Blockchain Foundry Reports Q3 2020 Financial Results Canadian Exchange: BCFN.CN

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TORONTO, December 1, 2020 (GLOBE NEWSWIRE) – Blockchain Foundry Inc. (“BCF” or the “Company”) (CSE: BCFN), a leading North American blockchain development company, is pleased to announce its financial results for the three and nine months ending September 30, 2020. The Company’s full financial statements and Management Discussion and Analysis (“MD&A”) are available at www.sedar.com. All amounts are shown in Canadian dollars unless otherwise stated.

Main financial data

The following table summarizes the revenues and net profit (loss) for the three and nine months ended 30 September 2020 and 30 September 2019.

“In the third quarter of 2020, BCF achieved a positive net profit and an increase in revenues compared to the third quarter of 2019. This result was the direct result of increased customer development activity and growing market acceptance of blockchain technology. The company has five active customers at various stages of the project and our pipeline is solid. We have also taken the opportunity to capitalize on the business over the past few months. We are well positioned to continue expanding our consulting business and begin exploring product opportunities that leverage our significant experience in the blockchain space, “said Dan Wasyluk, CEO of Blockchain Foundry.

perspective

The Company continues to develop its suite of technology products for the blockchain infrastructure and build its blockchain development and consulting business.

From a product perspective, BCF is developing a core technology to enable highly scalable, low-cost, high-speed (Z-DAG) blockchain transactions, allow users to incorporate multiple blockchain systems within the same project (bridge Syscoin-Ethereum) and initialize customized blockchain tokens (Spark Wallet). BCF’s technology infrastructure is suitable for a variety of use cases where speed, scalability, rates and security are important factors, including stablecoin projects, loyalty applications, digital identities and remittance services.

From a consulting perspective, BCF is committed to working with clients who share the same priorities and vision for what blockchain technology can achieve for governments, businesses and consumers. To date, BCF has worked with clients in a variety of industries, including digital identity, financial services, token wallet and development infrastructure.

Q3 2020 Business Highlights and subsequent events

• Signed a blockchain development agreement with the NIX platform. The deal has a duration of approximately 6 months and is worth approximately $ 60,000. For more information, please see the Company’s press release dated 1 September 2020.
• Entered into a blockchain development agreement with a GDPR compliance solution provider. The initial phase of the deal runs for approximately 4 weeks and is worth approximately $ 50,000. For more information, please see the Company’s press release dated October 5, 2020.
• It entered into an agreement for a withdrawal capital loan of up to $ 4 million over a 24-month period with Alumina Partners (Ontario) Ltd., a subsidiary of Alumina Partners LLC, a New York-based private equity firm. Subsequently, the Company used three tranches under this agreement for a total gross revenue of $ 450,000. For further information, please consult the Company’s press releases of 6 October 2020; 10 November 2020; and November 30, 2020.

About Blockchain Foundry Inc.

Blockchain Foundry develops and markets blockchain-based business solutions and provides advisory services to corporate clients looking to incorporate blockchain technology into their businesses.

Contact Information of Blockchain Foundry:

Chris Marsh
President
[email protected]
(647) 330-4572

Forward-looking information

Portions of this press release contain “forward-looking information” within the meaning of applicable Canadian securities law, which is also referred to as “forward-looking statements”, which may not be based on historical facts. Where possible, words such as “will”, “plans”, “expects”, “goals”, “continues”, “estimates”, “planned”, “anticipates”, “believes”, “intends”, “may” ” Might “,” would “or could, and the negative of such expressions or statements that certain actions, events or results” could “,” could “,” would “,” could “or” will “be undertaken, occur or be achieved , have been used to identify forward-looking information.

Forward-looking statements are not to be read as guarantees of future events, performance or results and will not necessarily be accurate indicators of the timing in which or by which such events, performance or results will be achieved, if fully achieved. Readers should not place undue reliance on such forward-looking statements, as they reflect management’s current views with respect to future events and are subject to risks and uncertainties and are necessarily based on a number of estimates and assumptions which, while deemed reasonable by BCF, are intrinsically subject to significant commercial, economic, regulatory, competitive, political and social uncertainties and contingencies. Many factors could cause BCF’s actual results, performance or results to differ materially from any future results, performance or results that may be expressed or implied in such forward-looking statements. Although BCF has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, events or results to be not as expected, estimated or anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. There is no assurance that such information will prove accurate as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are made as of the date of this document and, accordingly, are subject to change after that date. BCF disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by law.