentially growing market, we are excited about the foundations that have been built so far and what the future holds. “
“Since the third quarter of 2021, activity has seen trade continue to follow a similar trajectory. There is a lot of activity and the pipeline of sales, new products and services is full. In line with our commitment to regulation, safety and transparency, we look forward to the launch of a new wholly-owned mobile application scheduled for the first quarter of 2022 and have stepped up their marketing efforts. “
ABOUT THE COMPANY
GlobalBlock Digital Asset Trading Limited is a publicly traded holding company (TSXV: BLOK) whose wholly owned subsidiary, GlobalBlock Limited (https://www.globalblock.co.uk), is a UK based digital asset broker providing personalized phone brokerage service, trading platform and mobile app. Founded in 2018 by an experienced team of financial services professionals, GlobalBlock Limited acts as a trusted agent serving the digital asset needs of individuals, businesses, institutional financial firms and intermediaries, providing best execution and custody. secure digital assets.
GlobalBlock Limited has been temporarily registered under the Money Laundering, Terrorist Financing and Transfer of Funds (Payer Information) Regulations 2017 as a crypto-asset business until March 31, 2022, pending the decision of the request by the Financial Conduct Authority. At present, GlobalBlock Limited only accepts clients resident in the UK and Ireland for its digital asset brokerage or trading services.
For more information, please contact the Company at:
Rufus Round, CEO
c / o 65 Curzon Street, London, W1J 8PE, United Kingdom
Phone. +00 44 20 3286 2904
https://globalblock.co.uk/ and http://www.globalblockdigital.com/
Quote Dewe Rogerson
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press 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”, “could”, ” will be ”,“ intend ”,“ could ”,“ could ”,“ should ”,“ believe ”and similar expressions. In particular, this press release contains forward-looking statements regarding, among other things, the continued and successful development of the businesses of each of the Company and GlobalBlock Limited, the ability of GlobalBlock Limited to obtain applicable regulatory approvals (including registration standing with the Financial Conduct Authority in the UK) to continue to operate, the completion and timing of the publication of the 100% Company-owned application, and other information regarding intentions, plans, the future actions and future successes of the Company, and its activities, results, technologies and products described herein. Forward-looking statements are based on the opinions and expectations of the management of the Company as of the effective date of such statements and, in some cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions and that information obtained from third-party sources is reliable, it cannot guarantee that these expectations will prove to be correct. Readers are cautioned not to place undue reliance on any 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 be achieved. By their nature, forward-looking statements involve many assumptions, known and unknown risks, and uncertainties that contribute to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved, which may cause them to differ. actual results of future periods. materially any estimate or projection of performance or future results expressed or implied by these forward-looking statements. These risks and uncertainties include, among others, the risk factors set out in the Company’s most recent MD&A, 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 of the date hereof and unless otherwise required by law, the Company does not intend, nor assumes any obligation, to update these forward-looking statements.
Readers are cautioned that past performance is not indicative of future performance and that current business trends and demand for digital assets may not continue and readers should not place undue reliance on past performance and to current trends.
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.
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