VANCOUVER, May 14, 2020 /CNW/ - Blockchain Group Corp. ("Cascadia" or the "Company") (CSE: CK) is providing an update on operation in response to the recent worldwide COVID-19 pandemic. Management has been monitoring the COVID-19 outbreak and paying close attention to the guidance given by government and public health organizations. "We are fortunate enough to be in a business which enables our team to continue to work remotely in a safe environment. Our team has been able to continue executing our business strategy during this unprecedented time. We do not anticipate any delays due to COVID-19 on development of our licenced cryptocurrency exchange, Eurasia Blockchain eXchange ("EBX") (refer to news release dated January 17, 2020). Meanwhile, senior management of the head office has voluntarily suspended their salary payment during the pandemic to minimize cash outflow" states Danny Deng, president and Chief Executive Officer of Cascadia.
In addition, the board of directors of the Company has approved to grant five unrestricted common shares of Eurasia Blockchain Fintech Group Limited ("EBFG"), a subsidiary that owns EBX, to Mr. Tilektes Adambekov, who has been serving EBFG as a director since 2018. Mr. Adambekov has helped Cascadia establish EBFG and EBX from the ground up. Under his leadership, EBFG was able to obtain the cryptocurrency exchange and custodian service conditional licence issued by Astana International Financial Centre ("AIFC") in 2019 and is now at the final stage of completing the development of EBX". Mr. Adambekov says, "I am proud to become a shareholder of EBFG. Despite the global pandemic, I am committed to help the Company launch EBX in a live environment in summer this year." Cascadia's ownership in EBFG will change from 100% to 95.24% after this transaction.
Cascadia is an early stage fintech and blockchain technology company listed on the Canadian Securities Exchange (CSE: CK). Its wholly owned subsidiary, Eurasia Blockchain Fintech Group Limited ("EBFG"), has a conditional FinTech License to operate a crypto currency exchange and provide custodian services under the brand of Eurasia International Blockchain eXchang ("EBX").
Astana International Financial Center is the financial center of Central Asia, the Caucasus, EAEU, the Middle East, Western China and Europe. AIFC operates under English law and aims to develop financial markets. AIFC has a separate economic system with an independent judicial system based on common laws. It has relaxed foreign exchange control and capital environment. Companies incorporated under the jurisdiction of AIFC are entitled to 50 years of exemption from corporate, personal income, land and property taxes.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Cascadia Blockchain Group Corp.
For further information: Hanxuan Wu, Director, [email protected], www.cascadiacorp.com