VANCOUVER, British Columbia, Aug. 01, 2018 (GLOBE NEWSWIRE) -- BLOK Technologies Inc. ("BLOK Tech" or the "Company") (CSE: BLK) (OTC: BLPFF) (FRANKFURT: 2AD) is pleased to announce that Varipay Inc. (“Varipay”) and the Company have entered into a Memorandum of Understanding (“MOU”) to collaborate on the development of a payment gateway to be integrated into the Greenstream Network, the blockchain-enabled supply chain integrity platform developed by BLOK Tech’s 100% owned subsidiary Greenstream Networks Inc. (“Greenstream”). This comprehensive MOU outlines the strategic partnership Varipay and BLOK Tech are forming to develop business opportunities in the industry.

“We are pleased to team up with Varipay,” said Joel Yaffe, Chief Technology Officer and Director of BLOK. “The strategic partnership with Varipay will provide us with the critical infrastructure and services for processing digital payments on the secure payment gateway we are configuring using Greenstream’s blockchain technology. This provides efficient transaction processing for B2B and B2C customers across the cannabis supply chain while ensuring supply chain integrity and protecting transactions against fraudulent actions.”

Under the terms of the MOU the Parties agree to the following:

-- Varipay will provide payment processing capabilities to Greenstream, including API integration documentation, onboarding & operational support to facilitate the on-going development of Greenstream; -- Greenstream will collaborate with Varipay to integrate blockchain technology into Varipay’s technology solution; -- Varipay and Greenstream will agree on a revenue sharing model for each transaction through the Greenstream Network; -- Varipay and Greenstream will collaborate and support each other in the development and improvement of the payment gateway application, and the technologies of their mutual go to market offering. -- BLOK Tech, Greenstream and Varipay agree to collaborate with respect to the planning and design of financial services technology, blockchain technology integration and other business opportunities for the cannabis industry, as mutually agreed.

Ray Rasouli, Founder and CEO Varipay Inc., stated: “As the leading provider of innovative payment solutions in Canada, Varipay is delighted to partner with BLOK to support their efforts and BLOK’s payment gateway needs. As Canada is the world’s leading cashless society, the digital payments economy will only continue grow, and our offering of state-of-the-art payment gateways combined with BLOK’s blockchain solutions, will provide enhanced support to this growing sector of the Canadian economy.”

About VaripayVaripay is currently providing payment services to merchants in a number of industries in Canada; and has developed a unique proprietary payment platform. Varipay’s open APIs allow payment SP’s and companies to safeguard and transport money value instantly using a closed-loop network without the need for intermediaries. Using ultra-modern cryptography along with stringent and robust bank-level security, the Varipay platform is purpose-built to withstand North American compliance regulations initially and to extend globally in the future.

About Greenstream Networks Inc.Greenstream is engaged in the development of a blockchain-enabled supply chain integrity platform for the legalized cannabis industry. The federal government has laid out a roadmap to have cannabis legalized nationwide in 2018. With this in mind, Greenstream is in the process of developing a technology architecture to address the supply chain integrity needs for this new regulatory environment, providing the industry the ability to manage from ‘seed to sale’. Greenstream’s platform provides a unified secure solution for licensed cannabis producers, merchants, consumers and government entities helping them transact, track, access, share and authenticate the movements of legal cannabis through all levels of the supply chain.

For additional information on Greenstream and other information, please click on the link to visit the website at Greenstream Networks.

About BLOK Technologies Inc.BLOK Technologies Inc. is a public company that invests in and develops emerging companies in the blockchain technology sector. The Company’s approach is to provide capital, technology and management expertise to the companies it develops. With core technology being developed for the leading cannabis supply chain integrity network, BLOK Tech continues to grow its business into adjacent industries and emerging technologies. 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.

The Company also wishes to announce that following a due diligence process and corporate strategy developments in the payments sector, it has decided not to proceed with the acquisition of SimpleBlock Payment Systems.

For additional information regarding BLOK Technologies and other corporate information, please visit the Company's website at BLOKTECHINC.COM

ON BEHALF OF THE BOARD OF DIRECTORS

“Robert Dawson”

President & CEO

For further information, please contact: James Hyland, B.Comm.Vice President Corporate Development, Director (604) 442-2425 jamie@bloktechinc.com

Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.