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Vancouver, British Columbia, Canada, Nov, 2018 -- BLOK Technologies Inc. ("BLOK Tech" or the "Company") (CSE: BLK) (OTC: BLPFF) (FRANKFURT: 2AD) announces that the Company has signed a Memorandum of Understanding ("MOU") to acquire 80% of the issued and outstanding common shares (the "Acquisition") of The Worx Solutions Inc. ("WORX"), a private company incorporated under the laws of British Columbia.

WORX is in the business of developing and marketing Businessworx, a Customer Relationship Management ("CRM") and data analytics software platform for the retail industry.

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The Acquisition is subject to completion of certain conditions set forth in the MOU, including, without limitation: approval by the board of directors of BLOK and WORX; completion of satisfactory due diligence; execution of a definitive agreement; receipt of all necessary shareholder and regulatory approvals, including the approval of the Canadian Securities Exchange (the "CSE") and other conditions.

"The proposed acquisition of Businessworx presents a milestone opportunity for BLOK Technologies," said BLOK CEO Rob Dawson. "With our focus on the commercialization of emerging technologies, we see significant potential to expand the distribution and the revenue base of Businessworx. We’ve been following the progress of Businessworx since its inception and have been impressed by the drive and efficiency of the WORX team in developing a software tool that meets retail industry needs."

"We developed Businessworx so that retailers could better market and manage their business," said Marcel Newell, Founder of WORX. "It’s an advanced business management tool that produces marketing and customer relationship programs and measurable results for our retail clients. We have seen proven success with this tool in increasing retail sales and reducing customer acquisition costs and have been able to demonstrate this to our clients through our analytics dashboard."

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Posted by Veronica Silva Cusi, news correspondent
Source: https://globenewswire.com