Vancouver, BC (GLOBE NEWSWIRE) -- BLOK Technologies Inc. ("BLOK Tech" or the "Company") (CSE:BLK) (FRANKFURT:2AD) is pleased to announce it has made a Strategic Investment (“Investment”) into FogChain, Inc. (“FogChain”), developing a strategic relationship between the two companies for mutual growth and collaboration. FogChain is located in Silicon Valley, California.
Under the terms of this strategic relationship, BLOK Tech has made an initial investment of $100,000 as part of a private placement for subscription receipts of FogChain. For BLOK Tech, this Investment is the first phase of a multifaceted relationship giving the Company access to leading edge developer tools and co-development of Blockchain-enabled software. FogChain will provide BLOK Tech access to tier 1 channel partner networks in the United States for technology product distribution. Both companies over the next few months will further solidify their relationship by exploring deal flow and joint marketing initiatives leading to presentations to each company’s board to advance the relationship.
The Investment also gives BLOK Tech preferred access into emerging companies in Silicon Valley where FogChain has its headquarters and access to blockchain developers and engineers. FogChain founders have incredible experience in Silicon Valley with some tech giants including Amazon, Cisco, CA, New Relic, and Sauce Labs.
“We are very pleased with the potential of this developing relationship with FogChain”, said BLOK Tech CEO Robert Dawson. “Having a US based strategic partner with a foothold in the tech hub of the Silicon Valley brings tremendous opportunities for us. We carefully reviewed FogChain, its team and technology and felt it was an efficient and effective way to spearhead our business into the United States. This will clearly advance BLOK Tech’s access and partnerships in the US market with the Company’s initiatives, plus gives us access to leading-edge developer tools.”
FogChain CEO James Cerna commented “BLOK Tech has a top-notch team and brand. We are delighted that we have found a smart money collaboration partner in BLOK Tech with their investment in our company. This strategic investment should further bolster our relationship with BLOK Tech and reaffirms our commitment to developing our software product offering using "ground up" Blockchain based technologies which will empower the growth of the Blockchain sector."
About FogChain, Inc.
FogChain is exactly as it sounds - the event horizon, where Blockchain meets the decentralized Fog, providing the most secure and efficiently distributed platform for software development on any platform. With the recent explosive demand for more edge computing and security within the Micro-Service and IoT space, FogChain's rubber meets the road with a software tool kit leveraging the best of both worlds. The inherent security of Blockchain combined with the ubiquity and performance of the Fog is the only logical and scalable path. Led by a team of Cloud and SaaS veterans, FogChain is the next super wave for the $500 billion software development market.
About BLOK Technologies Inc.
BLOK Technologies Inc. is a public company that invests in and develops emerging companies in the blockchain technology sector. The Company’s approach is to provide capital, technology and management expertise to the companies it develops. With core technology being developed for the leading cannabis supply chain integrity network, BLOK Tech continues to grow its business into adjacent industries and emerging technologies. The Company systematically identifies early-stage technologies with potential to disrupt and innovate within their industry and invests the necessary resources to ensure the success of their projects.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.
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SOURCE: BLOK Technologies Inc.