BLOK Technologies Inc. (CNSX:BLK) entered into a non-binding letter of intent to acquire 100% of the issued and outstanding shares of Sierra Blockchain, Inc. for $0.46 million on February 25, 2019. In consideration, BLOK Tech will issue 24 million shares of common stock to Sierra, which may be subject to escrow requirements pursuant to Canadian Securities Exchange policy. Upon consummation of the acquisition, the existing Board of Directors of BLOK Tech will appoint one new Board member of the choosing of SIERRA to the Board of BLOK Tech. Following consummation of the acquisition, the new Board will name a new management team consisting of persons from either SIERRA, BLOK Tech or others of the Board's choosing. The letter of intent will be superseded by a formal Definitive Stock Acquisition agreement. As on July 11, 2019, BLOK Technologies signed an extension with Sierra on the letter of intent until July 31, 2019, as BLOK Technologies and Sierra Blockchain are working through the due diligence process. As on July 30, 2019, BLOK Technologies signed a second extension with Sierra on the letter of intent until August 31, 2019, as BLOK Technologies and Sierra Blockchain continue to work through the due diligence process. The transaction will be subject to requisite regulatory approvals including the approval of the Canadian Securities Exchange and other conditions. BLOK Tech will be conducting due diligence including an independent asset valuation and technical evaluation of the Software.