C03443-2018

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
May 16, 2018
2. SEC Identification Number
A200117708
3. BIR Tax Identification No.
219-934-330
4. Exact name of issuer as specified in its charter
XURPAS INC.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
7F Cambridge Centre Building, 108 Tordesillas St., Salcedo Village, Makati City Postal Code 1227
8. Issuer's telephone number, including area code
(632) 889-6467
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 1,870,940,210
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Xurpas Inc.X

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Press Release
Background/Description of the Disclosure

Xurpas launches blockchain initiatives, will sell up to $US100 million worth of tokens with its first project.

Technology firm Xurpas Inc. (PSE:X) announced the first of several major projects leveraging blockchain technology. ODX Pte. Ltd. (“ODX”), a subsidiary of Xurpas Inc. incorporated in Singapore, stands for the Open Data Exchange, (and pronounced “Oh-dex”,). ODX intends to allow consumers in emerging markets to access the internet for free, through sponsored data packages. ODX intends to sell up to $US 100 million worth of ODX tokens, and currently has initial down-payments on allocations totaling over $50 million. Proceeds from the sale shall be used to build the ODX infrastructure, as well as for business development with internet service providers, publishers and other partners. The tokens are not available for sale to citizens or residents of the Philippines, United States or China.

“We have always kept an eye out for disruptive, game changing technologies. Two decades ago, the mobile internet was an example of this, and today it is the blockchain” says Nix Nolledo, Xurpas Chairman and CEO. “We have been studying the technology and believe that our existing businesses will benefit significantly from the scalability, efficiency and security of the blockchain, while making it possible to introduce new business models that would not have been possible otherwise,” said Nolledo. ODX is the first of several blockchain projects that Xurpas will launch in 2018.

Xurpas recorded a net loss of ₱77.93 million in the first three months of 2018, coming from earnings of ₱103.24 million for the same period in the previous year. This stemmed from lower posted revenues of ₱327.03 million versus ₱749.00 million in 1Q2017.

The Group’s mobile consumer segment was hit by various challenging market conditions, such as new policies governing Value-Added Services (VAS) from one of its major telco partners, as well as spill-over weakness in its digital advertising business, Art of Click, from 2017. Despite the net decrease in total revenues, the Group’s enterprise and HR technology segments increased by 11% and 164%, respectively, attributed to its aggressive growth plans and improving diversified client mix. Art of Click Pte. Ltd. also implemented measures to improve its client mix coming from its revenue decline in the previous year, but the immediate effects have not yet been realized in the first quarter of 2018.
Other Relevant Information

None.
Filed on behalf by:
Name Mark Gorriceta
Designation Assistant Chief Information Officer