Cryptobloc settles DMG Blockchain copyright suit
CRYPTOBLOC TECHNOLOGIES Corp. has provided a corporate update.
Settlement of litigation
On Jan. 31, 2018, the company was named as a defendant in a Supreme Court of British Columbia action commenced by DMG Blockchain Solutions Inc., which alleged that the company had infringed a DMG copyright when it used materials in a slide deck presentation designed by DMG in its own presentation to potential investors. On March 29, 2018, a default judgment was entered in the action, with damages and costs to be assessed. Since such date, DMG and the company have been working towards a settlement respecting the action and the company announces today that the terms of a settlement have been agreed upon. The terms of the settlement are confidential and provide that the company will make a cash payment to DMG.
Resignation of Akash Patel
The company also announces the resignation of Akash Patel as president and a director of the company. Mr. Patel has left the company to pursue other interests. The company thanks Mr. Patel for his service and contribution to the company and wishes him all the best in his future endeavours.
The company has initiated a search for one or more new directors to replace Mr. Patel.
About Cryptobloc Technologies Corp.
Based in Vancouver, B.C., Cryptobloc Technologies is focused on developing and implementing blockchain, distributed ledger, closed loop and cryptocurrency services for government and commercial partners. Cryptobloc is committed to developing innovative and disruptive solutions that constantly improve active business practices for its partners.
We seek Safe Harbor.
Brian Biles, Kenneth Clifford Phillippe
(CRYP) Shares: 60,960,901