Blox Inc. Announces New Director & Provides Corporate Update
June 11 2014 - 6:31PM
Marketwired
Blox Inc. Announces New Director & Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 11, 2014) - Blox
Inc. (OTCQB:BLXX) ("Blox" or the "Company") is pleased to announce
that Mr. Robert Ironside has been elected to the Board of Directors
of the Company, increasing the number of directors to four (4).
Robert Ironside is a finance professional and independent
consultant to a variety of corporations in energy and mining
industries. He served as a director of International Eco Endeavors
Corp. until its amalgamation into Blox on February 27, 2014, at
which point he became a director of the Company's energy
subsidiary, Blox Energy. Mr. Ironside is currently a professor at
Kwantlen University and previously taught finance at the University
of Lethbridge, the University of Saskatchewan, and the University
of Calgary. During his teaching career, Mr. Ironside has been
awarded six teaching awards at both the graduate and undergraduate
levels. In addition to his academic activities, Mr. Ironside has
been the Chief Executive Officer of Golden Birch Energy Ltd., and
was a founder and director of Primeline Capital Corp. For over 20
years, Mr. Ironside has worked in twenty countries and has written
and published two books.
Corporate Update
Blox is advancing its project division and is most notably
progressing in the acquisition of the three (3) mineral concessions
announced on June 24, 2013, as part of the amalgamation with
Quivira Gold Ltd. The Company awaits the completion of various
formalities to close the acquisition which includes a financing of
US$1.5 million.
In addition to its previously announced acquisitions, Blox
continues to evaluate other potential partnerships and is active in
its pursuit of several mineable projects in West Africa. The focus
on this region will likely lead to the shift in focus of its
renewable energy division.
The Company's biogas asset in Hungary is currently undergoing
care and maintenance and the Company has elected to cancel its
power contract during this idle time. The contract was between
MAVIR Zrt. and Kenderes Biogáz Termelő Kft., the Company's
subsidiary, for the sale of up to 5,842 megawatt-hours per year
from July 2007 to December 2020. The power could be sold at three
different rates each day: 37.72 Hungarian Forints per kilowatt-hour
(HUF/kWh) at peak hours; 33.76 HUF/kWh at midday hours, and 13.75
HUF/kWh at night hours. The request was submitted on April 26, 2014
and approved on May 23, 2014 for termination on June 1, 2014. There
were no penalties for the termination. Once the care and
maintenance process has concluded, Blox will utilize the
opportunity and seek competitive rates before establishing a new
contract.
The Company continues to pursue acquisitions which will lead to
the production of renewable energy and eco-friendly mineral
production.
FORWARD-LOOKING STATEMENTS
Statements contained herein that are not historical facts
may be forward-looking statements within the meaning of the
Securities Act of 1933, as amended. Forward-looking statements
include statements regarding the intent, belief or current
expectations of Blox and its management, such as statements that
Blox intends to expand its renewable energy portfolio and Blox
anticipates closing its previously announced merger with gold
company Quivira Gold Ltd. in the next quarter. Such statements
reflect management's current views, are based on certain
assumptions and involve risks and uncertainties. Actual results,
events, or performance may differ materially from the above
forward-looking statements due to a number of important factors,
and will be dependent upon a variety of factors, including, but not
limited to Blox's ability to obtain additional financing; Blox's
ability to satisfy the conditions in the merger agreement with
Quivira Gold Ltd.; adverse market conditions; risks inherent in the
mining industry in general; and risks relating to mining operations
in Ghana. Blox undertakes no obligation to publicly update these
forward-looking statements to reflect events or circumstances that
occur after the date hereof or to reflect any change in Blox's
expectations with regard to these forward-looking statements or the
occurrence of unanticipated events. Factors that may impact Blox's
success are more fully disclosed in Blox's most recent public
filings with the U.S. Securities and Exchange Commission.
Blox Inc.Robert AbenanteCEO and
Presidentinvestors@bloxinc.com
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