Global Blockchain Technologies Corp (CNSX:BLOC) said it had deferred the record date for the spin-out of its enterprise and exchange division and revealed that its acquisition of games publisher X2 Games Corp was continuing as planned.
The acquisition of X2 Games, which was created by the 'Godfather' of the video game industry Nolan Bushnell, for a total of over $49 million, was reported on October 11 this year.
After the spin-out, the firm will merge its remaining media and entertainment investments and projects with those of X2 Games Corp.
Assets to be spun-out include those related to the development of the Laser blockchain and those related to the development of the Singularity digital asset, and those relating to the business and technology development of Stratus.
"Even before the acquisition has been finalized, we're already doing great things with X2", Shidan Gouran, president and CEO of Global Blockchain, said in a regulatory statement on Friday.
"Our team and their team have collaborated and discovered even more potential from this acquisition than we had anticipated at the outset.
"Since our announcement of the acquisition attracted a lot of attention from our shareholders, we have gotten several inquiries about the record date.
"Our board has decided to defer the finalization of the record date for the time being as the acquisition is finalized, thus giving our investors even more flexibility to plan their holdings of
BLOC shares to ensure they receive the desired participation in the spinout."
Simplifying blockchain investment
Global Blockchain is focused on simplifying blockchain investment and aims to become the first vertically-integrated originator and manager of top-tier blockchains.
Nolan Bushnel founded Atari, which gave the world the first blockbuster video game.
He later spearheaded the Atari 2600 console and Nolan has also created Chuck E. Cheese - a popular pizza parlour and video game entertainment centre-hybrid.
X2 Games integrates blockchain and cryptocurrency into its games, and with the industry poised to hit US$138 billion by the end of 2018. X2 Games says it's positioning itself to be a world leader in the next-generation of gaming.
Its management also includes Zai Ortiz, who is president, co-founder and chief creative officer, who is a digital animator who created Iron Man's system holograms seen in the Marvel movies.
Shares added 5.88% to $0.09.