BLOK Technologies has entered into a letter of intent (LOI) with Port Mercantile Capital to acquire SimpleBlock Payment Systems.
BLOK Technologies Inc. is a public Company. The company approach is to provide capital, technology and management expertise to the companies it develops. 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.
SimpleBlock has been in development since 2014, with over $10,000,000 USD invested in the technology to date. The Simpleblock enables consumers and businesses to make payments, execute money transfers and conduct e-commerce transactions via mobile phone or the internet, without a bank account.
Under the terms of the LOI (letter Of Intent), BLOK Tech will acquire a 100% interest in the SimpleBlock software and source code. SimpleBlock is a Fintech software platform that provides proprietary mobile banking services and financial payment and collection solutions.
BLOK tech. and Port Mercantile both to Relish the Potential of Partnership
BLOK Tech CEO Robert Dawson said they are very pleased with the potential of adding Simpleblock to their blockchain enabled product suit. Banking and payment processing are the key focus area for them; they have strategically targeted these sectors for investment and product development.
Port Mercantile Chairman and CEO Eric Schjelderup said he was very pleased that they have found a visionary partner in BLOK tech to move their banking technology solution further. Together with BLOK Tech they would commercialize their Fintech solution to serve the needs of consumer and industries in target markets.”