MONTREAL, QUEBEC -- Jan. 11, 2018 -- InvestorsHub NewsWire
-- Relevium Technologies Inc. (TSX
VENTURE:RLV) (FRANKFURT:6BX) (the "Company"
or "Relevium"), is pleased to announce the signing
of a joint venture agreement ("JV") with Quantomic LLC (the "Parties") for
Tagspire, a virtual retail and visual commerce
platform.
Highlights
- Tagspire uses AI and Machine Learning to auto-tag products to
retailers in photos and videos
- Product database of over 35 million and growing
- Tagspire is fully operational on iOS and Android
- JV consummated on a proposed Initial Coin Offering (ICO) or
equity financing of USD 20MM+
- Relevium will integrate the platform to the blockchain as a
network utility token
Note to reader: There are multiple hyperlinks in this news
release. If the reader cannot see the hyperlinks, please consult
http://releviumtechnologies.com/press-releases/ where
a version of the release with hyperlinks is available.
Aurelio Useche, CEO of Relevium Technologies stated:
"Initially announced on September 7, 2017, Relevium has
been looking at how to integrate AI and machine learning in the
e-commerce space." Mr. Useche continued: "The team quickly
found out that the biggest hurdle was to have enough data in order
to gain insight on consumer behaviour. Tagspire solves this issue
as all user data is generated in the Tagspire ecosystem and then
pushed out to platforms such as Instagram, YouTube, Facebook, Twitter, Pinterest, etc. The team at Relevium believes that the Tagspire
platform is a perfect candidate for blockchain integration as a
network token and an ICO."
Karim Hijazi, President and Founder of Quantomic LLC stated: "I created Tagspire
when witnessing the rise of visual platforms like Pinterest, Instagram and Snapchat; where immense amounts of time and creativity
were being spent producing content. However, effective monetization
of that content was still nascent."
Mr. Hijazi went on to state: "With Tagspire,
the goal was to create a truly immersive, fun and social
marketplace platform that would appeal not only to entrepreneurial
consumers, but also to influencers and brands alike. I believe that
user-generated content leveraged appropriately and effectively will
be the next big disruptor in retail; not to mention the
unparalleled intelligence that could be gleaned from it."
What is Tagspire?
Tagspire is a virtual retail and visual commerce
platform, the purpose of which is to deliver high fidelity
marketing intelligence to brands, harvested from user-generated
content. Presently, Tagspire can be used on iOS, Android and as a WebApp
and browser extension. When images are captured and pushed to
social media, users earn a commission on any sales made from
items/objects that are tagged in their photos or videos.
Tagspire is a sales engine inside an
Instagram-like environment capitalizing on discovery and
the "impulse purchase" facilitated by a familiar face. Auto-tagging
functionalities are currently being deployed and the artificial
intelligence engine - using Google TensorFlow - can
recognize over 35,000,000 retail products ranging from apparel to
electronics and cosmetics. The Tagspire technology is in constant
evolution and can already auto-generate tags on static images as
well as in video clips. Tagspire currently connects to such
retailers as: Best Buy, Avon, Target
and American Eagle. A full list of currently connect
retails can be found at tagspire.com/retailers.
To illustrate the power of the technology, click here to watch a short
video illustrating the Tagspire mobile app. The
technology identifies an Apple iPhone in a photo taken by the app,
and then auto-tags the product in the image, linking it to the
apple.com purchase page. Using the power of Google
TensorFlow machine learning, the Tagspire neural network has been
trained to identify an "Apple iPhone Red Product" and then link it
automatically, in this case, to the buy page on apple.com. The final post is embedded here (make sure to
roll your mouse over, or tap the tag icon to see a preview of the
buy page).
Tagspire is currently operational and is available in the
Apple iTunes Store for iOS
(click here), as well as for Android
(click here) in the Google Play Store.
Initial Purpose and Principal Terms of Joint Venture
The Parties will combine resources to raise capital through
either an ICO or initial token offering on an existing
blockchain or through the capital markets (the "Offering") for
gross proceed of no less than USD$20 million. If the Offering is
structured as an ICO, it is expected that it will be completed
through a newly created entity ("NEWCO") using the current best
practices for coin and token offerings. If the Offering is
structured as an equity or debt financing through traditional
capital raising mechanisms (for example investment dealers), it
will be completed through Relevium Technologies. Management of Relevium Technologies is working towards the structure
of the Offering and will disclose terms as they become
finalized.
A USD$8 Million portion of the proceeds of the Offering will be
paid to Quantomic LLC allowing Relevium to secure a 51% ownership stake of
NEWCO. The balance of no less than USD$12 Million, will be used to
fund NEWCO and the continued development of the Tagspire platform
and ecosystem, including blockchain integration, data set
acquisitions, AI programming and training, server and software
costs, marketing and human resources. It is anticipated that the
initial management team of NEWCO will be comprised of the current
management team from Quantomic LLC and complimented by
human and intellectual capital from Relevium Technologies. Upon consummation of the JV,
NEWCO will operate as a subsidiary to Relevium Technologies and the Board of NEWCO will be
represented by both JV Parties.
The Parties also agree to cooperate and contribute the
following:
(i) Relevium shall contribute all the costs,
know-how and resources necessary to ensure a successful token
offering or financing to fund the Offering, including preliminary
due diligence of the IP, definition of the project, attributes of
the proposed token, preparation of the white paper, legal and
accounting fees, compliance, marketing and overall management of
the financing of the JV.
(ii) Quantomic LLC shall contribute the intellectual
assets, licenses, trademarks, patents, proprietary information,
copyright and content necessary to demonstrate the current and
prospective value of the IP.
While the Parties have agreed to use their commercially
reasonable efforts to complete the Offering, there can be no
guarantee that the Offering and JV will be completed as currently
contemplated by the Parties or at all.
Right of First Refusal
Quantomic LLC acknowledges that Relevium will be incurring substantial costs to
finalize the terms of the JV and the Offering. As partial
consideration of the JV, Quantomic LLC agrees for a
period of 60 days not to enter into any new negotiations or
discussions with any third party in respect of the sale of all or
any part of its shares, business or assets. However, Quantomic LLC may continue existing and ongoing
discussions with third parties regarding the potential acquisition
of its intellectual property. Prior to accepting any bona fide
offer, Quantomic LLC must give notice to Relevium as the
Company has a right of first refusal on any such offers.
Pursuant to regulatory guidelines, further financial details and
related fees regarding the joint venture will be disclosed in
connection with the closing of the transaction.
About Relevium Technologies
Relevium is a TSXV-listed
company focused on growth through the acquisition of
businesses, products and/or technologies with a focus on e-commerce
in the growing health and wellness sector. Relevium Technologies
Inc. also holds patented intellectual property for the use of
static magnetic fields for application on wearable devices.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking
Statements
This release includes certain statements and information that
may constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts, including
statements regarding future estimates, plans, objectives,
assumptions or expectations of future performance, including the
timing and completion of the proposed acquisitions, are
forward-looking statements and contain forward-looking information.
Generally, forward- looking statements and information can be
identified by the use of forward-looking terminology such as
"intends" or "anticipates", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "should", "would" or "occur". Forward-looking statements
are based on certain material assumptions and analysis made by the
Company and the opinions and estimates of management as of the date
of this press release, including the assumptions that the Company
will obtain stock exchange approval of the Offering, the proposed
acquisition will occur as anticipated, that the Company will raise
sufficient funds, and that the Company will obtain all requisite
approvals of the acquisition. These forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed or implied by such forward-looking statements or
forward-looking information. Important factors that may cause
actual results to vary, include, without limitation, the risk that
the proposed acquisitions may not occur as planned; the timing and
receipt of requisite approvals and failure to raise sufficient
funds under the Offering. Although management of the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements or forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Readers
are cautioned that reliance on such information may not be
appropriate for other purposes. The Company does not undertake to
update any forward-looking statement, forward-looking information
or financial outlook that is incorporated by reference herein,
except in accordance with applicable securities laws. We seek safe
harbor.
On Behalf of the Board of Directors
RELEVIUM TECHNOLOGIES INC.
Aurelio Useche, President and CEO
RELEVIUM TECHNOLOGIES INC.
Email: eierfino@releviumcorp.com
Website: www.releviumtechnologies.com
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